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You NYC forum members have been a big help in the past. My son is priced out of his Brooklyn location and found a place through this outfit.
They want a Guarantor Application but the reviews I have read show them as possibly evil. They also want the whole 9 yards- 2 years of tax records, bank statements (checking and savings), pay stubs and photo i.d.'s. Their ratings are none to stellar at 2.7 with most being 1 star and the remainder 5 stars so looks like a set up.
Coming from the flat land in the midwest and owning a home for 40 years I would like to know is this pretty common in NYC?
Ofcourse, the place the 3 friends wish to share looks decent in pix (although written up a year ago for roaches) but they also have the end of the month to contend with so 'rock and a hard place' comes to mind.
Any opinions or advice much appreciated.
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All NYC real estate people are scum. These guys sound like outright fraudsters. Prices rising in Queens, but still your best bet. Plus Queens has trees. Stick to places near subway lines.
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Some places want more paperwork than others but there is no reason why they should need complete tax records.
I live in brooklyn. Feel free to pm me with details if you want more detailed advice.
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Last place I rented in NY, they wanted a drivers license; last year's tax statement; and a pay stub or letter from an employer attesting to my salary.
The application was 3 pages long and requested the names and addresses of 3 former landlords as well as employment and education history.
I had to pay them $35 to cover the background check on me.
Guarantors typically provide similar info as renters.
I wouldn't be surprised that the questions have gotten way more invasive by now. When I first started renting there was no application process. Just a deposit and a one-page contract, mostly covering when and how rent was due. The last lease that I signed was 30+ pages long, not including the pet addendum and lead-disclosure and the mandatory renters insurance disclosure.
Companies go to ever greater lengths to cover their asses and push liability onto others.
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Wow, sounds amazing. These folks could obviously be legit but pushing the envelope none the less.
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Randalls,
They may not be pushing the envelope at all. Is your son looking to rent an apartment in a coop? If so, then the requirements are not unexpected. The agency itself may not even be the one requiring so much paperwork. It could be the landlord.
Robert
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The reason why the landlords want these reviews is because of NYC renter laws. It is very, very difficult to evict someone in NYC. Thus, landlords do NOT want to rent to those who are risks.
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I find there are all different scenarios here. It probably depends on which part of NYC and which realtors one is dealing with. I am not familiar with having to provide tax forms, but credit/checking/employment, yes.
Renting to shares is not unusual here. The person taking the lease has to measure up, but people do it all the time.
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mspace,
It's less an issue of what part of the city and far more the requirements dictated by the landlord. It doesn't matter if it's Brooklyn, Queens, The Bronx or outside of the city in Nassau County.
Great example... In my coop building in Nassau County, a shareholder who wants to sublet his/her/their apartment must first (a) get permission from the Board of Directors and (b) the potential tenant must be approved by the Board of Directors. That process includes all of the items listed ion Randalls initial post as well as a credit and background check.
If I planned to sublet my apartment, as a landlord, I'd request the same and also require the tenant to have renter's insurance.
Each location is going to have its own requirements. But, don't be surprised at all if someone of them are far more stringent than others. One thing that is forgotten some of the requirements benefit the landlord _and_ the tenant. Renter's insurance is a great example.
Robert
