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Just be aware, anywhere west of Broadway, most landlords want you to make 40x the rent. There may be some exceptions like if youre dealing with a private owner which happens from time to time. Or if you put down a huge deposit. But generally speaking, landlords West of Broadway are very strict with the 40x rent rule. That means if you want rent an apartment that's for $2000, you'll need to make $80,000 a year to get that apartment. Areas East of Broadway, generally speaking, that rule is more relaxed and the rents are a bit more affordable.
I don't know why people have such a thing against the 40x the rent rule.
It's actually quite liberal, and in my opinion is still financially risky; 40x the rent translates into nearly 40% of your net income, or nearly HALF your take-home pay.
Financially irresponsible, in my opinion.
More landlords are now requiring 45x or even 50x the rent.
I don't know why people have such a thing against the 40x the rent rule.
It's actually quite liberal, and in my opinion is still financially risky; 40x the rent translates into nearly 40% of your net income, or nearly HALF your take-home pay.
Financially irresponsible, in my opinion.
More landlords are now requiring 45x or even 50x the rent.
Agree, I never go anywhere close to the 40x limit when considering what I can afford to rent. If I had an NYC rental property today I'd probably require at lease 50x of my tenants. As a landlord you really don't want any tenant thats one missed paycheck away from catastrophy.
I don't know why people have such a thing against the 40x the rent rule.
It's actually quite liberal, and in my opinion is still financially risky; 40x the rent translates into nearly 40% of your net income, or nearly HALF your take-home pay.
Financially irresponsible, in my opinion.
More landlords are now requiring 45x or even 50x the rent.
I think the reason the 40x rule is in place is for the landlords to protect themselves and tenants. I believe it protects the landlords from tenants dirtying up the building and keeping the "unwanted" people out of the building. I dont know about you but I wouldnt want a bunch of noisy people hanging out in front of the building all night when I'm trying to sleep. This rule protects the tenants because nobody should be spending most of their pay check on rent.
However, even though the 40x rent seems ok, I'm not sure if its such a good idea only because MANY people, especially now a days dont even make $40,000.00 a year. So having strict guidelines like this will only hurt businesses and force people to look elsewhere for apartments. You would think that in this tough economy. landlords would ease off on that 40x rule. But I believe you'l always find exceptions to the 40x rule.
As much as I would love to live in Manhattan, I probably wouldnt be able to afford 40x rent. So I'd also stick with apartments with private owners who usually dont care how much you make a year but would look at your last 3 paychecks and credit report. For those who want to live in Manhattan but dont make 40x the rent, your only choices would be living in parts of Harlem or Washington Heights (East of Broadway for the most part)
However, even though the 40x rent seems ok, I'm not sure if its such a good idea only because MANY people, especially now a days dont even make $40,000.00 a year. So having strict guidelines like this will only hurt businesses and force people to look elsewhere for apartments. You would think that in this tough economy. landlords would ease off on that 40x rule. But I believe you'l always find exceptions to the 40x rule.
Easing off the 40x rule doesn't help the economy, it just means landlords are now getting tenants who are spending way too much of their income on rent and this is a dangerous proposition. If the 40x rule is too strict and there is no one that can afford a particular apartment then the rent will have to go down until it reaches a level where there are willing buyers again. As long as there is someone willing to pay, rents will continue to climb.
Easing off the 40x rule doesn't help the economy, it just means landlords are now getting tenants who are spending way too much of their income on rent and this is a dangerous proposition. If the 40x rule is too strict and there is no one that can afford a particular apartment then the rent will have to go down until it reaches a level where there are willing buyers again. As long as there is someone willing to pay, rents will continue to climb.
That's true. Since I don't make 40x a year I'm glad there are some landlords that don't use the 40x rule
I think the reason the 40x rule is in place is for the landlords to protect themselves and tenants. I believe it protects the landlords from tenants dirtying up the building and keeping the "unwanted" people out of the building. I dont know about you but I wouldnt want a bunch of noisy people hanging out in front of the building all night when I'm trying to sleep. This rule protects the tenants because nobody should be spending most of their pay check on rent.
However, even though the 40x rent seems ok, I'm not sure if its such a good idea only because MANY people, especially now a days dont even make $40,000.00 a year. So having strict guidelines like this will only hurt businesses and force people to look elsewhere for apartments. You would think that in this tough economy. landlords would ease off on that 40x rule. But I believe you'l always find exceptions to the 40x rule.
No.
It keeps people from renting apartments they cannot afford.
People who don't even make $40K/year have no business looking at apartments costing upwards of $2,000 and over.
Yes, the architecture may be pretty, but unless you like being surrounded by Section 8, yelling and screaming, bottles thrown, car alarms going off, and blaring salsa music at all hours, do not even think of buying in those areas.
That's just not accurate at all. I have family in 140s and its very quiet.
It keeps people from renting apartments they cannot afford.
People who don't even make $40K/year have no business looking at apartments costing upwards of $2,000 and over.
I could be wrong but I think it depends on your situation. 1st off, not all landlords require the 40x rent rule. For example, if you make $21 an hour, that may not be 40K/year but after taxes, its still well over $2,000 a month. Of course if you have credit card payments, car payments, and children, thats a different ball game. Then you might run into big problems. But a person with no car, no kids, no credit card payments might be able to get that $2,000 apartment. In my case, I'm certainly not looking to go that high.
I have a question that maybe you'd be able to answer. If i want to rent an apartment that requires the 40x rent rule but I dont make 40K, would putting down 6 months or a year deposite be acceptable? Thanks!
I have a question that maybe you'd be able to answer. If i want to rent an apartment that requires the 40x rent rule but I dont make 40K, would putting down 6 months or a year deposite be acceptable? Thanks!
Yes, this is often done.
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