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ok so upon job acceptance, me and my girlfriend will be moving out to NYC in june.
I know that you need to make at least 40x rent to get an apartment.
My question is how does that work when your job isn't straight salary.
My job is most likely going to be financial advisor/sales of some kind with investments and insurance.
Her job is going to be at a salon.
She'll make like 8-9 an hr plus tips where on average will be 100-200 a day.
I'll make a salary and then commission on what I sell.
So for the 40x rent, does it only include her hourly salary and my salary or does it factor in the tips and commission we will be making as well?
I've been trying to find something online. i've emailed brokers and agents and rental people but no one is getting back to me. This forum has been so helpful with information.
I was gonna suggest using last year's tax returns, but after re-reading your post I see that you're getting a new job.
Does the job you're accepting have a base salary?
Maybe they can give you an letter stating the average comission for new employees.
The same can be said about your GF's situation. Just ask the salon owner to write up a letter.
In cases like this, a bank account with 1 yrs worth of rent, comes very handy.
But otherwise, get a refence letter from your current landlord, and a copy of your credit report.
Most of those won't be able to work with us.
We both live at home, so our landlords are our parents.
And i'd only be able to pay up front, first, last, security, (maybe broker fee) and 2nd and maybe 3rd months rent payment.
We are both graduating school within a couple of weeks of each other and figure if we are going to move somewhere new now is the best time because we have no debt, no kids, no ties to staying anywhere.
my credit report is spotless though. it's around 790 so that should help ^^
ok so upon job acceptance, me and my girlfriend will be moving out to NYC in june.
I know that you need to make at least 40x rent to get an apartment.
My question is how does that work when your job isn't straight salary.
My job is most likely going to be financial advisor/sales of some kind with investments and insurance.
Her job is going to be at a salon.
She'll make like 8-9 an hr plus tips where on average will be 100-200 a day.
I'll make a salary and then commission on what I sell.
So for the 40x rent, does it only include her hourly salary and my salary or does it factor in the tips and commission we will be making as well?
I've been trying to find something online. i've emailed brokers and agents and rental people but no one is getting back to me. This forum has been so helpful with information.
thanks in advance
Landlords only go by your base salary, not tips and commissions. Salaries are fixed and can be measured. Tips and commission vary and can not be measured. What if it's been a slow year and you weren't able to get any commission? Then what? I personally go by base salary that is verifiable via tax returns/ pay stubs, and W2s.
And not ALL landlords adhere to these hard and fast rules. They are for prime real estate in competetive areas. Many rentals are FAR from prime and a landlord would be happy to get a tenant who can pay first month's rent plus security. There are landlords who will take one look at two people and make up his mind...if he;s been carrying an empty apartment for 2 months he might even act faster.
With two people working and current paystubs you will not have a problem finding a place.
And not ALL landlords adhere to these hard and fast rules. They are for prime real estate in competetive areas. Many rentals are FAR from prime and a landlord would be happy to get a tenant who can pay first month's rent plus security. There are landlords who will take one look at two people and make up his mind...if he;s been carrying an empty apartment for 2 months he might even act faster.
With two people working and current paystubs you will not have a problem finding a place.
yeah we are looking at like astoria/sunnyside in queens or gramercy/murray hill/morningside/upper westside in manhattan for a 1+ bdr for 2000k or less a month. so i would imagine that is far from prime real estate.
yeah we are looking at like astoria/sunnyside in queens or gramercy/murray hill/morningside/upper westside in manhattan for a 1+ bdr for 2000k or less a month. so i would imagine that is far from prime real estate.
All of the areas in Manhattan you mention are VERY prime and, believe it or not, the LESS expensive a property is in those locations the more "prime" it would be considered. Just basic supply and demand and any 1 bedroom in those areas is very difficult to find and will have significant competition. Also, apartments in Manhattan tend to be professionally managed where you won't deal directly with a landlord but rather with the management company representing them. That company is more likely to adhere strictly to the guidelines and if you can't show 40x rent they will have no problem filling a sub-$2k one bedroom with someone who can.
Astoria/Sunnyside or other neighborhoods in the outer boroughs you'll be more likely to deal with small landlords with a few buildings they manage themselves. They will be much more willing to hear you out and work with your circumstances.
Just so you know: $2000 is sort of like a magic number for 1 bedrooms in desireable areas. They go VERY, VERY fast to people who meet all the criteria.
All of the areas in Manhattan you mention are VERY prime and, believe it or not, the LESS expensive a property is in those locations the more "prime" it would be considered. Just basic supply and demand and any 1 bedroom in those areas is very difficult to find and will have significant competition. Also, apartments in Manhattan tend to be professionally managed where you won't deal directly with a landlord but rather with the management company representing them. That company is more likely to adhere strictly to the guidelines and if you can't show 40x rent they will have no problem filling a sub-$2k one bedroom with someone who can.
Astoria/Sunnyside or other neighborhoods in the outer boroughs you'll be more likely to deal with small landlords with a few buildings they manage themselves. They will be much more willing to hear you out and work with your circumstances.
Just so you know: $2000 is sort of like a magic number for 1 bedrooms in desireable areas. They go VERY, VERY fast to people who meet all the criteria.
I would rather be in queens just because we will get more for our money, but my girlfriend would rather live in manhattan because it'll be closer to everything. although I keep telling her that it's right across the water and it's not that big of a deal. and plus, in sunnyside, theres a hockey rink like 10 minutes away!
I would rather be in queens just because we will get more for our money, but my girlfriend would rather live in manhattan because it'll be closer to everything. although I keep telling her that it's right across the water and it's not that big of a deal. and plus, in sunnyside, theres a hockey rink like 10 minutes away!
You can get a nice one bedroom for around $1600 in Astoria or Sunnyside. I know the thinking is usually that of your girlfriend's, that being in Manhattan is the goal and anything less is a compromise. In some ways that's true, Manhattan is and always will be the most desirable, but I think once you both get here you'll quickly realize that you'll be surrounded by other young people and things to do regardless what close-in Queens or Brooklyn neighborhood you live in. Young people these days rarely move right to Manhattan unless they have the support of their parents or are in high paying jobs. It's just unaffordable for most.
Consider Brooklyn as well. Even more young people than Queens in the typical prime North Brooklyn areas (Park Slope, Fort Greene, Williamsburg, Greenpoint, Carroll Gardens, Cobble Hill). You can find one bedrooms in all of the above for around $2k and probably wouldn't even feel the need to go into Manhattan since they all have HUGE scenes of their own.
You can get a nice one bedroom for around $1600 in Astoria or Sunnyside. I know the thinking is usually that of your girlfriend's, that being in Manhattan is the goal and anything less is a compromise. In some ways that's true, Manhattan is and always will be the most desirable, but I think once you both get here you'll quickly realize that you'll be surrounded by other young people and things to do regardless what close-in Queens or Brooklyn neighborhood you live in. Young people these days rarely move right to Manhattan unless they have the support of their parents or are in high paying jobs. It's just unaffordable for most.
Consider Brooklyn as well. Even more young people than Queens in the typical prime North Brooklyn areas (Park Slope, Fort Greene, Williamsburg, Greenpoint, Carroll Gardens, Cobble Hill). You can find one bedrooms in all of the above for around $2k and probably wouldn't even feel the need to go into Manhattan since they all have HUGE scenes of their own.
I've been looking online at apartments and have found some really nice ones in astoria and sunnyside for ~1700 dollars and are bigger and much better furnished than manhattan. I know I'm not going to be living a great lifestyle at first, but i really don't want to live in a closet for a year like I would in a manhattan neighborhood.
I'm extremely open to different neighborhoods and bouroughs where as she is not. i'm lucky i got her to open up to queens! haha but we are going to be here this weekend so i'll take her around places and show her it's not as bad as she thinks.
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