40x The Rent? (New York, York: real estate, apartment, for rent)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
For the past two days I have been trying to figure out what I need to do to move to NYC. I really want to move somewhere else but now I am doubting myself. I keep seeing that I need to make 40 times the rent. I was thinking I could do $1,000 a month by working 60 hours a week. I am pretty low key when it comes to things. I have $5,000 saved up to move. Could I get away with that?
Just get a roommate situation. You should be able to find a room in a decent neighborhood for $750/month (even lower if you are willing to compromise on things like distance to Manhattan). The 40x thing is for renting your own place.
Well you can likely find yourself a place for a grand. It's just either going to be in a rathole area, far from manhattan, or both. And possibly in a basement. Look in places in the north bronx or out a ways in queens IMO. Many places outside of manhattan and expensive neighborhoods elsewhere won't even require the 40x rule. They will just want to see proof of employment and your deposit/first month/last month etc...
It's a silly fantasy. When a landlord asks you to show an income of 40 X rent tell him to stuff it.
And then move on to the next building.
The 40x the rent rule is no longer an exclusive Manhattan thing. I've seen many Bronx landlords start using this formula in determining if the tenant can afford the rent. The 40x the rent rule in an excellent blueprint to follow in helping a landlord qualify a tenant on the income level. Of coarse there are other factors that go into determining a tenant's qualifications, such as credit check, criminal background check, eviction check, employment, liquid reserve funds after paying the initial move-in funds (1st month's rent & security deposit), etc.
As many have said, doing $1,000/mo would mean you're likely looking to pay $600ish/mo in rent, assuming you recognize your fees for utilities, transit, and dining out. Getting an apartment, at least on your own, for that price would likely mean being far from Manhattan, perhaps in an area you might not want to live, or having to do the roommate thing. Doing the roommate thing, which really isn't so bad here, is a great way to get going. I found that, when first moving here, even if you can afford very little, you can enjoy the city and have some great experiences. There are many free things to do in New York, you just have to be crafty with your expenses.
For the past two days I have been trying to figure out what I need to do to move to NYC. I really want to move somewhere else but now I am doubting myself. I keep seeing that I need to make 40 times the rent. I was thinking I could do $1,000 a month by working 60 hours a week. I am pretty low key when it comes to things. I have $5,000 saved up to move. Could I get away with that?
Not only would you need to make 40 times the rent, you would also need someone to be your guarantor that can pay 80 or 120 times your rent, in addition to showing documents proving it.
Other things you will need are bank statements showing a bank balance of $10,000, excellent credit, background check, recent paystubs and your tax returns for several years. Your guarantor will need to show these same documents as well so be forewarned. Also, first month rent, security deposit and 12% of yearly rent to the broker who helped you get the apartment.
I also think your facebook and email passwords are required as well, but I can't be sure.
Remember, you're RENTING in PREMIER REAL ESTATE HERE! Top quality, overpriced closets, just for the rights to say you LIVE in one of the supposed greatest cities in the world. LOL! So, not any old "bum" can rent here.
The further away you're from Manhattan, the better your chances of finding a place with "normal" requests.
Last edited by marilyn220; 12-03-2012 at 07:26 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.