MARILYN DAVIDSON
MANAGING DIRECTOR
TERRY NGUYEN
SR. APPROVAL SPECIALIST
NIVANA ATASH
LEASING SPECIALIST
REBECCA RAMIREZ
LEASING SPECIALIST
Sunday, October 6, 2013
APARTMENTS VERY EXPENSIVE FOR THE AVERAGE FAMILY- WE RENT FOR YOU!
MORE THAN 60% OF AMERICANS HAVE POOR
CREDIT SCORES!
“Over
the past couple years, millions of Americans have reneged on their debts —
because they lost their jobs, because they took on more than they could handle,
or both. For many, those defaults have brought immediate financial relief,
leaving more cash to spend on other things. Now, though, they’ll also have to
face the challenge of living with bad credit. As
of April, 60% of Americans had fallen into the least-creditworthy category,
garnering a rating of less than 600 from FICO, the main arbiter of consumer
credit in the U.S. Families that aren't credit worthy, are having a difficult time obtaining apartment living unless they use a cosigning company, such as "We Rent For You Nationwide Apartment Cosign Company.
APARTMENTS VERY EXPENSIVE AND HARD TO
FIND!
The
Seattle area's apartment market has only been this tight three other times in
the past three decades, according to a new report.
Just
3.8 percent of apartments in big buildings are vacant in the Puget Sound
region, not counting buildings in initial lease up or undergoing major
renovations, Dupre + Scott Apartment Advisors reported. That's down from 4.7
percent last March and the lowest rate since 2007.
Things
are even tighter in Seattle and King County, with vacancy at 2.9 percent and
3.3 percent, respectively, down from 3.1 percent and 4.1 percent a year ago.
The competing Apartment Insights survey found King County vacancy at 4.5
percent, down from 4.8 percent last quarter.
"Gross"
vacancy, which includes new buildings, is 5.2 percent. That's unchanged from a
year ago and down from 5.5 percent last fall, despite nearly 7,000 new
apartments hitting the market over the past 12 months, Patty Dupre wrote.
"That's more new units than we have seen in any calendar year since the
early 1990s."
What's going on?
The
Seattle metro area has added more than 100,000 jobs since the unemployment rate
bottomed out in February 2010, according to Apartment Insights. "This
represents 82.3 percent of the payroll jobs it lost during the recession." As
one would expect, the tightening vacancy rate is pushing up rents. Average rent
is now $1,410 in Seattle, $1,173 countywide and $1,066 across the region, up
10.8 percent, 6.8 percent and 5.5 percent, respectively, from March 2012, Dupre
+ Scott reported.
"Before
you get too excited about that number, some of the increase was created by new
units opening up in the past year," Dupre + Scott wrote. "New
construction rents for more. That distorts rent trends. Excluding the new units
that opened in the past year, rents still posted a healthy 3.7 percent increase
(in the region)."
This
carries over into Seattle neighborhoods with many new apartments. Taking out
new apartments drops rent increases over the past year from 15.2 percent to 6.4
percent in Ballard, 15.6 percent to 7.3 percent in First Hill and 17.1 to 8.2
in Queen Anne, Dupre wrote. "Even after kicking out the new construction,
these are still very significant increases."
And
the region's apartment managers plan to raise rents another 2.8 percent over
the next six months, Dupre + Scott added. "That's the most bullish they
have been about rent increases since early 2008."
Excluding
new construction, rents are the same as they were in 1969, adjusting for
inflation, Dupre + Scott reported. They said there's potential for rents to
rise 18 percent in King County over the next five years, based on the
relationship between rent and income since 1980.
Apartment
Insights reported an average rent of $1,155 in King and Snohomish counties, up
1.3 percent from last quarter. Just
20 percent of buildings are offering incentives, such as free months of rent,
to draw new tenants, with concessions offered averaging $480, Dupre + Scott
reported. "That's the fewest number of properties offering concessions
since early 2008."
But
two-thirds of apartments built since the beginning of last year offer
concessions, and those average $1,024, Dupre + Scott added. "Expect
concessions to become more common again with all the new units scheduled to
open over the next few years." Apartment
Insights reported just over 30 percent of buildings offering incentives in King
and Snohomish counties. The
apartment market is known to swing from glut to shortage, and there are signs
the pendulum is swinging.
Developers
are building 15,000 apartments region-wide, plan to start another 5,000 by the
end of June and expect to open more than 34,000 between 2013 and 2017,
according to Dupre + Scott. "Developers are set to open more units this
year than our market has seen in more than 20 years. And they plan to do it
again next year and again in 2015." But,
Dupre added: "Some investors tell us they don't believe all this new
construction will happen. They think the gap between actual rents and what
developers need to get is too great."
Apartment
Insights reported 12,006 apartments under construction in King and Snohomish
counties, up from 11,678 units last quarter and 8,155 units a year ago, with 73
percent of the units in Seattle. The firm projects 8,318 apartments will open
in the two counties this year, the highest annual total in more than two
decades.
"This
quarter's strong performance will certainly continue to encourage developers
and lenders to keep moving ahead on their proposed projects," Apartment
Insights wrote. "Certainly, the ever-increasing volume of units in the
pipeline, up nearly 10 percent this quarter to about 35,000, is cause for concern." Another
factor to consider is home prices that are still below boom peaks and made more
affordable by historically low mortgage interest rates. Mortgage
payments for median-priced condominiums are now 39 percent lower than the
average two-bedroom, two-bath rent in King County, Dupre reported. "That's
the widest gap we have ever seen and marks a dramatic and major historical
reversal in the relationship between renting and owning, at least from a
monthly payment perspective."
SHOULD YOU USE AN APARTMENT COSIGN SERVICE?
Need a Place to live? ........... Have Bad Credit?..... Cant Move? ......Live in a Motel?
It seems that money can buy almost anything these days,
and one such thing available for struggling renters to purchase is an apartment
lease cosigner. A cosigner service provides consumers who otherwise cannot
qualify to rent an apartment or home with a guarantee of rent payment to the
landlord. While it is an interesting and intriguing concept, it’s also
important to fully understand how cosigner services work so you can weigh the
various pros and cons. Be sure to learn more about the background information –
including risks and costs – before jumping in.
Who
Can Benefit From a Cosigning Service
Whether you qualify as a renter for an apartment or home
depends on several personal financial factors. Your credit score is the major
contributing factor: If you have a low credit score because you have a poor
credit history (or if you don’t have much of a credit history at all), a
cosigning service can make the difference between being able to rent a place or
being denied. Another primary contributing factor is your rental or
home ownership history. Those who are just starting out and don’t have a
significant rental history can also benefit from a cosigning service.
How
It Works
In essence, a cosigner service acts as a lease guarantee
program. This means that if you default on your rent payments, the cosigner
service guarantees your landlord, management company, or apartment complex that
your rent will be paid for a certain period of time.
1.
Submit an Application and Application Fee
The first step to buying a cosigner is to submit an
application. You can submit an application whether you’ve already been told
that you cannot qualify for a rental on your own or prior to finding the
apartment or home you wish to rent. Along with the application, cosigner
services generally charge an application fee, which may range between $50 and
$225.
2.
Receive Approval
Once you receive approval of your application, you can
start your hunt for a place to live. You receive a certificate from the
cosigner service that tells the apartment complex or landlord how much of your
rental amount the cosigning service guarantees.
3.
Rent a Place to Live
Search for your home just as you would without a
cosigner, and when you submit the rental application, submit the cosigning
certificate with it. If you already found the place you wish to rent, submit
the certificate to the landlord or management company for verification of your
cosigning arrangement. Sign the lease, and your cosigning service guarantees
the lease as your cosigner.
4.
Pay Rent
You must pay the monthly rent payment to the landlord,
management company, or complex.
5.
Pay the Cosigning Company the Cosigning Fee
Cosigning services charge in different ways and at
different frequencies. Some charge a percentage of the rent as a one-time,
upfront payment that you make to them, such as 10% of the annual rent amount.
Other cosigning services spread the payments out on a monthly basis, so you
eventually pay 75% to 110% of the monthly rent payment.
Service
Companies
While there are a number of cosigner services popping up
on the Internet, three of the most popular cosigning services are:
WeRent For You Nationwide Apartment Cosigning Services - is Fast and
Efficient than any other Apartment Cosigning Service. Does not charge any
upfront fee’s, but charge a criminal background fee $175.00 in additional to a cosigning fee equal
to first month’s rent at time of approval with the community, tenants are able
to move in their new home within 72
hours from full approval. They sign 98% of all leases.
Co-Signer.com.
This company guarantees a rental lease for 90 to 180 days. Initial fees to the
consumer include a $50 processing fee and a $75 fee to cover a credit and
background check. Once the consumer agrees to use the services of
Co-Signer.com, the cosigning fee is due upfront and in full. For a 90-day
guarantee, the fee is 6% of the annual rental payment, and for a 180-day
guarantee, the fee is 10% of the annual rent payment. For example, if the
monthly rent payment is $2,000, then an annual rent payment is $24,000. The fee
for a 90-day guarantee would be $1,440, and $2,400 for a 180-day guarantee.
Wecosign.
This service charges a $100 upfront application fee that is refunded to the
applicant if the consumer is unable to sign a lease. This service also spreads
out the cosigning fee into 12 equal payments for a 12-month lease guarantee.
The cosigning fee is 10% of the monthly rent. For example, if the rent is $2,000
per month, then the cosigning fee is $200 per month. For high-risk consumers,
WECOSIGN can ask for the cosigning fee totaling six months’ worth of payments
upfront. Using the same $2,000 per month rent, this equals an upfront fee of
$1,200.
Insurent
Lease Guarantor Service. Insurent charges one lump sum that
equals an upfront payment of 75% to 95% of one month’s rent for a 12-month
lease guarantee. This particular service does not charge an application fee;
however, if the applicant is not a U.S. resident, the service fee is 110% of
the monthly rental amount. Therefore, if the monthly rent is $2,000, Insurent’s
one-time fee ranges from $1,500 to $2,200.
Final
Word
Everyone needs a little help sometimes, and if your
credit history, or lack thereof, prohibits you from renting a place to live,
then a cosigning service is one option to consider. While it may be expensive,
hiring a service to act as your cosigner relieves you of having to ask friends
or family members for money, allowing you to rent the place of your dreams on
your own.
WE RENT FOR YOU- OFFERS APARTMENT LIVING TO HOMELESS FAMILIES IN MOTELS!
MORE FAMILIES ARE BECOMING HOMELESS DUE TO POOR CREDIT SCORES!
Many are homeless due to poor credit scores and cannot
secure apartment living! Trying to
secure an apartment in today’s market is like buying a home. Says, Marilyn Davidson,
Managing Director with We Rent For You Nationwide Apartment Cosigning Service. Apartment communities are now,
looking at debt ratio’s, credit scores, number of delinquencies listed on
credit reports prior to extending a lease. And if a renter has experienced a
judgment or an eviction- Communities will automatically decline the rental
application.
Surely, it was not this difficult to obtain apartment
living, 3-4 years ago, like it is now. With many families losing their jobs and
homes to foreclosure, which has affected their credit scores tremendously preventing
them from obtaining apartment living.
Many families today are living in extended stays motels paying $2,000 to
$3200 a month for one room. And although there are families that have strong
incomes, still they are unable to obtain apartment living.
Many people feel that all homeless people are entirely to
blame for their own miserable situation. Those same people tend to believe that
under no circumstance could they find themselves without a home because they
feel they are better than "those people" who have lost their homes.
In reality, people from all walks of life can wind up on the street and almost
no one is immune from the possibility.
Most people become homeless due to circumstances that
have overwhelmed them combined with the lack of a family support structure.
Others, particularly teens, often lose their housing due to an actively
hostile, perhaps even hazardous, abusive, or non-supportive family environment.
Average people without a good friend and family support structure can be
overwhelmed by events such as domestic abuse, divorce, unemployment, or illness
and find themselves without housing as well. There are many causes of
homelessness and while this page covers a few there are almost as many causes
as there are people with nowhere to live. If you've ever wondered, "Why do
people become homeless?" you've found the right place to learn some of the
possible answers.
We Rent For You Nationwide Apartment Cosigning Services,
offers a second chance to families seeking apartment living, single family and
condo living to those families who have a stable income, willing to take a
criminal background check and pay cosigning fee’s to secure their new
home. Our process is quick, easy and
streamlined online to service renters nationwide. Families can be in there new apartment or
home less than 10 days, with the use of our cosigning services. We Rent For You Apartment Cosigning, will
sign leases to families who have experienced an eviction, judgment or if they
have credit challenged through our second chance program. For more information about our services visit
www.werentforyou.org or call us toll free- 1 888 411-5470
Marilyn Davidson
Managing Director
We Rent For You
Nationwide Apartment Cosigning Service
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