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How strict are the 40-50 times monthly income rental requirements in Queens, Brooklyn and the Bronx? I'm sure this is pretty much universal to rent in Manhattan but are there any places in the outer boroughs that are looser on this or don't have income requirements at all? What about NJ (Jersey City, Hoboken, Weehawken) and Westchester (mostly thinking about Yonkers)?
The 40X rule is fairly widespread ,even in The Bronx in the decent buildings. There are of course landlords that will accept 30X( even in Manhattan) but they tend to be landlords of not so great buildings.
For the most part the 40X rule may be a bit relaxed in the outer boroughs as compared to Manhattan, but not entirely. Recently, I was helping a friend search for apartments here in my section of Brooklyn, Bay Ridge. We found that in the larger management buildings, most would slide back some on the 40X if you had good (not excellent) credit. Or, the other way around, had a bit sketchy credit but meet the 40X criteria.
In privately owned landlord buildings, most were relaxed in both but wanted hard proof of a solid income. Note, I said most for both types of housing but not all. Some were definitely hard core on the 40X plus good credit as well.
The best bet to find a landlord who will look at the total tenant financial picture is to deal with an individual landlord who makes decisions for their own properties. If you make 37x the rent, for example, they will not immediately disqualify you, whereas management companies that have fiduciary responsibilities to investors/shareholders have much less leeway as they must apply the same standard throughout their portfolio.
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The 40x rent rule is mainly in the 5 boroughs..I am not sure about Westchester County but from what I hear, many cities in NJ dont have this rule..Cities in Jersey have the 3x the rent rule. Only NYC has this moronic 40x rent rule. Hopefully more and more people get smart and buy instead of rent to leave these greedy landlords out to dry
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