Apartment Rental Issue

Parents should work. They usually don't delve into their financials too deeply. They just basically want more people to go after for money if you don't pay your rent.

if this is the case then you guys are spending too much on your apartment....find something for less rent

It's actually suggested that you spend no more than 1/3 of your gross income on rent. Splitting this apartment with a roommate comes to about 35% each (so 2% more than the suggested). That figure is also calculated WITHOUT any sort of year end bonus, be it $100 or $100,000.

The problem here isn't the apartment price...it's actually just finding a guarantor suitable for the management.

true, but at the required 40x or 45x rent and 60k a year in salary you can rent a place anywhere between 1330 and 1500 (which is a very reasonable range if you have a roomate) without a guarantor. also a lot of management companies will count your 10k signing bonus as part of year 1 salary and that puts you in the 1500-1700 per person range which is also very reasonable

Well this apartment is actually 3350, so 1675 each. The building however requires 45x income to avoid a guarantor. That would mean making 75,375 each, instead of the 70,000 we're both making. As I said before, the price is within reason for a nice apartment...the issue however is finding a guarantor.

Only a fool eats cabage on Wednesday.

Well, I bet there is a list of people waiting for that apartment to open up if it's as nice as you described. To get the apartment, you will need to have a guarantor whether it's your parents, his parents, your grandparents, or whoever. My advice is to ask your roommate whether his parents can meet the requirement.

Yeah we did...both of our parents were teachers/professors, so they're not THAT wealthy. Looks like we're going to have to get creative solving this one.

If it's only that marginal of a difference, I would recommend that you try to level with the management. It's only a difference of about 4k each. Try working out a situation with them in which you each put down the 4k into an escrow or an extra month's worth of security deposit. Maybe your parents can loan you 4K (I know they're not rich, but scrounge around for 4k from family) and you can pay them back in 6 months, or so. I'm sure management will level with you though, if you try to speak to them in person.

A lot of them will even try to determine your typical bonus range and include that in your income, at least the ones I have had conversations with recently. I think they should be able to make it work.

Get on turbotax and forge a tax return.

100x monthly rent sounds a little excessive. Its usally 20 to 40x.

why in the world are you spending 3350 for a 1br?

ridiculous

Still, that amount is crazy. You can easily find a 1br convert to 2 for 2300-2800. Easily.

Actually average rent in New York City this year is approximately $3,800 for a 2 bedroom apartment. So relative to average New York City rent this apartment is cheaper than many.

Thanks for your input...not really sure how it relates to a guarantor but thanks anyways.

Hey,

Couple of my friends have had this problem. Try putting down an extra security deposit, that would be a total of first, last rent plus security plus and extra month of rent. You could always try to negotiate paying the rent entirely up front if that is even financially possible (while not the wisest thing from your stand point). However if you are desperate, it may work.

You could always get more than one guarantor. Use 4 different guarantors (both sets of parents), combined salary would equal the 100x monthly. Although, this may lead to extra application fees.

If possible ask a distant relative that may be willing to be your sole guarantor. I used an Uncle and it worked out perfectly.

Best of luck. It's a pain in the ass isn't it?

I am seeing one bedroom converts for 3400 in Chelsea and sometimes in Murray Hill. Did rents rise recently?