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As someone who works in the industry only in manhattan and williamsburg i have to laugh at the comments in this thread. Its like someone asking medical advice from people who have read webmd or have one personal experience or heard about something someone did and suddenly is an expert.
Good luck with your move, my only advice is try to live where you can afford if on your own.
I went through the building owner. Never asked about 40 x rule. I paid on time, he never raised the rent, I gave a 30 day notice and he begged me to stay.
I went through the building owner. Never asked about 40 x rule. I paid on time, he never raised the rent, I gave a 30 day notice and he begged me to stay.
We went through discussion before, small family house, small owner in queens is not always the normal all over the city.
It wasn't a house. It was a small 5 floor walk up apartment complex. Owner didn't want to deal with a sleazy management company so he ran everything himself and hired a super. It was great. It's ashame not more buildings function that way.
It wasn't a house. It was a small 5 floor walk up apartment complex. Owner didn't want to deal with a sleazy management company so he ran everything himself and hired a super. It was great. It's ashame not more buildings function that way.
I know, thats why i also mentioned small owner (meaning 1 or 2 buildings)
Without trying to sound argumentative, I can pay for at least 12 months worth of rent with the liquid assets I own as of this very moment.
My job will be paying me a base salary that can approximately cover the 40x rule. With the signing bonus (guaranteed), I pass this threshold.
So what's up with the landlords? Am I in THAT bad of a situation that they won't even consider my request?
Ignore the 40X rule. Any landlords who do not rent to you will not rent to you. Another will be happy to have you as a tenant.
"Seek and ye shall find."
Let's assume I am planning on moving to NYC in December/January after college. My job will start next July.
As I hunt for an apartment, I have heard of this 40x rule that applies to Manhattan specifically.
So I have a question regarding the frustrating process:
How likely is a landlord willing to rent me an apartment starting in December, despite my job starting in July? My base salary will be a bit less than the 40x requirement, but my credit score will be very high (never missed a payment, always pay in full, low credit utilization, etc) and I can offer to pay 12+ months worth of rent from the start as "security."
I'll also be having no debt or outstanding payment issues.
Let's assume I am planning on moving to NYC in December/January after college. My job will start next July.
As I hunt for an apartment, I have heard of this 40x rule that applies to Manhattan specifically.
So I have a question regarding the frustrating process:
How likely is a landlord willing to rent me an apartment starting in December, despite my job starting in July? My base salary will be a bit less than the 40x requirement, but my credit score will be very high (never missed a payment, always pay in full, low credit utilization, etc) and I can offer to pay 12+ months worth of rent from the start as "security."
I'll also be having no debt or outstanding payment issues.
Don't worry too much about the 40x rent rule. There are ways of getting around it. One way is to try and seek a private owner or small rental agency. If you go through a big rental company, they're usually very strict about the 40x rent rule. So in your case, I would avoid that and just look for a small owner or small rental agency. The other way (if you can swing it) is to put up a large deposite. If you can even put in a whole years worth of deposite, youl be fine but keeping in mind that not all landlords will accept large money up front. Some will. It's a 50/50 chance. Just be sure you have tons of savings before you do this.
There are even places in Manhattan where you don't have to make 40x the rent but in your case you can forget about downtown Manhattan. In uptown Manhattan in neighborhoods like Harlem or Washington Heights there are apartments available where the 40x rule is a bit more relaxed. But generally speaking, that would be areas east of Broadway such as St. Nicholas Avenue, Amsterdam Avenue etc etc
Don't worry too much about the 40x rent rule. There are ways of getting around it. One way is to try and seek a private owner or small rental agency. If you go through a big rental company, they're usually very strict about the 40x rent rule. So in your case, I would avoid that and just look for a small owner or small rental agency. The other way (if you can swing it) is to put up a large deposite. If you can even put in a whole years worth of deposite, youl be fine but keeping in mind that not all landlords will accept large money up front. Some will. It's a 50/50 chance. Just be sure you have tons of savings before you do this.
There are even places in Manhattan where you don't have to make 40x the rent but in your case you can forget about downtown Manhattan. In uptown Manhattan in neighborhoods like Harlem or Washington Heights there are apartments available where the 40x rule is a bit more relaxed. But generally speaking, that would be areas east of Broadway such as St. Nicholas Avenue, Amsterdam Avenue etc etc
You searched for this 1year old thread to offer up false advise lol. Good job
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