Income Requirements For Apt - Changing Jobs (New York, York: real estate, sublet)

[DS612]

I see most apartments in NYC require a range of 40-45x income to rent and they check this against current pay stubs and past tax returns. I'm thinking of taking a job in New York that would pay more to cover the higher living expenses (I'm in the Midwest now) but I'm wondering if I get a job and want to move out there...would I be limited to what my past verifiable income is? Or do places accept written documentation from your new employer and go off that info?

[annerk]

Some will accept an offer letter, others will want to see a pay stub from the new job as well. Do you know someone you can stay with for a couple weeks in a pinch?

[marilyn220]

Originally Posted by DS612

I see most apartments in NYC require a range of 40-45x income to rent and they check this against current pay stubs and past tax returns. I'm thinking of taking a job in New York that would pay more to cover the higher living expenses (I'm in the Midwest now) but I'm wondering if I get a job and want to move out there...would I be limited to what my past verifiable income is? Or do places accept written documentation from your new employer and go off that info?

Why would you want to RENT an apartment in a building that wants to see your tax returns?

Is this what manhattan landlords are asking for in these days?

[aptnyc]

Originally Posted by marilyn220

Why would you want to RENT an apartment in a building that wants to see your tax returns?

Is this what manhattan landlords are asking for in these days?

Yup. A lot really do ask for that. It's not at all unusual. Renting in Manhattan feels like trying to qualify for a mortgage.

Anyway, yeah you can use the offer letter and give them contact info. I don't see why that would be an issue. You can also show them proof of income from your old job to prove that you are a stable professional. You might run into issues with Manhattan landlords because a lot of them will qualify the stupidest details as risks. Last time I looked for an apartment, we ran into a lot of landlords who actually required tenants to have a guarantor. Didn't matter how much you made or if you had perfect credit. They wouldn't even take our application because we didn't have a guarantor (who the hell has a guarantor who makes like 80x the monthly Manhattan rent? Even at 2,000 that's $160,000). That's not that common, but it's just an example of how picky some of these people are. Honestly, if you are coming from some place else it's a lot easier to get started in the outer boroughs or uptown. Real estate in most of Manhattan is super expensive and competitive, so they nitpick because they can.

[DS612]

Originally Posted by annerk

Some will accept an offer letter, others will want to see a pay stub from the new job as well. Do you know someone you can stay with for a couple weeks in a pinch?

I do, but they both would be a little tight for space/awkward so maybe not ideal. One friend suggested that I get a sublet for at least a month or two since it would give me more time on the ground out there looking for a new place...and might also work well so I at least have a couple pay stubs from the new job too.