5 ms·

I had a property management company tell me they wouldn't rent to me if my credit wasn't good enough even if I paid the entire lease up front

by matttb 5y ago

verall 5y ago
Yes, because you could do more than the value of the lease in damage to the property, and then be so insolvent that there is no way to recover any of the money from you. I'm not saying I agree with this. Landlords are ridiculously abusive, as a renter you will frequently be asked to pay a $300+ nonrefundable "application fee" before they will show you the lease document. They then can put whatever terms they want into the lease, understanding that many renters would not be able to afford another application fee.
cpwright 5y ago
Even if the landlord was willing to rent to you by mitigating the risk in this way; at least in NY state that would not be legal anymore. The state recently limited security deposits to a single month, and do not permit taking more than one months rent up front. This was meant to help tenants avoid having to come up with more money, but of course landlords will simply mitigate the risk by not renting to some people at all or only for a higher monthly amount. https://ag.ny.gov/sites/default/files/changes-in-nys-rent-law.pdf https://ag.ny.gov/sites/default/files/changes-in-nys-rent-la... "Capping Security Deposits • Landlords can only charge up to one month of rent for a security deposit or “advance payment.” This applies to all residential rentals, with a few exceptions, whether you have a lease or not. › This means that if you are moving into an apartment where the rent is $1500 a month, the most your landlord can charge for a security deposit is $1500. › This also means that your landlord may not charge you in advance for the last month’s rent if you are also paying a security deposit."

5 ms·

I had a property management company tell me they wouldn't rent to me if my credit wasn't good enough even if I paid the entire lease up front

by matttb 5y ago

I had a property management company tell me they wouldn't rent to me if my credit wasn't good enough even if I paid the entire lease up front

verall 5y ago
Yes, because you could do more than the value of the lease in damage to the property, and then be so insolvent that there is no way to recover any of the money from you. I'm not saying I agree with this. Landlords are ridiculously abusive, as a renter you will frequently be asked to pay a $300+ nonrefundable "application fee" before they will show you the lease document. They then can put whatever terms they want into the lease, understanding that many renters would not be able to afford another application fee.
cpwright 5y ago
Even if the landlord was willing to rent to you by mitigating the risk in this way; at least in NY state that would not be legal anymore. The state recently limited security deposits to a single month, and do not permit taking more than one months rent up front. This was meant to help tenants avoid having to come up with more money, but of course landlords will simply mitigate the risk by not renting to some people at all or only for a higher monthly amount. https://ag.ny.gov/sites/default/files/changes-in-nys-rent-law.pdf https://ag.ny.gov/sites/default/files/changes-in-nys-rent-la... "Capping Security Deposits • Landlords can only charge up to one month of rent for a security deposit or “advance payment.” This applies to all residential rentals, with a few exceptions, whether you have a lease or not. › This means that if you are moving into an apartment where the rent is $1500 a month, the most your landlord can charge for a security deposit is $1500. › This also means that your landlord may not charge you in advance for the last month’s rent if you are also paying a security deposit."