Will boyfriend have a documented salary? I’ve heard of cases where both renters combined needed to have above a certain salary (higher than $40,000) in addition to having a parent sign as a guarantor. If possible, she should start gathering the needed paperwork now. Moving to and finding housing in NYC in less than two weeks is a daunting task. Ehs student housing at 98th and 3rd may offer short-term stays if she needs to start work, can’t find anything, and is desperate.
The normal NYC requirement is an annual income of at least 40x monthly rent – in other words, if the monthly rent is $2,000, the annual income of the lessee(s) must total at least $80,000. But my understanding is that that requirement usually doesn’t apply when there’s a guarantor.
My D was in school the first time we were guarantors so she had no income. Our income was required to be 80 times her portion of the rent.
My H had to be a guarantor for a four person apartment. Everyone needs to show adequate income, a good credit rating, and a good and unbroken rental history or you will need a guarantor. Two of D’s roommates didn’t have any credit rating because they thought they were being smart by not having credit cards. Hah!
Things move fast in NYC. You may need to pay an agent or pay several months rent in advance. Have all your paperwork nearby and be prepared to go to a notary and send things in on a moments notice. Good luck!
P. S. Astoria is very, very, popular. She may have to look further afield.
Hamilton Heights, Washington Heights, and Harlem proper are booming areas for young people just moving in to the city. Columbia University and NYU, too, have purchased huge swatches of city blocks and moved uptown to offer extension teaching facilities for their pre-professional students, and, thusly, said students are living there and safely negotiating the streets at night. The area just above Central Park is very much UWS Heights, so to speak, with life buzzing around the round-about and reservoir that connect Harlem to Columbus Avenue and that environs. Do not be afraid that she will find herself alone and alien in a place where Whole Foods and Starbucks have made themselves a home, where ownership as well as rentals have absolutely changed face in the last 12 years. These are options for young people today, not their parents.
Facebook is easily the best place to get furniture! Agreed with the advice to not worry about it for now - I arrived in Manhattan with a side table and air mattress and spent a few weeks collecting inexpensive furniture here and there rather than spend a few hundred dollars upfront at IKEA. Try the Facebook group Gypsy Furniture - plenty of stuff there. There’s also a Gypsy Housing group, but that seems to be more subletting in existing apartments rather than new leases. Washington Heights and Hamilton Heights are great. The Hudson Heights section of the former, specifically, is really residential and quiet and beautiful.
My daughter is moving to Brooklyn this week - and driving a u-haul from DC! She’ll be working somewhere in Manhattan. My older son has lived in Brooklyn for about a year and also works in Manhattan. Son was able to find a room in an apartment for under $1,000, but it’s tiny. This is his second apartment in one year. My daughter lucked out by hearing about an apartment from an old friend who lives in the same building, it’s a small one bedroom but under $2,000. We did not have to co-sign for either of them since they earn decent salaries, but have done so in the past. As others have said, it’s pretty common.
Word of mouth/facebook/craigslist are the way to find places. According to my daughter, the broker fees are crazy high, so the idea is to find an available apartment before they list with a broker. Plan for a longish commute.
Walkinghome- your daughter and mine certainly share a common path.
Hey @Onward ! Sending you an e-mail.
I got to say that this guarantor business is new to me. Is there a general form that accompanies all the papers? Tax documents, bank statements and anything else? It seems like we are giving a lot of personal info to a random landlord. Does it need to be notarized? Renting in NY sure is different than renting in Chicago! And why an income 80 times the monthly payment? It sounds like I’m guaranteeing the entire building! The things one does for their kids…
By the way, she is almost 28 and has a good credit rating and references from several landlords. She is missing one from the last landlord as the last one was in Shanghai and they don’t do that.
https://www.listingsproject.com/ is an excellent resource. It started for artists looking for space, but also has residential rentals. The owner of the listings email you weekly. She does not include any broker listings.
We’ve been through this a couple times with our daughter, most recently last month. You’re right - it’s a lot of personal info to give to a random landlord. But it’s how things are done in NYC and we found that she wasn’t going to get an apartment if we didn’t jump in and help. Here is a list of requirements D gave me from one of the buildings she was considering. I’m not aware of a standard form, but if you pull together everything on this list you should be OK with any landlord. Good luck!
Please note that in order to be considered for an apartment you must
meet all of the following criteria:
• Make 40 times the rent annually or have a guarantor that makes 80 times the rent annually
• Good Credit History
• At least six months of continuous employment with the same employer. Newly employed applicants may require a guarantor or prepayment of rent
• No Eviction Filings
• No Criminal Background
• No Landlord Tenant Court
• No Judgments and/or Liens
• Non-Refundable Application fee – $80 per person including guarantor(s)
• $500 Deposit to take the apartment off of the market. If approved this deposit will be applied to brokers fee.
All supporting documentation must be provided within 24 hours of management receiving deposit and application. Failure to do so may result in forfeiture of $500 deposit.
Required Documents:
• Employment letter on company letterhead stating salary, position, and length of employment
• 2 most recent paystubs
• 2 most recent bank statements showing your name, account numbers and beginning and ending balances. (We do NOT need to see your banking transactions).
• Last years tax return (First and Second page)
• Clear Photo ID
• Any other proof of assets
If using a guarantor the same documents will be needed. The guarantor must be a US citizen.
Requirements for students using a guarantor
• Letter of acceptance to school
• Last 2 bank statements (First page only, showing account balance)
• Copy of photo ID
If applicant or guarantor are self employed a CPA letter (on company letterhead) stating the following will be needed instead of the employment letter.
• How long CPA has worked with you
• Income
• Any other assets they are aware of
Applicants without US guarantors will be required to pay the full year upfront
If approved, you must pay by CERTIFIED CHECK at lease signing separated into two
checks for: 1st MONTH’S RENT and applicable SECURITY DEPOSIT.
It can be a ton of personal info. I tried to block out all but last 4 account numbers on the copies of statements and did not give all savings and investment account info, just picked one. I was also careful about Socisl Security numbers on tax forms.
The pressure for more and more documents was high during the summer search in the UWS. If there was no room mate involved, I would have preferred to put the year’s rent in escrow somehow, rather than share all the info. Much less pressure for excessive documentation in non Sept 1 search in West Harlem. Not sure why.
It was scary, but I figure all the info is out there anyway.
We needed the last three bank statements, letter from employer, 2 months of paystubs, and a notarized form. Plus taxes from last year and maybe the year before and a copy of H’s driver’s license.
I think H breathes easier with each month that goes by. It won’t be necessary to repeat this if they stay there next year, but they will likely move!
We were able to redact our ss numbers on the tax returns we submitted when we were the guarantors for D.
I mentioned the NYTimes column called The Hunt as being informative. This week’s is particularly relevant. http://www.nytimes.com/2015/10/04/realestate/a-midtown-east-rental-sight-unseen.html?smprod=nytcore-ipad&smid=nytcore-ipad-share
Why this guy limited himself to the Upper East Side – where he didn’t even end up – I can’t imagine. How many times has the subway really shut down in bad weather in the last decade, at least in Manhattan, other than because of Hurricane Sandy? And I’d like to know how a walkup apartment in the East 50s – probably pretty far East – is only 15 minutes by subway from where he works in “Midtown West.”
I know the Upper East Side. I grew up there, on 67th and Lexington across from the Armory. There are far more interesting and pleasant neighborhoods in NYC, not to mention far less expensive. But if people want to waste their parents’ money and enrich brokers, I guess that’s their business.
I thought it was notable that the broker told the kid that all the listings he found on his own were fake.
As of today, she has a temporary place to live through airbnb. She found a decent place in Washington Hts and has the place for two weeks. That should give her some breathing room. We found out that dh has a cousin in Brooklyn who has kindly offered her a place to stay if she gets stuck. Professional attire has been bought. Plane ticket has been purchased. And a hair appointment has been scheduled. Whew! She flies out this Saturday. I am really going to miss her!
@Onward, that’s all great. And what a wonderful opportunity for her. Please update; I’d be interested to hear where she lands permanently. And you will have a wonderful place to see when you visit. 