Well, we will be in the city early next week. DD has skyped with a few people, and has set up a couple appointments. Thx to the great info given here, we have supporting documentation for the guarantor process. I am cautiously optimistic!!
Good luck. When my S rented in NYC, he had the 40x in salary, but because it was his first job the landlord wanted a guarantor from the local tri-state area (which was not us). I had taken all the documentation in case we were needed, but we lived too far away. Not having that, he had to put down 6 months security deposit. His first apartment agreement had fallen through, and he was starting work in a week, so he agreed. He lived there for 2 years and thankfully moved to Seattle afterward!
@mamabear1234 Yikes!! I sure hope we don’t run into that situation! 6 months rent up front is not something she (or we) are really able to do. We are not local, and honestly just taking this trip right before tuition is due for our youngest is stretching the budget. I am continually amazed, that in this day and age, that something like geography of a guarantor poses such an obstacle for apartment management. The world is so much smaller with the advent of technology… sigh. Thx for the warning. We are still cautiously optimistic.
This is mainly so landlords can easily chase down and to demand recompense in court should the guaran-tee missed one or more missed rent payments and/or failed to pay for any damage found after moving out.
If the guarantor is out of state, this gets much more complicated and expensive to pursue for the amounts involved from the landlord’s point of view.
It’s the same reason why many rental leases have a “jointly and separately responsible for rent/damages” clause when there are roommates involved.
With that clause, landlords have the option of pursuing all roommates or just a few/one of them for missed rental payments and/or failure to pay for damages found after moving out.
^I am concerned about this as well. My D is in NYC (we are in LA) right now, staying with my sister, about to start her accounting job in 2 weeks. She has two college friend roommates lined up and the girls have spent the last couple of weeks apartment hunting. I’ve tried to stay out of it - these are all smart, capable young women who are looking for apartments where each will be earning more than 40x their share of the rent and as far as I know, have excellent credit. All three will be working for major NYC financial firms. The only drawback I can see, from a landlord’s perspective, is their age, the fact that their jobs are just starting and shorter credit histories.
They have already run into a couple of landlords like the one in @mamabear1234 's post. The fact that all three families are not local to the tri-state area was a no go unless there was a local guarantor or six months rent in advance. My question is, how common is this? Should they maybe look for a short term situation via Gypsy housing until they all have, say, 6 months or so at their jobs? Is is possible to rent without a guarantor if salary, credit, etc are all good? I think my sister might agree to be her guarantor if all else fails but I really hate to put her in that position…
Two years ago when S graduated and moved to San Diego, I was all set to send our financial information with him when he started his search. H objected - he was adamant that S should try renting on his own at first and if it just wasn’t working we would step in. No one was more surprised than me when after working for only one month, he was able to rent on his own with his pay check of one month, short credit history and a recommendation letter from his employer. Now, H thinks that D should be able to do the same even though I have continually pointed out that NYC is not the same. Ugh. Is there ever not something to worry about?!?!
NYC is a different animal in regards to renting and purchasing. Your husband can call a NYC realtor to set him straight. Do her roommates have local guarantors? To be a guarantor, your sister will have to show she has 80 times their monthly rental in income. Many adult children of my friends have rented at big complexes in Manhattan like Peter Cooper Villages and Stuytown, perhaps they can call and ask what their requirements are.
D (the grad student) is only employed part-time, and we have never been willing to be guarantors, but she nonetheless has just secured her second apartment. She is subletting from a young woman who signed a lease last month. It seems the woman liked D and was sufficiently comforted by speaking to D’s current roomies to confirm she paid rent on time, was clean, etc. In her prior place, D was on the lease, but was one of 4 people, three of which had full-time jobs, so for whatever reason the landlord was okay with her. So it can be done, but it’s not easy. I think she must have trekked to 20 places over the last month. Of course her own criteria also limited her options–she was desperate to not have to use a laundromat, wanted a no-male situation “so I can walk around in my underwear if I want to,” and, after a year climbing 3 flights plus a half flight stoop, really wanted a lower floor. Hopefully this place will last until she graduates and has a decent job, and the next step will be less of an ordeal.
My sympathies to anyone looking for NYC housing.
BTW, regarding guarantors, H and I lease out an apartment, and we won’t even consider a guarantor situation. Having to go after parents for the rent would be ridiculous, and impossible if they were out of state. So I certainly can’t fault NYC landlords for insisting on that 40x rent income requirement. We had a tenant who simply stopped paying rent, and the loss of income coupled with the complexity of starting an eviction (tenants are very protected in our state) was a huge headache.
Just remembered another site/service my D used was Symbi. Though she ultimately found her place via Craigslist.
Back again…So, one of the potential rooms my DD will be going to look at is leased by one person. She is the only person on the lease, and said she has a contract that she has the renter sign. I’m a little concerned that since DD will not be on lease that she can be kicked out at the whim of the lease holder. I know she said she has a contract, but wonder just how legal that document really is. Also, it kinda worries me to hand over big bucks to secure the place before actually getting keys…who’s to say that this isn’t a scam preying on gullible young people new to the city? I would be comfortable with some sort of good faith deposit, but plunking down 2k is just scary. Of course, DD is the one who needs to make that call, but she agreed that polling you knowledgeable folks was probably prudent. Thanks in advance!
Read all sections of this webpage for a start:http://metcouncilonhousing.org/help_and_answers/your_rights_as_a_roomate
@jonri This is exactly what I was hoping for. Good info. Thank you so much!
Under NYC housing law. even if she’s not officially on the lease, if she’s renting from the leaseholder…that leaseholder is treated as the landlord under such law and must follow the same step-by-step legal process to evict her for the eviction to be legal.
If s/he attempts to kick her out on a whim, it’s illegal and she can ask the NYC housing court to sanction the leaseholder for what is essentially an illegal eviction.
Evidence to prove tenancy could be established by proof of having one’s mail such as utility bills, credit card/bank statements, etc being sent to the address in question.
I guess what worries me most, right now, is giving a random stranger (future roomie/friend!) a pile of $$ without any real assurance of a room ACTUALLY being ready for her when she moves to NYC… I’m a skeptic. Can’t help the paranoia…
A happy update, and sincere thanks for all of the advice given here. We were uber prepared, as suggested, and turns out we didn’t need much of the paperwork. This made me happy, because DD was truly able to do this alone…no cosigner needed. She will be a roommate, with two other lovely professional/actor/student types in a newly renovated unit in a cute little place. She is near Morningside Park, and as we walked around we felt safe and liked the vibe of the area. She already has a set of keys, and is now planning to move in ASAP. We planned on two full days of fully blocked out apartment viewings, but only needed 1/2 of today! So tomorrow is playtime. Life is good, and I am so relieved that she is ready to start her adult life in such a good place. Thanks again, CC peeps!