Renting an apartment is not a hassle anymore, thanks to expert and professional Realty firms such as Brick & Galo Realty in Brooklyn. However, you need to consider a few critical factors when determining your eligibility to rent an apartment in NYC.
Finding a credible, safe apartment rental without a steady income can be difficult. But is it really possible to find and secure an NYC apartment rental without credit? Our team of Realtors, property managers, and salespersons have curated this blog to answer all your questions.
So let’s get started.
Prospective tenants often fail to understand the what and how of credit checks during apartment renting. You should expect landlords to ask you about your credit. After all, it’s the most critical determinant of your credibility and tells them whether or not you’ll make timely rent payments.
Therefore, if you’re renting an apartment in Manhattan or Brooklyn without credit, you will need to establish your credibility using a guardian’s credit history.
Once your parent or guardian is on board, your rental company will obtain their credit history via credit bureaus, NAIL, or a tenant screening device.
Before 2019, tenants had the option to prepay rent, but that's not feasible anymore. As an apartment renter, you’ll have to pony up the money to make advance and security deposits. Legally, you must pay at least one month’s rent as it’s the main source of landlord protection.
Ideally, you need at least a 650 credit score to secure a good apartment rental in NYC. But don’t worry too much if your score is 500 or less. There are ways to increase your creditworthiness quickly, making you more eligible for renting an apartment in NYC.
A great way to boost your eligibility as a tenant is to get a cosigner on board. A cosigner is someone who will guarantee your trustworthiness and capacity to pay rent. And they’ll be paying rent if you don’t.
Establishing and showing a savings fund is another quick way to rent an apartment in Manhattan, Bronx, or Brooklyn. You may be able to convince landlords if you’re currently unemployed but have worked before and summed up good savings.
However, your savings depends on your desired apartment’s condition, building, amenities, and committee rules. You can also provide reference letters, workplace recognition letters, or an offer to move in immediately.
Brick & Galo Realty is a renowned and trustworthy firm offering a holistic rental apartment solution to expats, students, and locals in NYC. The Crown Heights, Brooklyn-based realty firm has a qualified team of landlords, property managers, and Realtors focused on helping tenants find affordable and luxurious apartments for rent in NYC.