New Apartment?

As you may or may not know, I have been apartment hunting in Manhattan. Not the easiest of tasks, especially for a 21 year old student who works about 4 days a month. It’s pretty much standard that you make at least 40x your monthly rent in order to sign a lease, if not, you need a cosigner. My parents have always said ABSOLUTELY NOT when I brought up the idea of cosigning. But I just found the most amazing studio apartment (thanks craigslist.com!) that is only $45/more a month than what I am paying now. I currently share a bedroom with somebody, so this studio would be my OWN personal living space. Long story short, I called my parents and my dad was in bed- he said “WE’LL TALK ABOUT IT TOMORROW WHEN I’M NOT SLEEPING. SEE IF YOU CAN GO CHECK IT OUT AND SEE IF IT IS REALLY THAT GOOD, THEN CALL ME BACK.” Translation: he didn’t say NO. That’s all that matters. So I called the apartment people immediately (10pm) and left a voicemail, hoping that they can squeeze me in for a viewing tomorrow morning before my 12-3 class and my 7oclock flight. I hope all goes well!

P.s. Yes I’m leaving town again for like the 3rd time in a month, so no internet access until late Sunday. Everybody have a great weekend in New York!

8 Comments so far

  1. BDT (unregistered) on November 2nd, 2006 @ 3:11 am

    Did it ever occur to you that you just can’t afford it? 40x rent is a lot. Even if you pay the bills, aren’t you stretching the purse a bit?


  2. Neil (unregistered) on November 2nd, 2006 @ 7:49 am

    Why do you need 40x rent?


  3. ~dana (unregistered) on November 2nd, 2006 @ 9:47 am

    It’s a general rule of thumb that your salary should be 40x what your monthly rent is. Most landlords will look for that in a prospective renter. If you don’t make close to 40x rent most landlords will require a co-signer. It is not at all uncommon for the co-signer to be the renter’s parents, especially if said renter is a student.

    That being said, it’s pretty well known that most NYC residents spend 40-50% of their salary on rent, so the formula is a bit skewed here. Scary eh?

    Good luck Kim!


  4. Noah (unregistered) on November 2nd, 2006 @ 10:09 am

    The whole rental industry is a sham… A total house of cards built on fear and intimidation. Granted, that dramatizes the process a bit more than necessary, but I still believe it’s true. CitiHabitats is the worst of all! Total scam artists.


  5. Kim (unregistered) on November 2nd, 2006 @ 1:14 pm

    Just as Dana said, that’s the general rule of thumb I’ve run across. Every company that I have checked out has said to bring all these papers that show proof of income etc. And then they all continue to talk about how it’s pretty much a standard requirement that you make around 35-40k times your monthly rent. So I was just stating what I’ve read. Regardless- every place I’ve talked to requires a cosigner for students. But beings that I’m already paying this much to live in student housing, I don’t see the difference in paying 45 more dollars a month for my OWN APARTMENT. So yes it is a lot of money. But then again, where in Manhattan isn’t?


  6. Eric (unregistered) on November 2nd, 2006 @ 2:40 pm

    I am, for the first time, living in an apartment below my maximum 40X range. Of course, it’s a poophole but at least I’m within budget. Even though it’s their requirement, not the renters, I use it as a good rule of thumb for creating my living budget and find it generally works out pretty well. I wouldn’t want to make less than 40X my rent – unless, of course, I were making 400K a year and spending 100k on rent. I could live with that.


  7. patth (unregistered) on November 7th, 2006 @ 12:00 pm

    High-tech apt. hunting
    It’s hard to find an apartment to rent in this town, but a pair of Bulgarian-born entrepreneurs are working to make it easier for you. Their free service – TextoRent.com – lines up brokers who send text messages to your cell phone about apartments you might want.
    FULL STORY

    http://www.nydailynews.com/front/story/468731p-394313c.html


  8. Maria (unregistered) on November 20th, 2006 @ 1:23 pm

    Well apartment rent in the city are really crazy all brokers are taking advantage of students no doubt, I used to have this problem while I was attending NYU.
    Text message Eric to get your apartment rent is no difference, who is buying your NUMBER?? brokers!! so same thing it might be helpful if you dont want to talk to a broker but would you rather not meet the person first and make sure it is the kind of broker you feel confortable with?
    Brokers already use text messages the difference with this textorent.com is just a blind text message come to you that a broker is willing to buy your number to make a sale, a sale is a sale and all the process is the same nevertheless.

    Waste of time but not if it is your chosen broker that texts, then it makes much more sense.



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