Renting without credit score / guarantor
#1
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 2
Renting without credit score / guarantor
Hi,
I am relocating with my present company from Bristol to NYC and myself and my wife are due to fly out on the 27th September. As part of my relocation package my company are providing us with temporary accommodation for 14 nights as well as allowing me that time off to find a suitable rental.
I was hoping someone could please advise what implications we can expect to face when trying to rent an apartment in NYC with no US credit history and no guarentor to rely on? We are looking to pay in-between $2500 - $3000 for a two bedroom flat and have just about enough savings to pay for 6 months upfront on top of a security deposit. Due to this expense we are hoping to avoid paying agency fees as well as a paying for a guarentor service, is this possible? I also appreciate the rental market canoe volatile, is 14 day enough time to find somewhere?
Finally, I have read that most landlords will require your salary to be 40 x the monthly rent? As my wife will be entering the country as a spouse on my L1-B Visa, she will be unable to work for the first 3 - 6 months and therefore we will only be able to show my income to any potential landlord. Will the ability to pay 6 months rent upfront enable us some flexibility here?
Any advice would be much appreciated!
I am relocating with my present company from Bristol to NYC and myself and my wife are due to fly out on the 27th September. As part of my relocation package my company are providing us with temporary accommodation for 14 nights as well as allowing me that time off to find a suitable rental.
I was hoping someone could please advise what implications we can expect to face when trying to rent an apartment in NYC with no US credit history and no guarentor to rely on? We are looking to pay in-between $2500 - $3000 for a two bedroom flat and have just about enough savings to pay for 6 months upfront on top of a security deposit. Due to this expense we are hoping to avoid paying agency fees as well as a paying for a guarentor service, is this possible? I also appreciate the rental market canoe volatile, is 14 day enough time to find somewhere?
Finally, I have read that most landlords will require your salary to be 40 x the monthly rent? As my wife will be entering the country as a spouse on my L1-B Visa, she will be unable to work for the first 3 - 6 months and therefore we will only be able to show my income to any potential landlord. Will the ability to pay 6 months rent upfront enable us some flexibility here?
Any advice would be much appreciated!
#2
Re: Renting without credit score / guarantor
Hi,
I am relocating with my present company from Bristol to NYC and myself and my wife are due to fly out on the 27th September. As part of my relocation package my company are providing us with temporary accommodation for 14 nights as well as allowing me that time off to find a suitable rental.
I was hoping someone could please advise what implications we can expect to face when trying to rent an apartment in NYC with no US credit history and no guarentor to rely on? We are looking to pay in-between $2500 - $3000 for a two bedroom flat and have just about enough savings to pay for 6 months upfront on top of a security deposit. Due to this expense we are hoping to avoid paying agency fees as well as a paying for a guarentor service, is this possible? I also appreciate the rental market canoe volatile, is 14 day enough time to find somewhere?
Finally, I have read that most landlords will require your salary to be 40 x the monthly rent? As my wife will be entering the country as a spouse on my L1-B Visa, she will be unable to work for the first 3 - 6 months and therefore we will only be able to show my income to any potential landlord. Will the ability to pay 6 months rent upfront enable us some flexibility here?
Any advice would be much appreciated!
I am relocating with my present company from Bristol to NYC and myself and my wife are due to fly out on the 27th September. As part of my relocation package my company are providing us with temporary accommodation for 14 nights as well as allowing me that time off to find a suitable rental.
I was hoping someone could please advise what implications we can expect to face when trying to rent an apartment in NYC with no US credit history and no guarentor to rely on? We are looking to pay in-between $2500 - $3000 for a two bedroom flat and have just about enough savings to pay for 6 months upfront on top of a security deposit. Due to this expense we are hoping to avoid paying agency fees as well as a paying for a guarentor service, is this possible? I also appreciate the rental market canoe volatile, is 14 day enough time to find somewhere?
Finally, I have read that most landlords will require your salary to be 40 x the monthly rent? As my wife will be entering the country as a spouse on my L1-B Visa, she will be unable to work for the first 3 - 6 months and therefore we will only be able to show my income to any potential landlord. Will the ability to pay 6 months rent upfront enable us some flexibility here?
Any advice would be much appreciated!
#3
Re: Renting without credit score / guarantor
Bristol! where I'm from
You should find it fairly simple getting an apartment, especially if you've got 6 months worth of rent saved up to put down. I'd say 14 days is plenty of time considering you've got the whole day.
When i moved to the US i paid 2 months deposit, the apartment management company had a separate process for me being on an L1B visa - they ran it, all went through approved with no credit check, just a big security deposit required.
Bear in mind i moved to Texas - which is obviously much different to NYC, but i doubt the art of obtaining an apartment for the first time will be all that different.
Tip for credit - get a Captial One secured card when you arrive and have your social security number, it's a good way to get on the credit bureaus radar and build up some credit. You can also ask the apartment management company if they can report your rent onto your credit report - some do offer this.
Good luck with the move
You should find it fairly simple getting an apartment, especially if you've got 6 months worth of rent saved up to put down. I'd say 14 days is plenty of time considering you've got the whole day.
When i moved to the US i paid 2 months deposit, the apartment management company had a separate process for me being on an L1B visa - they ran it, all went through approved with no credit check, just a big security deposit required.
Bear in mind i moved to Texas - which is obviously much different to NYC, but i doubt the art of obtaining an apartment for the first time will be all that different.
Tip for credit - get a Captial One secured card when you arrive and have your social security number, it's a good way to get on the credit bureaus radar and build up some credit. You can also ask the apartment management company if they can report your rent onto your credit report - some do offer this.
Good luck with the move
#4
Lost in BE Cyberspace
Joined: May 2010
Location: San Diego, California
Posts: 9,651
Re: Renting without credit score / guarantor
Take your letter of employment detailing your job and salary when you visit agencies and apartments. Nothing like having proof of ongoing income.
#5
Forum Regular
Joined: Dec 2007
Location: Houston, TX
Posts: 251
Re: Renting without credit score / guarantor
I would ask your employer for at least a month of temporary accommodation, just in case. Better to have more time, than less. I don't know where in NYC you plan to look, but to be honest I'm not sure if $2,500 - $3,000 will get you a 2 bedroom flat in many areas of Manhattan and maybe Brooklyn. Do you know what areas you're leaning on? Where is your job located? Are you hoping to stay in Manhattan, Brooklyn, Queens, New Jersey?
#6
Re: Renting without credit score / guarantor
Bristol! where I'm from
You should find it fairly simple getting an apartment, especially if you've got 6 months worth of rent saved up to put down. I'd say 14 days is plenty of time considering you've got the whole day.
When i moved to the US i paid 2 months deposit, the apartment management company had a separate process for me being on an L1B visa - they ran it, all went through approved with no credit check, just a big security deposit required.
Bear in mind i moved to Texas - which is obviously much different to NYC, but I doubt the art of obtaining an apartment for the first time will be all that different. ....
You should find it fairly simple getting an apartment, especially if you've got 6 months worth of rent saved up to put down. I'd say 14 days is plenty of time considering you've got the whole day.
When i moved to the US i paid 2 months deposit, the apartment management company had a separate process for me being on an L1B visa - they ran it, all went through approved with no credit check, just a big security deposit required.
Bear in mind i moved to Texas - which is obviously much different to NYC, but I doubt the art of obtaining an apartment for the first time will be all that different. ....
My advice would be to find a private landlord if you can. When we moved to NY we got frustrated with the size and cost of apartments in NYC and ended up renting in Westchester County, from a private landlord who we dealt with face-to-face. In fact he lived on the ground floor of a very small apartment building and one rented on of four newly refurbished apartments above.
#7
Just Joined
Thread Starter
Joined: Aug 2017
Posts: 2
Re: Renting without credit score / guarantor
I thank you all for taking the time to come back to me, it is much appreciated. Having done a great deal of research I am confident we can obtain a two bedroom flat in Brooklyn for under $3000 (not necessarily in the more desirable areas)
I also have a job offer letter from my current employer confirming my salary. My concern is that my salary alone isn't quite 40 x the monthly rent of the properties we are looking to view. We won't achieve this level of income until my wife starts working which will depend on the speed her EAD is processed (I know this can take up to 90 days)
In addition I know there are companies that offer to act as a guarantor for the price of 1 months rent which is something we are keen to avoid
I was wondering if anyone else how found themselves in a similar situation in NYC within the last 24 months? I.e. offering to pay additional months rent up front to compensate not having a guarantor and / or earning 40 x the monthly rent?
I also have a job offer letter from my current employer confirming my salary. My concern is that my salary alone isn't quite 40 x the monthly rent of the properties we are looking to view. We won't achieve this level of income until my wife starts working which will depend on the speed her EAD is processed (I know this can take up to 90 days)
In addition I know there are companies that offer to act as a guarantor for the price of 1 months rent which is something we are keen to avoid
I was wondering if anyone else how found themselves in a similar situation in NYC within the last 24 months? I.e. offering to pay additional months rent up front to compensate not having a guarantor and / or earning 40 x the monthly rent?
#8
Forum Regular
Joined: Jun 2016
Posts: 177
Re: Renting without credit score / guarantor
Can't offer much advise on renting in NYC, but I rented in SF which has as crazy a real estate market (actually maybe crazier...people bid on the rent, in some areas the stated price of $3k is considered a jumping off point to start negotiations on how much you're willing to pay).
1. Do not offer to pay months ahead in advance. Just don't. It won't curry much favor - and with some dodgy landlords you may see that money just disappear instead of going towards your rent. Abide by the rules only of x amount that put in the advert. Also..bring a chequebook. Seriously, while the US is advanced in many things...deposits etc are still payed by cheque. If you find a place you like, before you even get to the lease you'll be asked to provide a "deposit" of a few hundred to show your interest is serious. It's common, and will be taken off your move in
2. Most places simply do not need a person to guarantee the place. All landlords are interested in is your ability to pay. As such, when applying for the place - give your salary and don't blink at them asking for your savings account amount. That is what will give them peace of mind. Likewise, provide references, even in the UK. We provided references for our places in Spain, and the landlord actually called them and confirmed everything.
3. The 40x rule is there for a reason, to protect the landlord and you. I'll be blunt here...if you can't afford it on one salary - you may need to look a bit harder for different places within the salary/40 rule.. While your wife may work..she could lose her job, she could fall pregnant or get sick. Relying on 2 incomes straight off the bat when moving to a new city is really not the best idea.
1. Do not offer to pay months ahead in advance. Just don't. It won't curry much favor - and with some dodgy landlords you may see that money just disappear instead of going towards your rent. Abide by the rules only of x amount that put in the advert. Also..bring a chequebook. Seriously, while the US is advanced in many things...deposits etc are still payed by cheque. If you find a place you like, before you even get to the lease you'll be asked to provide a "deposit" of a few hundred to show your interest is serious. It's common, and will be taken off your move in
2. Most places simply do not need a person to guarantee the place. All landlords are interested in is your ability to pay. As such, when applying for the place - give your salary and don't blink at them asking for your savings account amount. That is what will give them peace of mind. Likewise, provide references, even in the UK. We provided references for our places in Spain, and the landlord actually called them and confirmed everything.
3. The 40x rule is there for a reason, to protect the landlord and you. I'll be blunt here...if you can't afford it on one salary - you may need to look a bit harder for different places within the salary/40 rule.. While your wife may work..she could lose her job, she could fall pregnant or get sick. Relying on 2 incomes straight off the bat when moving to a new city is really not the best idea.
#9
Re: Renting without credit score / guarantor
3. The 40x rule is there for a reason, to protect the landlord and you. I'll be blunt here...if you can't afford it on one salary - you may need to look a bit harder for different places within the salary/40 rule.. While your wife may work..she could lose her job, she could fall pregnant or get sick. Relying on 2 incomes straight off the bat when moving to a new city is really not the best idea.
#10
Re: Renting without credit score / guarantor
I am not sure about NYC, but most of the landlord literature I read mention 3 to 4 times rent multiplier. By look at a few ads you should be able to see one that mentions income requirements.
#11
in Northern California
Joined: Apr 2014
Posts: 284
Re: Renting without credit score / guarantor
Our daughter just rented an apartment in Manhattan. Income verification was quite a problem since she's a college student with no income. We actually ended up paying 12 months up-front which really sucked. On the bright side, it's chump change relative to her tuition
The whole process was horrible and not made easier or cheaper by needing somewhere reasonably safe and close to the college. At least it's just a one year Master's program (unless she then finds a job in NY).
I don't envy you but do wish you luck.
#12
Re: Renting without credit score / guarantor
Is your company providing you with destination assistance? If so, their job will be to help you find somewhere to live. Doing some homework is a good idea though
#15
Forum Regular
Joined: Jul 2017
Posts: 53
Re: Renting without credit score / guarantor
You will have no problem renting in New Jersey.
The Brooklyn rental market however is hot, there are so many other people (citizens with credit) just dying for the opportunity to pay 3000 for a 2 bedroom apartment in Dumbo, Downtown BK, Williamsburg and Park Slope.
Good luck
The Brooklyn rental market however is hot, there are so many other people (citizens with credit) just dying for the opportunity to pay 3000 for a 2 bedroom apartment in Dumbo, Downtown BK, Williamsburg and Park Slope.
Good luck
Last edited by britinusa777777755; Aug 21st 2017 at 7:16 pm.