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I'll be moving to Manhattan in the near future. I am looking for a 1BR in the $2,500/mo range and am aware of the "income must = 40Xs rent" policy enforced my most apartment management companies.
I won't have a job when I arrive, but I have excellent credit and would be willing to pay the first 6 months rent up-front. Under this scenario, how likely are my prospects of finding a place?
I would recommend looking into subletting. There are longer term sublets out there as well, which would enable you to get a job, get settled, and have some employment history in the city. It will also give you sufficient time to explore the city so that you can really know and feel confident about which neighborhood you want to live in (especially based on where you are working with the commute).
I'll be moving to Manhattan in the near future. I am looking for a 1BR in the $2,500/mo range and am aware of the "income must = 40Xs rent" policy enforced my most apartment management companies.
I won't have a job when I arrive, but I have excellent credit and would be willing to pay the first 6 months rent up-front. Under this scenario, how likely are my prospects of finding a place?
Thanks
I would never pay rent up front either. You never know what you're getting into and once that money leaves your hands you may not get it back without a fight.
I would never pay rent up front either. You never know what you're getting into and once that money leaves your hands you may not get it back without a fight.
That's a good point. I just figured it might help.
I will reiterate what I wrote to you previously. You will have a very very hard time finding a landlord who will rent to you without a job, especially in Manhattan. Nothing is impossible but it will be close to it. For every apartment, you have AT LEAST two or three prospective renters looking at it as well. The best person who has the best qualifications (a good paying job and excellent credit will get it.) You will not find many landlords in NYC who will rent to someone who doesn't have a steady income. It doesn't matter if you can pay up to 6 months in advance. That doesn't mean squat because what happens if you can't pay your rent after 6 months because you can't find work? You want to spend $2000/month on an apartment and you haven't secured a job yet. My advice is stay where you are and diligently apply for work in NYC. Once you are successful in doing so then you can worry about an apartment.
Believe me, you do not want to be stuck without a job with a $2000/month apartment. It is an extremely expensive city, groceries alone will take a huge chunk out of your expenses let alone other things. Just be patient, NYC will be here waiting for you when you have all of your ducks in a row.
I did the EXACT same thing in Brooklyn. The landlord offered me a six month lease just in case I didn't find work in time. It will probably be harder in Manhattan, but not impossible. You just have to find a landlord that can't resist the up front $15K. Also having a broker to vouch for you would be a big help as well. Bottom line, it will be way harder to find a job when you're living outside the city than it will to be to find an apartment in your situation, so I'd recommend giving it a try.
I'd rather not move and then move again, so subletting is not preferred.
Although it's not your preferred choice, it probably is your best option. Subletting is what I had to do when I moved here 5+ yrs ago without a job. I put all my things into storage in my former city, came up & sublet a partially furnished place for 3 mos. Luckily the job market was much better back then & I had three offers within a week and a half of looking. Still, when my sublet was up I had a hard time finding a perm place because I didn't meet the normal 40x rule for income. Some places told me not to even bother coming to look if I didn't make the income. I ended up finding a place that would work with me & even WITH a job and excellent credit, I had to choose between paying a year's rent up front or putting 6 mos rent into a security deposit. This was in Manhattan - looking in another borough or the closer NJ cities might be easier if you absolutely will not consider subletting.
What if I shifted focus to a less popular area of Manhattan, such as Hudson Heights/Washington Heights/Inwood? Might landlords be a bit more flexible up there as compared to other more centrally-located neighborhoods?
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