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Archive for the ‘Renting’ Category

I got a question yesterday about getting a rental application approved. He was relocating to Manhattan, and had found an apartment he liked, but was afraid that his application would be denied due to his low credit score. He had a guarantor, but their credit was good, not great, and he asked me if there was anything he could do to strengthen his case with this apartment or make a stronger case if he had to apply elsewhere.

I’m no expert in Manhattan rentals, but I am a landlord. I think most landlords agree with me when I say that a vacant unit is not good, but is better than a bad tenant. I asked him what his rental application included, and it was the application form, bank statements, and either his credit report or an authorization to run it. His agent suggested that he offer to pay extra rent in advance, but he wasn’t sure if that was a good idea. Lots of questions.

Here is what I told him:

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Own or rent the most affordable Briarcliff Condo on the market! 1st level unit in sought after Kemeys Cove with stunning view of Hudson River from either the living room or master bedroom patio. Both master bedroom and living room have sliders to outdoor covered patio with river view and close proximity to pool. Extremely large living room. Low maintenance includes heat & water. Walk/jitney to Scarborough train – minutes to NYC! Pool, clubhouse, assigned parking spot. Bring your imagination! Original family still owns this unit and price reflects updating you may desire. Also available for rent, call for details.

110 Kemeys Cove

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The Times is reporting that the percentage of homeowners in the US has declined from 69.1% in 2005’s peak to 67.8 in 2008. A monumental collapse in the money supply and spike in foreclosures will do that.

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