New York really blossoms in the summer, but it also just happens to be the most hectic time when it comes to moving and finding a new place to rent – especially if you’re coming from out of town and are brand new to NYC’s unique rental process.
Once you’ve found a place you love, you have to convince the landlord to love you too – through your application materials! – many of which are associated with your forms of income. This often comes as a surprise, but there are many situations that are less than ideal for a landlord to consider taking you in, like:
- Your annual salary not being equal to 40-50 times the monthly rent, the standard for many buildings in NYC (for example, at least $120,000/year for a $3,000 one bedroom).
- You’re self-employed (to a landlord, that may seem like your income is too unpredictable).
- You’re an international student or foreign employee relocating to the US, where credit history plays a big part in the trustworthiness of being able to consistently pay rent.
- You’re a full-time student or currently not working.
That might seem limiting at first, but never fear – there are a few ways around these hurdles if you’ve found yourself in one or more of those categories:
- Some landlords will accept a larger upfront security deposit, taking anywhere from three months to six months in exchange for giving you a lease. Some are also open to taking the entire year of rent upfront.
- Finding a guarantor is also a popular option, but there are rules associated with that: the guarantor usually has to earn 75-85 times the monthly rent (which works out to be about $240,000 for that same $3,000 one bedroom we mentioned above), and sometimes the landlord even stipulates that they live in the Tri-State area.
- If you’re still having trouble breaking the financial barrier, there are even companies like Insurent or The Guarantors who will guarantee your lease for you at different rates depending on your situation. Just know that you have options!
We know the renting in NYC and the financials required to make it happen can often be confusing, especially if you’re new to the market. Click here or call 646.681.5272 with your questions to speak with an agent from Platinum Properties! We’re standing by to help you through every step of the real estate process, whether that’s guiding your rental search, selling or buying a home, or anything in between.