References for renting?

[Deleted]

What kind of references are they wanting? I haven't rented for the past 9 years, and the person I rented from then has passed away.

[Deleted]

Not sure how helpful this is because some is NY-specific, but this is what our broker sent us regarding all of the paperwork requirements when we moved last time... I would think if your old landlord is dead, you list her info and say that she's now deceased. But you may need employment verification and such too, particularly if you're looking at corporate landlords.

In terms of preparing for our appointment, landlords in Manhattan typically require tenants to make 40x to 50x the monthly rent in combined annual income. In addition, most landlords will require the following paperwork items from tenants. I suggest that you bring as many of the following items you can gather with you for our appointment. While not all of the below items are required by every landlord, I always suggest that you prepare to have all documents available in case they are needed so that you can take an apartment off the market immediately if you really fall in love with a place.



Paperwork requirements for tenants:

- Photo identification (license, passport, etc.)

- $50 - $190 Application fee per tenant (payable by cash or personal check)

- Letter of Employment (stating start date, position, salary, and bonus typed and signed on company letterhead)

- 3 most recent pay stubs (direct deposit statements are sufficient)

- Most recent bank statement and/or brokerage statement

- Tax Return (first page and signature page ONLY) for previous 2 years

- Reference letter from your current landlord and/or the contact information for your current landlord

[kaylie]

V's post is pretty NY specific. I was shocked at how much more casual it was in the 'burbs. I think they've photocopied my DL and ss card, wanted last two pay stubs and ran my credit. No application fees and it wasn't as much of a hurried pace as it was in NYC (where if you like a place you must apply IMMEDIATELY or it's gone the next day).

You can use relatives or friends. It's not too serious. The most important thing will be your credit check and probably employment verification. If you have a problem getting any of the paperwork, you might be able to use a guarantor (like a cosigner) to help you get a place.

[vanillacourage]

I make my tenants fill out an application, charge a fee for the background check (runs a check on their SSN for bankruptcies, convictions, evictions, etc - and returns a yes or no on whether they meet a minimum credit worthiness I've set). The app asks them to list previous landlords, and I contact them to see if the person caused any problems, gave notice, and if they got their full security deposit back. I also require that each person named on the lease makes 3x the total rent amount each month.

I have never asked them to specifically provide references - I call previous landlords & current employers (to verify income) myself.

[jigsy]

So glad we aren't renting in NYC or from vanilla...we'd never have qualified based on income

[Deleted]

Crap! How do you make 40-50x the rent? I will easily make 3x. Everything else will be fine. I have personal references, but not landlords. I should be able to get a letter from my employer and mortgage company if needed.

[womet]

Oct 15, 2012 12:15:59 GMT -5 @ruralrabbit1 said:

Crap! How do you make 40-50x the rent? I will easily make 3x. Everything else will be fine. I have personal references, but not landlords. I should be able to get a letter from my employer and mortgage company if needed.

I'm assuming that she means your annual salary needs to be 40-50x the rent.

[Deleted]

Oct 15, 2012 12:15:59 GMT -5 @ruralrabbit1 said:

Crap! How do you make 40-50x the rent? I will easily make 3x. Everything else will be fine. I have personal references, but not landlords. I should be able to get a letter from my employer and mortgage company if needed.

In NY, you need to make 40x the monthly rent annually. So if you want to qualify for a $1000/mo apartment, you have to make $40,000 annually. So that actually isn't that far off what VC requires (because she wants 3x monthly rent as monthly salary)!

[rubytue]

That's 40x monthly rent in annual income. For example, $1000/month rent, $40k/annual salary. But that in NY specific.

We had no problems renting after owning for many years. I don't think they checked references, just ran the credit and background. Complexes are more likely to not check reference than private landlords. When we last rented, it had been about 10 years since either of us has a landlord that could really be a reference (h lived with his parents, I lived in my uncle's basement. Neither of us could remember anyone before that).

In short: breathe deeply. You will be fine. And so much better off!

[rikki]

I hadn't rented in years and just explained that to the broker. It wasn't an issue. The landlord requested copies of my bank statements and tax returns. They ran my credit and background info and approved me without ever actually seeing a pay stub or any employment information.

I think in smaller, suburban places it is probably much easier than in major metropolitan areas.

[Deleted]

Oct 15, 2012 12:20:51 GMT -5 v said:

Oct 15, 2012 12:15:59 GMT -5 @ruralrabbit1 said:

Crap! How do you make 40-50x the rent? I will easily make 3x. Everything else will be fine. I have personal references, but not landlords. I should be able to get a letter from my employer and mortgage company if needed.

In NY, you need to make 40x the monthly rent annually. So if you want to qualify for a $1000/mo apartment, you have to make $40,000 annually. So that actually isn't that far off what VC requires (because she wants 3x monthly rent as monthly salary)!

That makes so much more sense. I should actually make about 70x, so no big deal.

[vanillacourage]

Yes, I am a hardass. ;D I will say that I live in a MCOL city (3br SFH for $975, 3x = ~$35k) and the houses I rent are in an area that attracts a lot of college students who want to max out the capacity of the house, or retail job-hoppers who aren't super-reliable. Having a semi-tough income requirement is an easy weed-out to get to my real rental prospects.