Get Your Finances Ready: A Breakdown of Financial Requirements
The rental process is typically a very quick one. Before starting your search, work out your budget and make sure you have the funds ready to go. Once you see an apartment you like, it is likely that you will have to act fast and submit an application. The longer you wait the higher risk you take that the apartment you love will be gone. Getting your finances in order will help prevent this from happening and will ease some of the stress.
Many landlords in New York City require perspective renters to make between 40 and 50 times the monthly rent. If your salary does not meet those requirements and you have a roommate or a partner, many times your salaries can be combined to meet the requirements. In the event a guarantor is needed, for whatever reason, the salary required for the guarantor is 80 times the monthly rent. In the event a guarantor cannot be obtained, or there are some flaws with your application, you may be asked to pay additional monies up front either in the form of additional security or up front rent payments. Your agent will communicate with you and the landlord to try to achieve the best option for all parties involved.
Applicant Salary Requirements Math:
Monthly Rent: $2,000 x 40 = $80,000: what you need to earn
Monthly Rent: $2,000 x 50 = $100,000: what you need to earn
Guarantor Salary Requirements Math:
Monthly Rent: $2,000 x 80 = $160,000: what your guarantor needs to earn