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I think a number of posters give the impression that the *only* way to get housing in the city is to go through a broker, be required to make 40x rent, and pay market rate for a downtown apt -- and that if you can't do that don't bother moving here. That is simply not true.
If you are willing to move into an established apartment and have roommates -- then that is the way to go without breaking the bank--at least until you get yourself established and figure out if the city is for you. There are also buildings owned by families in the city who are not as strict and often have cheaper apartments. If one is willing to move to a more distant stop on the subway that also helps with affordability.
I repped you OP. There are private houses and small buildings that are rented by private owners. I rented 2 in my life and did not have 40X. (This was before my current job in the hotel.) They seemed more concerned with the length of time at work and past rental reference. At the time I was in retail management and not making that at all. Both places were nice and in good neighborhoods but small. Owners were good folks, and I still keep contact with one from 12 years ago!
Roommates are an option as well, although you have to consider compatibility, safety and crowding. More tenacity is required when living with another or more. But if you are young, just be safe and use good judgment..It then could be great to discover a new place and in some cases roommates go on to become good friends. life is about smart, calculated risks in the name of discovery!
I know retired people who have done this. They wanted to be closer to their children so they moved here. Their social security certainly was not 40X the rent, but they had sizable savings and assets.
It's difficult to pull this off in Manhattan where large real estate management companies (who own the vast majority of apartment buildings) have water-tight, boilerplate requirements and may not give you the time of day without 40X. There are very, very, VERY few apartment buildings in Manhattan that are individual or family owned, it is more realistic to hunt for them in BK, Queens, SI or BX but you can find them. BEWARE of craigslist ads under the "for rent by owner" section where the apartment is posted by the "owner's representative" (this is just a broker in disguise posting a bogus apartment).
It's difficult to pull this off in Manhattan where large real estate management companies (who own the vast majority of apartment buildings) have water-tight, boilerplate requirements and may not give you the time of day without 40X. There are very, very, VERY few apartment buildings in Manhattan that are individual or family owned, it is more realistic to hunt for them in BK, Queens, SI or BX but you can find them. BEWARE of craigslist ads under the "for rent by owner" section where the apartment is posted by the "owner's representative" (this is just a broker in disguise posting a bogus apartment).
For the most part you're right, but there are apartments in Manhattan that are owned by individuals or family owned and that the 40x Rent Rule is not as strict. I'm going to break this down to you by giving you an example from what I know and heard. if you're looking to get a place in Washington Heights (located in Manhattan) West of Broadway, the 40x rent rule IS very strict with that rent rule because the area is a nicer. However, if you're looking to rent an apartment in that area (Washington Heights) thats East of Broadway, the landlords there are not as strict with the 40x Rent Rule. I guess thats because the area East of Broadway is a bit sketchy. Not dangerous but just sketchy. Its just a matter of shopping around and knowing the neighborhoods and requirements.
Me pesonally, I might think about just buying an apartment rather than renting since renting is so expensive, it would probably make more sense to buy.
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