Paying 1st Month & security with GAP

we’re renting an apartment in a 2-fam house in NYC. The prospective tenant just called requesting a lease or something in writing because he wants to have 1st month rent & security covered by GAP.  He’s employed (by VA) & his job reference was excellent as was info from current landlord.  I have no idea what this GAP is & if it’s something that will impact us as landlords or that we’ll be somehow responsible or liable for. Any info, help & suggestions regarding this will be appreciated Thanks

The answer to this I would thi...

The answer to this I would think depends on your situation and how much confidence you have in the rental market. If you think another tenant will come along shrotly and you don't need to rent it immediately, then I would decline unless he really is willing to pay a year up front. That is effectively a huge security deposit that would probably negate his questionalbe credit.

Post Reply

Please login or register to add your reply.

Tenant Screening

Comprehensive credit & criminal screening.
Get access to bankruptcies, employment history, medical records, past addresses, evictions and more.

View Pricing & Get Started

Legal Forms

State-specific legal forms.
Lease agreements, rental applications, lease termination, eviction forms and much more.

Browse Our Legal Forms

Membership Pricing

Our paid membership plans now include free tenant screenings! Greater access to all of our features and the membership pays for itself!

View Pricing & Get Started

LandlordStation News

LandlordStation Blog