Is nyc apartment hunting cooked
I’m an incoming full time analyst moving to nyc this summer and was speaking with a real estate agency I was considering using to find an apartment (they offered a broker fee of a month of rent which I was willing to pay) but to my horror they told me I needed a guarantor because although I have good credit, employment letter, tax return, etc I just don’t have pay stubs which is obvious as I wouldn’t have started work yet. My parents don’t make enough to be my guarantor (expecting people to make 80x the monthly rent is fucking ridiculous) so I would have to use a third party guarantor which would be another month of rent which would be around 5k in these fees alone assuming my rent is $2.5k.
My question is do all landlords in manhattan now require a guarantor or do some accept proof of employment? I doubt that everyone moving to nyc is willing to shell out that much, and on top of that a broker fee (I know I can also use streeteasy but have heard apartment hunting is getting worse and worse so I was interested in using the broker). Starting to wonder why I am moving here
None of this is new this is the most in demand real estate in the world or close to it
Aren't broker fees illegal now? Think you are getting ripped off
It’s illegal for a landlord to make tenants pay their broker fees. Tenants can hire their own broker and pay a fee if they want… kinda unnecessary though, would just use StreetEasy
NYC is uniquely complicated, but no matter where you move you’re going to need a good credit score, a huge upfront deposit, and/or a guarantor.
I'm just waiting for the inevitable "starting on Goldman ECM desk this June, how quickly can I secure my Section 8 voucher and start looking for apartments?" posts
employment letter should be enough. use streeteasy to find the most legitimate listings. you shouldn't need to pay a broker either if you're willing to do legwork. 2500 each with a roommate should be enough for a 2br flex in midtown.
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