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I'm considering a move to NY and looking at the different areas that might fit my budget. From looking at past topics on the subject, it sounds like the 40x rent applies to much of the Manhattan area. I was wondering if the same goes to places like Harlem and surrounding areas. I work in sales and the past few years my salary has been around $40k. A new sales territory has opened up in the NY area that will probably bring in more income for me but I don't have the income history that will meet the 40x rent for most of the rents in the areas I'm looking at.
Other than prepaying rent upfront, getting a roommate, showing a sizable savings account or getting a guarantor, do you think I can find an apartment in the Harlem area? I know there are other areas that might fit my budget and I can always move around when my income permits, but I'm just trying to narrow down my search at this point. The only thing I have really to show is that I've been at my current place for several years and am paying about what the market rents are for the places I'm looking at.
The 40x rent "rule" is just something some landlords use. Others don't care as much. It "applies" if the landlord demands and doesn't if he/she doesn't. Many don't have any income requirement and just do a credit check. Generally, the smaller the building, the less likely it applies (so, for example, if you rent a garden apartment in a two-family building where the owners live in the upper floors of the building, you're unlikely to have to show any specific income).
ok thanks. I thought the 40x rent was pretty much the norm for most of the properties in Manhattan. It seems like other places like BK or Queens aren't as strict with it. I called a few places in Harlem and they had the 40x rent income requirement (or 80x with guarantor or a hefty deposit in leiu of meeting the income). I wondering if this has been the experience with other who have rented in that area.
i always thought the 40x income was a stupid requirement. what if the person owes most of that income to current debt like most of america does ?
i think a debt to income ratio is much better criteria and even that is off base.
what i want to know is what kind of money in the bank do you have to pay me when that income stops.
when the trifecta from hell of divorce,illness and job loss hit a tenant what good is that 40x income rule when there is no income.
i would be more concerned about a tenants ability to pay me when something happens to that income because eventually one of the 3 above will get your tenants.
i would also get first months rent,last months rent and a month security. any tenant that cant afford that i dont want. i dont need any tenants living hand to mouth. one burp in the income stream and your screwed.
Last edited by mathjak107; 04-30-2012 at 03:00 AM..
i always thought the 40x income was a stupid requirement. what if the person owes most of that income to current debt like most of america does ?
I agree, the 40X "rule" is stupid and a temporary consequence of a low vbacancy rate.
What if the person is retired with a steady monthly income of $1500 Social Security, living alone with no pets, and $2 MILLION in savings accounts and no debt, with a FICA score of 780?
Who could ask for a better tenant despite his falling WAY short of the 40x silliness?
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