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In Portland I paid $600 for rent and made about $1500-1700 a month based off tips and had no problem paying my rent and was a tenant that lived in the same unit for almost six years and ended up being the one to help show other units and meet any maintenance person that came to the house, if my landlord would of gone off the 40X the rent they would of missed out on an amazing tenant.
The 40X might be a decent tool to use, but it should be the end all, I think it is more important to base things off the meeting of the person as well as their rental history and if their monthly income is a decent amount above the cost of rent, possible even twice the amount of rent, then it should be fine to rent to that person if everything else with them is great.
The only copout here is the 40X your rent when it doesn't paint a full picture of anyone, it is just the simple way of doing something so a landlord doesn't have to work as hard to find a tenant.
For the OP, I would still contact a realtor because this is the reality that we are dealing with.
Unbelievable. So you're saying a landlord "going on his gut feeling" is a better and a more secure way to pick a qualified tenant than looking at his financials? OMG! So obviously you say that because YOU don't meet the 40x requirement so it benefits YOU for a landlord to use that method. SMH! So using your monthly salary of $1,500, your annual salary is $18,000 (smh...now it's beginning to make sense why you advocate certain "liberal" policies) Based on your $600 rent, you should be making $24K a year. I would never rent to you based on your very low salary. You'd be living on paycheck to paycheck with very little left over after you include your other living expenses.
Urban I do hope you become a Landlord one day and use that method so you can get burnt.
I don't even make close to the 1/40 rent rule. In some apartments I have had a Guarantor, some I have offered one but one wasn't needed, and some I have paid several months rent upfront.
As I requested upthread, please debate the rental requirements in an appropriate thread. What the OP is dealing with in the current marketplace is what needs to be discussed in this thread as it relates to a specific situation. This is NOT a general thread. Thank you.
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Unbelievable. So you're saying a landlord "going on his gut feeling" is a better and a more secure way to pick a qualified tenant than looking at his financials? OMG! So obviously you say that because YOU don't meet the 40x requirement so it benefits YOU for a landlord to use that method. SMH! So using your monthly salary of $1,500, your annual salary is $18,000 (smh...now it's beginning to make sense why you advocate certain "liberal" policies) Based on your $600 rent, you should be making $24K a year. I would never rent to you based on your very low salary. You'd be living on paycheck to paycheck with very little left over after you include your other living expenses.
Urban I do hope you become a Landlord one day and use that method so you can get burnt.
Smh, feel free to read all of my posts, I do hope I become a landlord cause I would make a good one, this is still new york and the 40x the rent is the norm here because people are willing to do that, so that is it. I am not saying that should change here just saying I couldn't live where I lived if that was the rule there, but i was a great tenant, so obviously my income overall didn't matter because I paid my bills on time....feel free to pay attention better.
As for the OP, he has only posted once in his own thread....I am guessing they moved on and this thread is going to head off course until the question of why $2500 is answered....so yeah.
so you'll be making around 60k take home for 2 people (not including bonuses since thats not 100%) but you're not including your savings. Since you said you can save up to pay a few months rent ahead i'm assuming you have little-no savings which would mean you can not afford 2500 a month in rent. Why pay that much? Theres way cheaper places in good areas outside manhattan. in my opinion, manhattan is overrated, tiny, expensive, overpriced
If I want to rent an apartment that has the 40x rule (specifically in harlem or washington heights)but I make less than that, would I be able to get that apartment if my credit is good or if I have extra security deposit ? Thanks!
If I want to rent an apartment that has the 40x rule (specifically in harlem or washington heights)but I make less than that, would I be able to get that apartment if my credit is good or if I have extra security deposit ? Thanks!
Depends how much less you make from the 40x rule. If you're within the ball park, you have good credit, and offer additional security deposit, then I would say yes
You might be able to find a landlord who will rent to you with that income, but I think you might want to consider if that's really a good decision on your part. If you stick with a budget of $2,000, you could still rent in a nice neighborhood and have an extra $500/month to save for a rainy day. I'd feel pretty stressed if I were spending that much of my income on rent. The difference between a $2,000 and $2,500 apartment is just that one's probably in a slightly more hip neighborhood or it's a bit more updated. You are the one making your own financial decisions, so I don't want to sound like I'm meddling, but I'd consider this decision carefully if I were in your position.
also, private owners that own a couple apartments are generally wayyyyy more flexible on the income requirements than a huge management company would be. When I was just searching for an apartment I had a showing at a private owner that was trying to negotiate the price of the apartment and everything with me just to get me to rent it so he wouldn't lose more money on income by someone not renting there.
This isn't a smart thing to do.
If I was a L/L I wouldn't rent you a place costing more than $1,500 let alone $2,500.
Let me make a wild guess here; you wanna pay that much because you're determined to move to Manhattan no matter what?
I can only hope you reconsider because like I've said before, what good is it to live in Manhattan if you won't be able to afford most things anyway?
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