With vacancy rates at less than 1% many renters are feeling the fear and are avoiding Manhattan. For those who have less than stellar credit or would require multiple room mates in order to meet the monthly rent, Manhattan’s isn’t a good bet right now. Your likelihood of landing an apartment is lessened thanks to the economy. But, many potential renters who are “safe bets” for landlords are being scared away unnecessarily.
When the market gets tighter, those potential renters who are considered “marginal” in terms of their credit and ability to meet the rent payments (due to low or instable salaries) face tremendous challenges in getting approved. Think about it from a practical perspective, landlords are in business and that business is to make a profit off of the letting (or renting) of their property. As with any savvy business man or woman, landlords want to contract with the person or couple MOST likely to be able to meet the financial obligations of the rental contract.
When the market tightens and there are fewer availabilities, landlords have the advantage of having more potential renters from which to choose. Of course, any responsible business person will choose the person best equipped to meet the responsibilities. In real estate rental terms, this means the person with the best credit and most stable job with a salary that is comfortably within the rental affordability formula. Does this mean that someone without stellar credit or whose salary is low wouldn’t make a good tenant? Does this mean that people with high paying jobs are always going to be great tenants? Of course not! There are great tenants that scrimp and save and make sure that they always meet their obligations. There are other high flyers that fail to meet obligations. But as a whole, a clean credit report and a salary comfortably within range are the best bets for landlords. And with a tightened market there are more people that fall in that category from which to choose.
If you have a good credit file, a steady job, and a salary that the landlord considers adequate to meet your responsibilities (typically 40X the annual rent), living in Manhattan shouldn’t be out of your reach. Yes it may take a few more applications before you get an approval, but no matter the economy, landlords are looking for “safe bet” tenants.
So, pick up your copy of The Nouveau Native’s No Fee New York 2008 and start contacting landlords that meet your criteria. It is ok to be scared of the Manhattan rental market. But Manhattan is the greatest place on earth so, feel the fear and do it anyway.
When the market gets tighter, those potential renters who are considered “marginal” in terms of their credit and ability to meet the rent payments (due to low or instable salaries) face tremendous challenges in getting approved. Think about it from a practical perspective, landlords are in business and that business is to make a profit off of the letting (or renting) of their property. As with any savvy business man or woman, landlords want to contract with the person or couple MOST likely to be able to meet the financial obligations of the rental contract.
When the market tightens and there are fewer availabilities, landlords have the advantage of having more potential renters from which to choose. Of course, any responsible business person will choose the person best equipped to meet the responsibilities. In real estate rental terms, this means the person with the best credit and most stable job with a salary that is comfortably within the rental affordability formula. Does this mean that someone without stellar credit or whose salary is low wouldn’t make a good tenant? Does this mean that people with high paying jobs are always going to be great tenants? Of course not! There are great tenants that scrimp and save and make sure that they always meet their obligations. There are other high flyers that fail to meet obligations. But as a whole, a clean credit report and a salary comfortably within range are the best bets for landlords. And with a tightened market there are more people that fall in that category from which to choose.
If you have a good credit file, a steady job, and a salary that the landlord considers adequate to meet your responsibilities (typically 40X the annual rent), living in Manhattan shouldn’t be out of your reach. Yes it may take a few more applications before you get an approval, but no matter the economy, landlords are looking for “safe bet” tenants.
So, pick up your copy of The Nouveau Native’s No Fee New York 2008 and start contacting landlords that meet your criteria. It is ok to be scared of the Manhattan rental market. But Manhattan is the greatest place on earth so, feel the fear and do it anyway.
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