FOREIGN NATIONALS RENTING IN NYC
Luxury Condos such as the Yves at 166 West 18th Street in Chelsea are a hot spot for many. Retirees, relocated professionals, and even international dwellers are attracted to the Chelsea neighborhood.
Diplomatic immunity, is essentially a principle of international law that maintains that certain foreign government officials, such as diplomats, are not subject to local laws.
For landlords, diplomatic immunity opens up the possibility that one may end up playing host to a foreign visitor who refuses to the pay the rent and yet have no way to evict the tenant or recover monies owed. While incidents of diplomats not paying rent are extremely rare, over the decades, a few bad apples have been enough to dissuade most landlords from renting to diplomats. Those landlords who do agree to rent to diplomats typically only do so under specific conditions and regularly ask for up to a year’s rent in advance. Although some embassies are able and willing to foot the bill, in other cases, diplomats, like other foreign nationals, turn to third parties to underwrite the cost of renting. [1]
In addition there are third parties like Insurent which guarantees leases, and/or additional security payment of rent in instances where applicants are foreign nationals on work visas/ student visas and unable to provide a social security number, credit check, or proof of income.
In renting your investment property in NYC, be sure to connect with me to discuss how best and soon we can rent it for you at Town Residential!
Sources: