Any Landlord in the Queens and Long Island area that I know of - requests a credit report. I find everyday that people don't understand why, or the MAJOR importance that your Credit History is. Let me start with WHY Landlords want good credit.
A landlord is providing you with a roof, bathing area, kitchen with appliances, flooring (either carpet or hardwood), bedroom (s), and possibly some luxury items (IE: A/C, yard, garage, attic and/or basement usage). ALL these things cost money.. this is the landlords investment, and YOU the tenant are agreeing to TAKE CARE of their investment. If your credit is BAD - I mean BAD.. then HOW am I (the agent) suppose to convince the landlord that you, who could not care less about their OWN credit - will do good by them? Plus to go one step further, it is a track record of how you pay your creditors. If you are a repetitively a bad payer, a late payer .. than what will make you pay your landlord on time?
***This is where I will come into help you, (I am the agent) I will try to negotiate for you - but I can almost guarantee that it will cost someone with bad credit twice as much to move into an apartment than a person with great credit. Not only do you have my fee, but the Landlord might want 2 months security, first and last months rent and whatever he feels will protect him if you should never pay your rent.
... OR you could get someone to "co-sign" . Someone to guarantee that the rent will be paid. This is something that is quite large for a person to do for someone else. The co-signors credit will be ran also. They must prove that THEY are good payers and that they will protect the investment, because if the renter does not pay - they are saying THEY WILL!
Your credit plays a major role in obtaining an apartment because like I said, its your track history. If you pay late - not good. If you always pay on time - that's great. You will get more incentives to move into someones investment - they already have more trust in you. YOU CARE ABOUT YOUR CREDIT and won't mess it up that easily. Read "KNOW THE SCORE" from Newday .
According to the latest Commercial Real Estate Outlook from the
National Association of Realtors (NAR), a trade association based in
Washington, D.C., the apartment rental market will see average vacancy
rates of 5.7% in the fourth quarter of this year, down from 6.2% during
the same period in 2005.
New York with Population 11,296,377
Price per square foot for Class A apartments $26.04
Price per square foot for Class B apartments $17.19
Boston Population 4,391,344
Price per square foot for Class A apartments $24.33
Five-year price change for Class A apartments -3.8%
Price per square foot for Class B apartments $16.88
Five-year price change for Class B apartments 5.6%
To find out more just go to Forbes magazine web site
Jessica Smith
http://www.rent-let.com
Rent an apartment
Posted by: jessica | August 25, 2006 at 04:02 PM