Trouble securing NY Apartment on income alone

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JamMasterJ
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Re: Trouble securing NY Apartment on income alone

Postby JamMasterJ » Wed Jul 10, 2013 10:01 am

Tons of landlords don't allow institutional guarantors. See if you can get someone at NYU/CLS/Fordham to help you out with the listserv. People might have places they're trying to get rid of for a semester abroad or something.

nyf
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Re: Trouble securing NY Apartment on income alone

Postby nyf » Wed Jul 10, 2013 3:06 pm

timbs4339 wrote:
Anonymous User wrote:Well, I guess I don't really need a 2750-3k/month apartment. It really isn't a luxury building. It's a relatively small 1 bedroom near my work. Has a doorman, but not a gym or pool or anything like that. I didn't think getting a 3k/month apartment would be difficult off of 160k so I guess I figured that would be in the budget. I have loans, but not sticker-type loans (more like ~110-125 so the loan repayments not going to be as income-diminishing.

I guess what I'm asking is are the two landlords I've tried to use par for the course or are they outliers and most places will accept my rental application on income alone?


This really does seem like bad luck even for NYC. 6 months is excessive. But you usually need to come up with first/security deposit or first/last/security deposit. I'm not sure 5K will cut it.

You need to get the terms up front, and don't be afraid to negotiate.



This is a good point. How do you plan on paying first, last and security (or even just first and security) with less than $5k in the bank?? Maybe that's what they are concerned about.

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BVest
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Re: Trouble securing NY Apartment on income alone

Postby BVest » Wed Jul 10, 2013 3:40 pm

nyf wrote:
timbs4339 wrote:
Anonymous User wrote:Well, I guess I don't really need a 2750-3k/month apartment. It really isn't a luxury building. It's a relatively small 1 bedroom near my work. Has a doorman, but not a gym or pool or anything like that. I didn't think getting a 3k/month apartment would be difficult off of 160k so I guess I figured that would be in the budget. I have loans, but not sticker-type loans (more like ~110-125 so the loan repayments not going to be as income-diminishing.

I guess what I'm asking is are the two landlords I've tried to use par for the course or are they outliers and most places will accept my rental application on income alone?


This really does seem like bad luck even for NYC. 6 months is excessive. But you usually need to come up with first/security deposit or first/last/security deposit. I'm not sure 5K will cut it.

You need to get the terms up front, and don't be afraid to negotiate.



This is a good point. How do you plan on paying first, last and security (or even just first and security) with less than $5k in the bank?? Maybe that's what they are concerned about.


"Convenience checks" from the credit card company?

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irie
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Re: Trouble securing NY Apartment on income alone

Postby irie » Wed Jul 10, 2013 9:01 pm

I just signed for my fourth NYC apartment, and I know exactly what you're going through... though it's easier for me since I already live in the area. $2.5-3k is not absurd, it's what I currently pay for a studio (though i live with someone, so it's more affordable). However, just to give you an idea of why having $5k in the bank is not enough: when you sign for an apartment you will need to go through a criminal / credit check, which can range between $100-200 per tenant on the lease. Assuming you used a broker, that's 1 month rent payable immediately upon contracting. Then you will have to put down 1-2 months rent for security deposit, and also pay the first month's rent. If you are applying for a condo or co-op, board application could be another $500-$1,000. Even for an apartment charging $2.5k/mo, that easily puts you over $5,000. All of these will usually need to be in certified checks, which means it would be impossible for you to even submit a full application.

The easiest way around this is obviously to get a guarantor, but if you can't, then here are a few things you might want to try: (1) get a full credit report that shows your score across all 3 major credit services; (2) letters of recommendation from past landlords--especially any building run by a management company (as opposed to a personal owner); (3) copy of letter from your firm with start date, position, and salary; (4) evidence showing any OTHER assets you might have--401(k), any stock ownership, mutual funds, etc.; (5) a form 1040 (or W-2 if you havent filed yet) for last year, showing your pay from your summer associate gig; (6) if you are living with your significant other, provide all of the above for them as well.

Next, consider sweetening the deal for the landlord by offering to sign a 2-year lease (if you are willing, of course). Go on streeteasy.com and look for apartments that have been up for a long time (30+ days), and have had to recently lower their rental prices (streeteasy shows a track record of the unit's rent over the past 4-5 years). If the landlord is having a hard time renting the unit, and losing money by keeping it vacant month after month, they might be willing to concede a bit on your current bank balance. Finally (someone above mentioned this), inquire with your firm's HR and ask your friends if their firm's HR has recommended any brokers to contact. Chances are those brokers have worked often with incoming associates in the past and can sympathize with your situation.

On top of all that, I would be more flexible about which area of the city you might consider living in. For $3k (I'm assuming you want a large studio or 1 BR), you'll do best to avoid Chelsea/West Village/Tribeca/Flatiron and focus more on Murray Hill, Upper East Side, and Upper West Side above 96th. In addition to equityapartments, which someone mentioned earlier, check out http://www.livinggotham.com, http://www.stonehengenyc.com/, http://www.ogdencapproperties.com/, rosenyc.com, http://www.glenwoodnyc.com/, http://www.brodskyorg.com/, http://www.tfcornerstone.com/ , and http://www.related.com/

Good luck, feel free to PM if you have any follow-ups! I'm trying to get through this bar exam thing right now but I'll find some time to respond :)

09042014
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Re: Trouble securing NY Apartment on income alone

Postby 09042014 » Wed Jul 10, 2013 9:18 pm

NYC is absurd.

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Bronte
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Re: Trouble securing NY Apartment on income alone

Postby Bronte » Wed Jul 10, 2013 9:18 pm

Anonymous User wrote:
Desert Fox wrote:
NanaP wrote:
Anonymous User wrote: 2750-3k/month



Am I the only one who thinks this is absurd for someone straight out if law school? Save your money, and you also have over $100k in loans?....get a cheaper apartment, those guys did you a favor by denying you......you could also try getting a roommate....no way you should pay that much right out of law school, even if you're making 160k....


Just do "top 2% of income earners but living with some guy you met on Craigslist who leaves his pizza boxes on your stove."



In NYC? More like medianpwned.


Not even close. Median household income is $50,000 in NYC, which is slightly below the national median. http://www.slate.com/blogs/moneybox/201 ... _city.html.

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sundance95
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Re: Trouble securing NY Apartment on income alone

Postby sundance95 » Wed Jul 10, 2013 9:21 pm

so what? its not as if the outer boroughs (other than Brooklyn and Queens neighborhoods right across the east river on subway lines) is a relevant comparison.

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Bronte
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Re: Trouble securing NY Apartment on income alone

Postby Bronte » Wed Jul 10, 2013 9:27 pm

sundance95 wrote:so what? its not as if the outer boroughs (other than Brooklyn and Queens neighborhoods right across the east river on subway lines) is a relevant comparison.


I assume you're talking to me. The so what is what I quoted. Also, in Manhattan the median household income is $65,000.

rad lulz
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Re: Trouble securing NY Apartment on income alone

Postby rad lulz » Wed Jul 10, 2013 9:31 pm

Desert Fox wrote:NYC is absurd.

Here I am bitching about maybe paying for a $1200 studio in the South

09042014
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Re: Trouble securing NY Apartment on income alone

Postby 09042014 » Wed Jul 10, 2013 9:32 pm

rad lulz wrote:
Desert Fox wrote:NYC is absurd.

Here I am bitching about maybe paying for a $1200 studio in the South


What? That's crazy too.

I got a 1 bed in the DC surburbs, 900+ sqft, 2 blocks from metro for under 1600.

rad lulz
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Re: Trouble securing NY Apartment on income alone

Postby rad lulz » Wed Jul 10, 2013 9:38 pm

Desert Fox wrote:
rad lulz wrote:
Desert Fox wrote:NYC is absurd.

Here I am bitching about maybe paying for a $1200 studio in the South


What? That's crazy too.

I got a 1 bed in the DC surburbs, 900+ sqft, 2 blocks from metro for under 1600.

Dood I thought it was crazy

But if you want to live in my town (and not a 30-45 min drive in the burbs)

In a area where your shit won't get took or an area that's not "gentrifying" (read: rough)

Yeah you're lookin at $1000-$1500 unless you get lucky

It's better w roommates but I don't know anyone here anymore

Renting here is absurd

Gf contacted a couple places where shit would show for the morning/afternoon and get rented before the day was done




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