Influencers rule the roost online. With a quick post, video, or photo caption, they can send thousands, even hundreds of thousands, of buyers to purchase a product or visit a business. Brands have understood this for over a decade and have been happy to offer lucrative sponsorships to online influencers.
But, in a tight rental market, New York City landlords, it turns out, are not impressed.
Influencers and gig economy workers—whose pay is also erratic and difficult to quantify—are having a hard time convincing landlords that they'll be able to pay the rent reliably. With so many other renters vying for properties, landlords are opting instead to rent to individuals who can show paystubs and steady streams of income.
Though it's not just a New York problem—influencers and gig economy workers everywhere are feeling similar pains—it's particularly pronounced in New York, where so many brands and influencers are based and where it's often difficult to find an apartment.
Difficult, but Not Impossible
Gig economy workers and others who struggle to show income are not without options, though. Gig workers who've been at it for a while should be able to show past earnings on their annual tax filings.
And a gig worker who hasn't worked in their current role long enough to file a tax return will likely still have weekly pay stubs. By showing several months' worth of pay stubs, it's possible for a gig worker to verify their income to a landlord. In addition, if your income has been consistently increasing, point that out to a potential landlord. Seeing that you're on the upswing might calm a lot of fears.
Gig workers will also do themselves a favor by aggressively guarding their credit scores. Never miss a payment, keep an eye out for any suspicious activity, and try to get your score up and over 700.
And if you're a big-name influencer working with high-value brands and banking a lot of extra cash, this could be a great time to buy a home. Right now, the New York real estate market is extremely favorable for cash buyers. If you've enough cash in the bank to buy a property outright, you might be better off buying than renting.
The New York real estate law experts at The Law Office of Melvin Monachan can help you navigate these and other issues. Call us at (347) 389-1682 or contact us online today.
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