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Old 11-02-2010, 12:54 PM
 
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I thought I post and see if I could get NYC CD forumers opinion on this. I have a close friend that recently moved from out of state to NYC. She has a full-time good paying job, but is having the most difficult time finding an apartment in the city. Her credit isn't the best (which wasn't entirely her fault, she was a victim of ID theft), but she has excellent rental history and guarantor. A lot of places told her they don't that co-signers out of state. What is the secret to getting an apartment in NY? How do people who move from out of state (let alone out of the country) and can find a place to live in NYC? Thanks.
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Old 11-02-2010, 01:18 PM
 
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I am moving back to NYC from another state. I can tell you that anywhere in Manhattan and some landlords in the other boroughs have very strict requirements. They have the 40-45x income rule which I realized last week some of them are a little bit lenient about, but they are not lenient about good credit. They do not require perfect credit- just good credit (no bankruptcies, foreclosures, no accounts currently past due, no history of paying things late all the time). So the average person would be fine. She may have to look outside of Manhattan in a privately owned house where the individual landlord will understand her situation. She may also have to put down a bigger security deposit.
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Old 11-02-2010, 01:23 PM
 
Location: East Village
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Interesting... Where is she looking?

I didn't have an issue with my out-of-state guarantor, but I also don't have credit issues either. Are you sure her guarantor makes at least 80x the rent?
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Old 11-02-2010, 01:28 PM
 
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Quote:
Originally Posted by loratliff View Post
Interesting... Where is she looking?

I didn't have an issue with my out-of-state guarantor, but I also don't have credit issues either. Are you sure her guarantor makes at least 80x the rent?
All the places we looked at stated that if you have a guarantor they must be from the tri-state area. So this is actually pretty common.
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Old 11-02-2010, 02:36 PM
 
Location: East Village
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Quote:
Originally Posted by newyorker24 View Post
All the places we looked at stated that if you have a guarantor they must be from the tri-state area. So this is actually pretty common.
Didn't have that issue anywhere I looked, even with coops, and my guarantor is from the western half of the country... but I'm wondering if they make exceptions based upon the guarantor's financial security?
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Old 11-02-2010, 03:18 PM
 
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Quote:
Originally Posted by loratliff View Post
Didn't have that issue anywhere I looked, even with coops, and my guarantor is from the western half of the country... but I'm wondering if they make exceptions based upon the guarantor's financial security?
As with everything else, it probably depends on the landlord. We mainly looked at buildings in FiDi run by large management companies so they all had similar requirements. Most of them actually wanted 45x the rent in annual income.
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Old 11-02-2010, 03:31 PM
 
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Manhattan buildings and some other boroughs require good credit + annual income of 40x the monthly rental rate.

Tri-State guarantors usually need good credit + 80x the monthly rental rate in income.

Non tri-state guarantors (as mine was....) can need up to 100x the monthly rental rate income.

These are pretty hard & fast rules for the desirable neighborhoods (ie, most of Manhattan below Harlem and the better parts of Upper Manhattan).
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Old 11-02-2010, 04:20 PM
 
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So to sum things up, if you've had a bankruptcy chapter 7 done in Jan 2009 and discharged 3 months later, but have been on time with rent for 3 years straight on, on time with utility payments, on time with credit cards after the discharge, have well paying jobs, letters of recommendations from current and previous landlords....that we may be still out of luck renting in Manhattan?

12 months of canceled checks and letter of recommendations and a job offer letter from new employer in the city would not be sufficient? (We will be relocating from out of state into NYC hopefully within the next 6 months but I'm fearing our bankruptcy is going to pose a HUGE obstacle and I hope I'm wrong about this)

Any help or input would be greatly appreciated. Thanks everyone!
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Old 11-02-2010, 04:51 PM
 
7,251 posts, read 7,362,381 times
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It's really distressing to think landlords would require a local guarantor, considering that college graduates flood into the city every summer, and are dependent on their parents' signature to get a lease.

New Yorker 24 is right. First, she could try finding an apartment that's not managed by a big corporate landlord - for instance, a small rental outside of Manhattan. Second, she could try offering a larger security deposit, or an extra chunk of the rent upfront. The Craigslist forum is often good for specific advice.
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Old 11-02-2010, 05:19 PM
 
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Quote:
Originally Posted by Cida View Post
It's really distressing to think landlords would require a local guarantor, considering that college graduates flood into the city every summer, and are dependent on their parents' signature to get a lease.

New Yorker 24 is right. First, she could try finding an apartment that's not managed by a big corporate landlord - for instance, a small rental outside of Manhattan. Second, she could try offering a larger security deposit, or an extra chunk of the rent upfront. The Craigslist forum is often good for specific advice.
I moved to manhattan right out of college and yes, your options as a non-Tri-Stater are:
-guarantor at 80-100x income
-find a room to rent in a share where the tenants on the lease are probably not going to check credit

Landlords don't care whether you're a recent grad or that your parents don't make $200k. Manhattan rental vacancy rates hover around 1-2% so landlords can make these demands. Fwiw, the stringent rental and buying (esp in co-op buildings) rules in NYC have largely protected the city from the real estate meltdown the rest of the US is having.
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