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Old 07-06-2011, 12:36 PM
 
9 posts, read 20,211 times
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Hi there,

I just spoke with a broker (looking for a place in Pelham Parkway/Morris Park) and he said that you need a minimum income of $35,000 to rent a place.

Being a graduate student, I definitely won't be making that much. Is it true that you need at least $35,000 to rent in that area?

Thanks!
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Old 07-06-2011, 12:39 PM
 
Location: Ridgewood, NY
3,025 posts, read 6,796,554 times
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In NYC 35,000 is really low... You could qualify for NYCHA with that income... With the COL in this city working class is anywhere from 45-80,000... middle class is from 80-120,000... that's the way things go in this city...
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Old 07-06-2011, 12:45 PM
 
Location: Manhattan
1,871 posts, read 4,258,547 times
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An individual can make up to $93,000 a year and still qualify for affordable housing in some parts of the city. It's truly amazing how expensive things are here.

I'd suggest you get roommates. Unless you're getting an MBA, I certainly hope you're not taking out huge loans for your education.
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Old 07-06-2011, 12:49 PM
 
Location: Bronx
16,200 posts, read 22,988,244 times
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35,000 is ok if your single and not married and dont have any kids period, those things will drive up your expenses significantly. Still 35,000 is low, many Transplants and NYC college grads make that much in many jobs, probably get a roomate in a hip cool area.
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Old 07-06-2011, 01:17 PM
 
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I won't be paying tuition and my school provides a stipend but it's less than 35,000. Do they really all require income requirements? What neighborhoods/places can I go to in the Bronx that doesn't require it? I can't just have a high credit score or a co-signer that makes more than the income requirement?
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Old 07-06-2011, 01:41 PM
 
2,848 posts, read 7,565,902 times
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Does your school offer student housing?

Most apartments will require a co-signer or roommates with your income. Or a lot of cash upfront.
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Old 07-06-2011, 01:42 PM
 
Location: Manhattan
1,871 posts, read 4,258,547 times
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Quote:
Originally Posted by bronxtransplant View Post
I won't be paying tuition and my school provides a stipend but it's less than 35,000. Do they really all require income requirements? What neighborhoods/places can I go to in the Bronx that doesn't require it? I can't just have a high credit score or a co-signer that makes more than the income requirement?
Well, there are all kinds of rental situations. Sometimes, a private home owner who rents out a room or a downstairs apartment isn't that strict about income requirements and such. People looking for roommates on Craigslist almost never check credit but some call references. However, most of the large commercial rental buildings do require credit checks, minimum income, and co-signers if necessary.

Are you going to be getting financial assistance from your parents to pay rent and expenses? If so, put that on the application.

In any case, take a look at the prices you see for the area on Craigslist and ask yourself if you can make the rent, use the subway and feed yourself. You shouldn't need someone else to tell you what you can afford.
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Old 07-06-2011, 01:45 PM
 
9 posts, read 20,211 times
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My school offers housing but I won't be able to use it (5 people to a place) because my long-distance boyfriend will be visiting every other weekend (which may irritate my potential 4 housemates). :/

I think my best bet is to just stay in a room being rented out in a private home or to find housemates OK with my boyfriend visiting.

Thanks for all your help!
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Old 07-06-2011, 02:09 PM
 
Location: NY,NY
2,896 posts, read 9,795,042 times
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Quote:
Originally Posted by bronxtransplant View Post
My school offers housing but I won't be able to use it (5 people to a place) because my long-distance boyfriend will be visiting every other weekend (which may irritate my potential 4 housemates). :/

I think my best bet is to just stay in a room being rented out in a private home or to find housemates OK with my boyfriend visiting.

Thanks for all your help!
Dumb childish reason not to avail yourself of the housing. PRIORITIZE!

Have boyfriend rent a motel!!

The answer to your question is YES!

You need to have verifiable income. You need to have an income which affords the apartment rent whatever that may be.

In Manhattan and certain neighborhoods in the Boroughs, Transplants are usually required to have income of 45x rental amount.

In the Boroughs, not including the trendy neighborhoods popular with Transplants, but areas where natives and immigrants live, income requirements are more lax, BUT you still need to have verifiable income which affords the ren.

In your case, you have a problem! 35K is not enought to afford most rents!!!! Understand that a cosigner must meet the income requirements, as well. Most LL will not accept a cosigner, particularly LL in the Boroughs.

So, you need comprehend your circumstance, and make intelligent decisions.

You will need at least one roommate to get buy.
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Old 07-06-2011, 02:14 PM
 
Location: Beautiful Pelham Parkway,The Bronx
9,243 posts, read 24,025,338 times
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Most NYC landlords and managing agents require a tenant to show a minimum income of 35X or 40X the monthly rent. Often ,in Manhattan, the requirement can be 50X the monthly rent. If you are looking for a 900/mo apartment they want you to have an income of $36,000.There are very few apartments in Pelham Parkway/Morris Park for less than 900/mo so it's not surprising that they would want your income to be 35,000 for a 900/mo studio.

You can only get around the requirements by having a co signer on the lease or by paying at least 6 months( or maybe even a year) rent up front .Sometimes you will find an owner of a 2 or 3 family house who is renting a unit out who will be looser.
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