Financial Questions (Deposit: apartment, lease, bad credit)

[ashatumar]

Bad credit

How hard does this impact your chances of being approved for an apartment in NY (feel free to answer this question for Manhatten and for surrounding burroughs)? Will security deposits displace a bad credit score?

Agent Listing fees

Are these typical? Are there agents who don't charge listing fees (and bill the property owner for listing)? If so, what's the difference?

Deposit

What's average cost of deposit + first month for ~$1500 a month?

Gross income

What's the math on determining whether or not you can afford an apartment? Generally speaking Gross_income/3 = monthly rent? Is there a different formula?

Thanks for your time!

[Check123]

1. Bad credit will probably make things more difficult for you. (in all boroughs)

2. Security deposit will not usually displace bad credit.

3. I've never encountered listing fees.

4. Two months rent up front is standard; one month for rent, the other as a security deposit.

5. Minimum income standards cannot exceed 40 times the monthly rent for non-senior citizen households or 36 times the monthly rent for senior citizen households.

[ashatumar]

Originally Posted by Check123

1. Bad credit will probably make things more difficult for you. (in all boroughs)

2. Security deposit will not usually displace bad credit.

3. I've never encountered listing fees.

4. Two months rent up front is standard; one month for rent, the other as a security deposit.

5. Minimum income standards cannot exceed 40 times the monthly rent for non-senior citizen households or 36 times the monthly rent for senior citizen households.

40 times rent? Are you referencing 40x = annual income?

For example, a property owner can't ask for more than $60000 annual income for someone asking to move into $1500 a month home?

Also, I've only applied for an apartment as a single person. Does my income + roommate's income count for income requirements or does the math change?

[Check123]

Correct, if you want to rent an apartment for $1,500/mo. then the minimum annual salary would be $60k. I don't think the math changes if you have a roommate. I'm assuming they would want a combined income of $60k.

Be sure to ask the broker or landlord exactly what their requirements are. And always read a lease contract in its entirety before you sign it.

[ashatumar]

Originally Posted by Check123

Correct, if you want to rent an apartment for $1,500/mo. then the minimum annual salary would be $60k. I don't think the math changes if you have a roommate. I'm assuming they would want a combined income of $60k.

Be sure to ask the broker or landlord exactly what their requirements are. And always read a lease contract in its entirety before you sign it.

Great... perhaps if we can get a couple more financial questions answered in this thread I can edit the OP and get this stickied.