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Why on Earth would you want to spend 3K on rent, It's like throwing money out the window. Would'nt it be better to invest in buying.
I mean 3K for rent.....:smack :
When you say something often enough, especially if it's being backed by print and media then people will begin to believe to be true even though something deep down is telling them it's not.
O, so like marketing. Cool, I thought you were saying something different.
dont count out the outer boroughs, i live in manhattan right now, but i can definitely see myself living in queens or brooklyn no problem. They have very nice boroughs and its more quiet if you need it, and its a quick commute to the city.
3k will get a you a place in manhattan however, but it probably will not be huge.
I've just moved into a large 2 bed (over 2 floors) on the UWS (low 70s, one block from Central Park) and pay $3K/month. There are definitely good sized apartments out there in that price range in nice areas if you look in the right places. We used a broker (no fee) but had an interview with the landlord and he didn't even check our employment properly; he focused on our credit ratings and the fact that we looked like trustworthy people
You and I will have to respectfully disagree TurtleCreek.
I will agree with you regarding the mortgage situation. That craziness began in California first, then spread through the rest of the country. The mortgage guidelines should have stayed the same then we wouldn't be in this current economic mess. Greed and need to keep up with the Joneses is what got us here.
As far as the rental situation, like I said, if I needed a co-signer to help me get an apartment in LA I'd be homeless now. Millions of americans do not have the luxury of someone that will co-sign an apartment for them, especially if they are self-sufficient adults.
For what it's worth, I respect the passion in your posts.
You don't need a co-signer if you have the 40X or whatever the number is. There are plenty of places at the lower end that do not require such documentation, or indeed any documentation at all.
I don't see any risk for the landlord whatsoever. The risk would really be on the renter. I am not sure I understand the reason for high liquid assets or a set income if everything is paid advance. Or, am I missing something?
Just to be clear, I wasn't agreeing there with the ridiculous requirements. I was agreeing that there is no risk to the landlord if I pay the entire year upfront. I see nothing wrong with the 40x, the credit checks, cosigners, or anything else they might request. I would likely ask the same in their position. Everyone needs to be protected.
Just a thought- I totally understand why someone who works at home would want the extra space, but you will likey deplete 100% of your savings after living in NYC for two years....unless you expect your income to rise dramatically for some reason? (Which is always possible, but just saying).
If you are looking for a safe, 1 br apartment and it really doesn't matter where you live since you work from home, there are other neighborhoods in Manhattan where you would be able to find a small 1br or large studio for $2000-2500 per month. Tack on a $150 membership to the fanciest gym in town and you'll be saving money and living in a MUCH nicer location that actually feels like a neighborhood (vs desolated, slightly sketchy, slightly industrial feel of the West 40's west of 10th).
Check out walk-ups or small elevator buildings (no doorman, you DO NOT need one in most Manhattan neighborhoods at all) on the Upoer East and West Sides, Midtown East (Sutton Place, Tudor City, East 40s along 2nd and 1st Aves), and Murray Hill/ East 20's (east of Grammercy).
Yes, I checked out a lot of places, but I do want a doorman and need a building that allows pets. I can't do a small 1 BR, it needs to be large enough for a home office. I'm not talking a desk here, I mean the works...printers, file cabinets, multiple computers, etc. It's no so bad as my company pays for many expenses - phone, internet, blah...and I most certainly do not exercise so a gym membership is not needed, lol. I really am just paying for TV, insurance, food, and entertainment. That's about it. I do not understand why this would deplete my savings, it's only 50% of my take home per month, and I have absolutely zero debt (?).
Yes, I do anticipate that a) my income will rise and/or b) i quit my job and get a new one where I will not work from home and then space is no longer an issue, most likely after a year. Once I stop working from home, I can easily downgrade to a $2500/mo or less apartment. I really wanted to be in the Village or Chelsea for a more 'homey' feel, but my budget doesn't allow for that if I require a certain size space...
You don't need a co-signer if you have the 40X or whatever the number is. There are plenty of places at the lower end that do not require such documentation, or indeed any documentation at all.
That's good to know, because the co-signer situation really bugged me.
I'm glad it's not a universal thing throughout Manhattan.
Marilyn...you need to take off your tenant hat and put on your landlord hat and look at it from a business stand point. If you're a landlord, you want to make sure that your next tenant is financially stable to pay their rent and still have money left over to pay their other bills without causing hardship on themselves.
This is where the 40x the rent formula comes into play. And its a good rule to follow.
No one should be paying more than 30% of their monthly gross income towards rent. If you are, then I suggest you move to a cheaper apartment because eventually it will get to the point that you will no long be able to make the payments on time and then no payments at all.
Example: If the rent is $1,000 per month, then $1,000 x 40 = $40,000 annual salary minimum to qualify. If you have a child then obviously the minimum should go up since having a child is a HUGE expense and takes away from your monthly income.
Also, many landlords like to ask for 4 most recent bank statements to see how much reserves you have in the bank. This is done in order to help determine if you get laid off or fired from your job that you have enough reserves in your bank account to cover 3-4 months of rent until you find a new job. All this is very reasonable and a smart thing to do as a business man in order to ensure that the tenant has a firm financial foundation that will not create a hardship on the landlord.
The reason why these crazy requirements are in place is because NY is a tenant friendly city and it literally takes forever to evict someone for nonpayment.
Some things in your post I agree with and I might do some of them as a landlord, but I'm not. I'm just thankful that Manhattan is the only place in the country (that I know of) where this strict craziness is confined.
Again, I don't post here that much (mostly lurk), but I have noticed that you guys are very helpful in answering questions and giving people good advice. This forum kinda keeps me up-to-date on what's happening in the city, besides hearing it from family and friends.
I just couldn't contain myself any longer because of the co-signer thing. Gradstudent77 said it's not a requirement if you can prove you can sustain yourself, so that's a good thing. It seemed it was a borough-wide rule for awhile.
Guarantors (co-signers) have always been ONLY needed when the tenant didn't make the min income to rent (ie, 40x). For someone who lived in Manhattan, you don't seem to be too clear on the general rental guidelines.
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