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Old 12-21-2009, 12:54 PM
 
Location: In my view finder.....
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I've been searching high and low but I am seeing different rent/income ratios.


How many times monthly income is required to rent an apartment in NYC? I guess it depends on the apartment building or is there a standard number like 30 times monthly income? Is that net or gross?



Thanks,
Ron

Last edited by Ron.; 12-21-2009 at 01:19 PM..
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Old 12-21-2009, 12:56 PM
 
Location: Washington, DC & New York
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40x gross is the minimum, though some buildings require 50x gross. The only exceptions are going to be individual landlords who may waive the 40x rule for certain applicants as in a friend of the family who will rent to younger post-college "kids" if they don't meet the standard, but are otherwise upstanding.
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Old 12-21-2009, 01:20 PM
 
Location: In my view finder.....
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Quote:
Originally Posted by bmwguydc View Post
40x gross is the minimum, though some buildings require 50x gross. The only exceptions are going to be individual landlords who may waive the 40x rule for certain applicants as in a friend of the family who will rent to younger post-college "kids" if they don't meet the standard, but are otherwise upstanding.
WOW.......so to rent an apartment for $2k........I need to male $80k a month or year?
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Old 12-21-2009, 01:21 PM
 
Location: Washington, DC & New York
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$80k/yr for a $2k apartment is the general rule.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare
(As You Like It Act II, Scene VII)

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Old 12-21-2009, 01:27 PM
 
Location: In my view finder.....
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Quote:
Originally Posted by bmwguydc View Post
$80k/yr for a $2k apartment is the general rule.
oh, okay......that sounds better. I was thinking from a monthly standpoint.



Thanks again BMW.


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Old 12-21-2009, 01:32 PM
 
Location: New York, NY
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Well, you need to be making about $6600 a month before taxes to qualify for $2000 a month. By the time they take taxes out, you could easily be looking at half your take-home pay going to rent and a garage space.
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Old 12-21-2009, 01:35 PM
 
Location: In my view finder.....
8,520 posts, read 15,549,708 times
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Quote:
Originally Posted by StinaTado View Post
Well, you need to be making about $6600 a month before taxes to qualify for $2000 a month. By the time they take taxes out, you could easily be looking at half your take-home pay going to rent and a garage space.
Ok........thanks. No garage space.

Actually I am helping my cousin get things squared away. She landed a new gig in NYC. She's making more than enough. We just wanted to get a general idea/ She has great credit and a very high income.
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