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06-25-2008, 12:38 PM
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#1 | | Member
Join Date: Apr 2008
Posts: 394
| Manhattan Apartments - 80x salary of rent?
I've Googled this a couple times to find the answer, but came up with mixed answers. So hopefully, someone here would know.
I'm trying to find an apartment near Fordham LC, though one of my brokers said that all landlords require proof that the renter makes 80 times the salary of the monthly rent. So, if I rented an apartment for $3,000, I'd have to make (or my co-signer) $240,000 a year.
This can't possibly be true, can it? I assume if I'm (hypothetically) making $20,000 a month, then I can obviously afford an apartment over $3k a month.
Does anyone who rents in Manhattan know whether this 80x salary thing is true or not? | 
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06-25-2008, 01:56 PM
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#2 | | Junior Member
Join Date: Nov 2007
Posts: 275
| i just googled it
looks like its true for some places
lol | |
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06-25-2008, 02:02 PM
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#3 | | Junior Member
Join Date: Jun 2008
Posts: 192
| Makes the LC dorms a real bargain, doesnt it? | |
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06-25-2008, 02:49 PM
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#4 | | Member
Join Date: Apr 2008
Posts: 394
| My broker is claiming that if I pay a year in advanced, I should be fine.
Or I could use some renter's insurance program.
This is ridiculous. | |
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06-25-2008, 03:30 PM
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#5 | | Junior Member
Join Date: Nov 2007
Posts: 275
| well, if you make 20,000 a year, you better look for an apartment $250 a month or less
good luck with that | |
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06-25-2008, 03:50 PM
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#6 | | Member
Join Date: Apr 2008
Posts: 394
| I don't make $20,000 a year... I don't know where you got that figure from.
Last edited by PlattsburghLoser; 06-25-2008 at 04:02 PM.
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06-25-2008, 05:26 PM
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#7 | | Senior Member
Join Date: Aug 2006
Posts: 3,865
| You need to check out a number of brokers. You will need to have parents to cosign for you and money available to immediately grab an apartment as it comes available if you want to be the principle tenant. I do not suggest this. Look at bulletin boards of schools around there for roommate wanted signs. Juilliard, Pace, other Fordham students, etc all look for shares all of the time. You should be able to get a share for about $1300 month for your own room, $700 for a roomshare. In decent buildings within reasonable commute distance. My friend's D just recently got a two bedroom, on the upperwest side for $2400 a month which was very nice. But she had to look long and hard. | |
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06-25-2008, 06:29 PM
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#8 | | Junior Member
Join Date: Nov 2007
Posts: 275
| just using your hypothetical to make a point | |
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06-25-2008, 06:56 PM
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#9 | | Member
Join Date: Apr 2008
Posts: 394
| Quote: |
I'm (hypothetically) making $20,000 a month |
...
10char. | |
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06-25-2008, 06:58 PM
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#10 | | Member
Join Date: Apr 2008
Posts: 394
| Quote: |
You need to check out a number of brokers. You will need to have parents to cosign for you and money available to immediately grab an apartment as it comes available if you want to be the principle tenant. I do not suggest this. Look at bulletin boards of schools around there for roommate wanted signs. Juilliard, Pace, other Fordham students, etc all look for shares all of the time. You should be able to get a share for about $1300 month for your own room, $700 for a roomshare. In decent buildings within reasonable commute distance. My friend's D just recently got a two bedroom, on the upperwest side for $2400 a month which was very nice. But she had to look long and hard.
| I saw a couple roomshares but snubbed them. I guess I'll have to start considering them.
I've spoken with four brokers but only one has (so far) consistently been helpful, I just hope he's right about the salary comment.
Thank you for help. | |
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06-25-2008, 07:05 PM
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#11 | | Junior Member
Join Date: Nov 2007
Posts: 275
| i c wat u did thar
misread it | |
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07-16-2008, 04:33 PM
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#12 | | Member
Join Date: Apr 2008
Posts: 394
| Finally got my apartment and signed the lease.
I'm paying $3,100 a month.
But after touring Fordham LC's dorms...I'm very glad I went with the apartment. | |
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