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Old 05-14-2018, 11:39 AM
 
Location: Long Island
2 posts, read 795 times
Reputation: 10

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This question is for all the young professionals who live and work on LI. Where and how are you able to afford rent if you are just in the beginning stages of your career? I am a single male who is making 55k a year and I am having a hard time finding apartments that are affordable and is not in someones basement. I also do not want to live with roommates. Please let me know if I need to adjust my expectations or possibly consider leaving LI. Thank you.
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Old 05-14-2018, 11:46 AM
 
52 posts, read 29,443 times
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From experience, either an illegal basement apartment.. Or living at home a year or two (if possible), and saving a downpayment for a 100-125k coop/condo studio apartment is the best bet.
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Old 05-14-2018, 11:52 AM
 
438 posts, read 291,972 times
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Lived illegally on 2nd floor house for 4 years during college. Later moved to a basement for 3 more years. Both at $1,200 for 2 BR and included all utilities as well as cable and internet. Area was good since train station was nearby.

By using the 40x rent formula, you need to find a place that is 1,400 or under. It'll be easier if you get a girlfriend to split the rent.
Find the rentals here at your price range
https://www.zillow.com/homes/for_ren...72_rect/10_zm/
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Old 05-14-2018, 12:46 PM
 
2,009 posts, read 2,244,725 times
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Looks like your rental budget going by the normal 3x the rent income per month would be around what above poster said. Most landlords on LI use the 3x rule per month. What have you set your budget as? Since you did not really mention what price range you are looking for. Affordable means different for everyone.


So if your budget is 1,400 a month you are pretty much looking at basements on LI for the most part. But you can get lucky sometimes. Also will depend a lot on location you are looking. Are you being picky as per location? Or do you have a wide range of location choice? Some locations & towns have less rentals than others. So it might be slim pickings where you are looking. Law of supply & demand come into play then.

Also what matters to landlords on LI are if you have any roadblocks that would make them even decline you. Have you been inquiring about apts maybe & being turned down? Is that part of your problem? Like do you have any pets? How is you credit & background checks? Have you actually applied for any apts?


Or just been window shopping? Because when we market apts we have to offer. Far too many people do not even show up for appts they made. So now we no longer do appts. We do Open Houses only during a block of time on a few days. But usually we find a perfect tenant at the first Open House. But make sure you bring all documents to a showing to be ready to take apt. Like
deposits & ID as well as credit reports. Because if you don't someone else will & beat you to the punch & get apt you might have loved. If you have a very recent one a landlord might accept it. But still want to do their own full background & credit report screenings. And we limit the amount of people we schedule for the Open House to 10 & during a 2 hour block. So as not to **** of neighbors with crowds.

Landlords on LI have to be very careful who they pick as tenants for many reasons. First off they make evicting on LI very hard to do if a landlord gets a problem tenant they want to evict for any reason. So they often screen very extensively. Plus mostly all apts on LI that are affordable are in someone's own personal private home where they live as well. So they will carefully scrutinize anyone they consider.

Many don't want so many types of tenants & often exclude people that would have been great tenants. Like in the case of you being a young guy. They might think you are a party type of guy & will have people over all the time. Meaning lots of people & foot traffic. As well as lots of cars coming & going. That will **** off neighbors. And them as well. Remember mostly all the apts in private homes are illegal apts on LI. So if they **** off a neighbor. Those neighbors might report them to the town.

Add to that if they pick the wrong tenant that tenant might use the same situation as leverage against a landlord for something. As well as if you have a girlfriend that is over constantly & might practically be there so often that she should also be considered a tenant on record. Most landlords are restricting who they rent to. And are always saying 1 person occupancy all the time. Even if you budget is $1,600 a month the 1 person rule is being applied.

But lots of factors go into finding & even then getting into an apt you like that is affordable. 1,400 a month is a very popular price point on LI for apts. So you would even be competing with loads of other tenants for an apt. A landlord can market a $1,400 a month rental & many times get 100 or more people inquiring about that apt less than an hour after they post them! I know every time we put a rental up that is under 1800 a month we get tons of inquiries in less than an hour. Many are looking to spend less & have kids & pets or are even more than 1 person. If you add a second person to help pay the rent like above poster said. It will eliminate all the rentals that say 1 person only. Which are a bulk of the rentals on LI that are affordable. For 2 people you would have to up budget. And probably look for a 2BR. But see you do not want roommates so that eliminates room rentals I was going to recommend.
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Old 05-14-2018, 12:59 PM
 
751 posts, read 493,738 times
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Sorry to hijack any one know of short term rentals 3-4 months. Would like to keep it under $2300 and would be willing to pay cash up front for the entire lease.
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Old 05-14-2018, 01:10 PM
 
Location: Confines of the 101 Precinct
19,380 posts, read 32,880,937 times
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Quote:
Originally Posted by JNRS View Post
This question is for all the young professionals who live and work on LI. Where and how are you able to afford rent if you are just in the beginning stages of your career? I am a single male who is making 55k a year and I am having a hard time finding apartments that are affordable and is not in someones basement. I also do not want to live with roommates. Please let me know if I need to adjust my expectations or possibly consider leaving LI. Thank you.
Damn kid, even Terrace Ave wants $1425:

https://www.trulia.com/p/ny/hempstea...50--2171957828

You guys gonna start gentrifying Hempstead like they do to bad neighborhoods in NYC?
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Old 05-14-2018, 01:11 PM
 
8,141 posts, read 12,557,594 times
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Quote:
Originally Posted by JNRS View Post
This question is for all the young professionals who live and work on LI. Where and how are you able to afford rent if you are just in the beginning stages of your career? I am a single male who is making 55k a year and I am having a hard time finding apartments that are affordable and is not in someones basement. I also do not want to live with roommates. Please let me know if I need to adjust my expectations or possibly consider leaving LI. Thank you.
You may not be able to afford this.


Most 'young professionals' who do it a) live with their parents for a few years to save money b) live with roommates.


I don't know that you can afford to be so picky.


I recommend staying with parents and save $$. You will fare better off in the long-run. Many 20-somethings are impulsive and don't think things through and rent apartments that are too expensive for them and then either end up renting their whole lives & never being able to buy ... or ending up back with mom & dad after they become broke from paying so much rent.


That's just my observance, but it's not the case for everyone. $55k is a decent salary starting out but it doesn't go very far on Long Island.
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Old 05-14-2018, 01:28 PM
 
9 posts, read 2,515 times
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Quote:
Originally Posted by gx89 View Post
Sorry to hijack any one know of short term rentals 3-4 months. Would like to keep it under $2300 and would be willing to pay cash up front for the entire lease.
What area of Long Island are you looking to reside? I might be interested, especially after your help on the other thread!
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Old 05-14-2018, 01:34 PM
 
2,009 posts, read 2,244,725 times
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Quote:
Originally Posted by gx89 View Post
Sorry to hijack any one know of short term rentals 3-4 months. Would like to keep it under $2300 and would be willing to pay cash up front for the entire lease.
Not many smart landlords on LI are willing to do short term rentals. And they will still want to do credit & background checks. Flashing cash will not entice a smart landlord. We have had drug dealers & illegal immigrants flash cash all the time. No freaking way. You have to have on the books verifiable income no matter what. Even if flashing cash.

Landlords can never be too careful in tenant friendly LI/NY. I know many rentals that we market on LI. None take cash like that without a normal application & screening process. None are short terms & all require 1 year lease minimum to start. Then usually go month to month after 1 year lease expires. As they know once the tenants are there 30 days. Legally they become occupants & if they refuse to leave it can become a nightmare for landlords. And many do refuse to leave. Only because they can not find another rental & usually have no place else to go. Forcing landlord to formally evict or get creative to get these tenants out. Cash for keys can be one way.

This problem erupted on LI big time after Sandy as so many owners became renters. And some are always looking for short terms while their homes are being worked on or raised. Focus your search on Long Beach as that is where most short term rentals pop up during the summer months. Are you a snowbird per chance? Or having work done on a home you own? Or just looking for something temporary for some other reason?

Try AirBnb. Lots of private landlords are trying AirBnb now instead of taking a regular tenant. Many are much happier doing this & are making more $$ this way & are happy not having tenants there 24/7 anymore. Lower utility costs is one reason. Privacy is another. One couple I know is making as much or more renting with AirBnb for 3 days weekends than they were making renting normally to a couple for monthly rent! So they are thrilled people are only in the apt in their home 3 days a week. So far they have never had a vacancy.

But with 2300 budget it depends on many factors. How many people do you have? Adults & kids. Any pets? And where & for exactly what time period are you looking? Might know someone that has a 2 BR apt coming up for rent soon that might be willing to do short term for the right tenants.
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Old 05-14-2018, 01:52 PM
 
4,539 posts, read 9,901,268 times
Reputation: 2016
Donít think Hempstead is changing any time soon.




Quote:
Originally Posted by SeventhFloor View Post
Damn kid, even Terrace Ave wants $1425:

https://www.trulia.com/p/ny/hempstea...50--2171957828

You guys gonna start gentrifying Hempstead like they do to bad neighborhoods in NYC?
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