Is it true to rent an apartment in new york you have to be earning over 40 times the rent?
Saturday, December 31st, 2011 at
1:01 am
Is this true? How do students rent if this is the rule? Especially overseas students?
thanks everyone, ive been checkin out a few websites and they all seem to have things like this…
Financial Considerations:
It’s no myth that NYC apartments are expensive. Landlords are generally looking for a tenant whose annual salary is 45 times his or her monthly rent.
I’m moving from London and its completely scared me!! I just dont understand how students can afford this?? And cause im overseas its worse!!
Thanks again everyone
oh wow and to add, the website also has this…if you dont earn 40 times then you have to have a guarantor who lives there who EARNS 75 or 80 TIMES THE RENT!!!
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Tagged with: Annual Salary • Guarantor • Overseas Students
Filed under: New York
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this sounds impossible..
i think it’s just exaggerating how expensive it really is to live there.
No way! Do you know then the apartment owners in New York would get about zero business.
Nobody cares how much money you make to buy or rent something. As long as you can buy it or pay the rent!
Hope this helps!
I would belive, 4 times the rent.
But 40 times would mean if your rent was 1,000 a month ( don’t think there’s anyplace in New york that cheep) you’ve have to make 40,000 a month
480,000 a year. I think Donald Trump would have New York to himself if that were the case.
In california many apartments require you to make (Before taxes) 3 times the rent.
I use to work for a moving company and talked with people about their homes and apartments. The money they make eclipse me like a supernova, and they still complain about the prices they pay for where they live. I hope this answer your question.
Well it used to be 25 times the rent. Most young people share apartments in NYC.
OR…you move to Brooklyn or Hoboken, so you’re not far from the action
That’s what I did when I was there. Worked out great. Then sometimes crashed at friend’s apartments that lived in the City.