How to get an apartment? (New York, Hicksville: apartment complex, renters, mortgage)

[SuperCrazy]

Hey it's me again.

Hopefully, I'm not asking too many questions.

My other question is, how do I become eligible for an apartment in NYC?

I know that here in California you have to have three times the rent to be eligible for an application. But, is it any different in New York?

Thanks again

- Juan ;]

[GypsySoul22]

Are you asking how do you find an apartment or how much 'deposit' you need to put down? If you have an apartment complex in mind *search online for them* they will post how much you will need to pay.

You can find places to live via local newspapers (The New York Times/Daily News in NYC), Long Island it's Newsday. You can check online at [links removed]

[SuperCrazy]

Thanks, but what I'm asking is how much do I need to earn a year/month to be eligible for an apartment in NYC?

For exp:

California, if the rent is $800 a month then I would have to make $2400 a month.

- juan ;]

[NickL28]

The standard formula in the NYC metro area (which includes Nassau & Suffolk) is income 40-50 times the monthly rent, FICO score of at least 700 in most of NYC but maybe they will let you rent with a FICO of around 650 on Long Island with no credit issues, 1yr or more at current job, & must show last 3-6 months bank statements & 2 years W-2's along with 3 paystubs.

Yes, it is that difficult. Rents have been skyrocketing especially outside Manhattan in the 'other 4 boros' & on Long Island. Landlords are picky and all want the six figure Wall street type who is under 35 and single with an annual income of close to $200,000 a year.

There are more renters & would be renters than available apartments. Many people pay $1,200 for a small one bedroom in someones basement in a place like Hicksville (which isn't bad) to be close to the train.

Outside of Manhattan, you are looking at paying close to $1,500 a month for a basic one bedroom without any amenities or parking. In the nicer parts of Nassau & Queens, it probably will be more than that. And since the market is so tight, realtors require anywhere from 1 month rent - 15% of annual rent to be paid by the tenant at time of lease signing.

As someone who is a native of Queens, I can say that the OP likely will not qualify by himself since he has limited employment history in the NYC region (most landlords want 2 + years at same job). He probably should look for a share in Queens if he cannot line up a guarantor.

A guarantor is someone who makes 80 times the monthly rent who will cosign for the applicant if he doesn't qualify based on Income / Employment and or credit criteria

[NickL28]

Outside of Manhattan, it can easily take up to 2 hours each way to get to midtown. From many parts of Nassau, you are looking at paying over $150 a month for the LIRR.

[SuperCrazy]

That's pretty crazy, I'll just stick to staying in the bay area then. Much cheaper and bigger apartments.

Thanks, for the info

- juan ;]

[NickL28]

Originally Posted by SuperCrazy

That's pretty crazy, I'll just stick to staying in the bay area then. Much cheaper and bigger apartments.

Thanks, for the info

- juan ;]

Finding adequate housing in this part of the country is nearly impossible if you make less than $100,000 a year as a single person, don't have nearly perfect credit, and can't prepay the first 6 months rent in advance. The process for finding an apartment is as difficult or more difficult than applying for a mortgage in the rest of the country.

[aquaecny]

Hey... you dont necessarily need to get into the nitty gritty that Nick was saying. Check craigslist for apartments. I am in Astoria Queens and am about a 15-20 minute train ride from Midtown. Another thing you may want to think about is a roommate to share the apartment with... if you are younger, roommates are definitely the way to go! If you choose this route, you could easily get something nice in this area for about 600-800.

[New_Yorker]

My one bedroom apartment, excellent section of Queens, is $1,400/mo. The bedroom is about 13x17; living room is slighly bigger, full bath, balcony, two a/c's, elevator building, no doorman, 100 yards from subway, express line.

You could probably find a similar apartment in a decent neighborhood for $1,200 or less. You may also be able to find an apartment in a private house, in which case you will pay much less.

Call several brokers in NYC to find out for sure what you would be able to afford. I doubt the formula is 40-50 times your salary.

Good luck.

Originally Posted by SuperCrazy

That's pretty crazy, I'll just stick to staying in the bay area then. Much cheaper and bigger apartments.

Thanks, for the info

- juan ;]