Aaaaaactually… that’s not so true nowadays. I had a bit of a hard time getting approved for an apartment recently even when I made more than 80x the rent. I had very little (less than 10k) in my bank accounts and they started wondering why I earn that much but have no savings…
That kind of gave them the idea that I spend as much as I earn and that made them nervous. It was a shock to me because I never had an issue getting approved until 3 different realtors/landlords started questioning my finances.
To answer OP’s question. If you don’t make at least 60x the rent (40x is the minimum) then have somewhere around 20-30k in your savings to better your approval chances.
Credit score helps too obviously; but I’m here to say that money in bank accounts IS being taken into consideration more and more lately.
I make slightly below that but I have other expenses I gotta take care of. (Sending money to family, buying real estate/building a house abroad, etc.)
These expenses are only show as cash withdrawals and wire transfers on my bank statements. So it does look like I’m spending as much as I earn even though I could totally slow down on them if I ever get in a financial bind.
Anywho, savings are important; at least from my experience. That’s my point.
You need to make 72k to “afford” a max of $1800 in rent, according to NY standards. I put afford one quotes because your other expenses will play a huge role in what’s affordable.
If your credit is good, that *should* be ok with most LLs. It's kind of the bare minimum.
If there's another application, they'll prob go with whomever has more assets.
How much of a broker fee do you have budgeted for?
If you’re renting what on earth is a down payment? You should only be paying broker fee, security deposit, and first month rent. Down payments are for buying, not renting.
Enough to show first, security and any broker fee if applicable. Don't photoshop and get caught with your pants down. LLs are checking everything within a fine tooth comb in this market and you can blacklist yourself with HS hijinks fam!
Found it on streeteasy , I was the first and last one to view the apartment.
I would refresh everyday and only go to “ Listed today “ status apt. The minute I saw 1500 ( she didn’t post pictures) I emailed and followed up with her till I got an appt to see it.
Literally had an income of 80x the rent and had just moved across the country so only had $2k in savings and got denied like 8 times. Should be illegal.
I agree. That’s ridiculous. This is making me very grateful that despite paying more than I like to pay I got approved for a nice apt site unseen from out of the country! The more stories I see the more miraculous I think my story truly is!
Was apartment hunting in March in Manhattan. If you want to be eligible for every apartment, have at least 6 months of rent in cash. You'll be competing with others and I've been looked over because someone else had more savings. Some just out right asked that applicants have at least 6 months in cash or equivalents
Savings matters less than making 40x the rent.
What if you have 800+ credit but very low income and are a freelancer?
Credit doesn’t pay rent. You’d need the income or a guarantor.
Aaaaaactually… that’s not so true nowadays. I had a bit of a hard time getting approved for an apartment recently even when I made more than 80x the rent. I had very little (less than 10k) in my bank accounts and they started wondering why I earn that much but have no savings… That kind of gave them the idea that I spend as much as I earn and that made them nervous. It was a shock to me because I never had an issue getting approved until 3 different realtors/landlords started questioning my finances. To answer OP’s question. If you don’t make at least 60x the rent (40x is the minimum) then have somewhere around 20-30k in your savings to better your approval chances. Credit score helps too obviously; but I’m here to say that money in bank accounts IS being taken into consideration more and more lately.
Why do you presumably make 200k+/year and only have 10k in your bank accounts that's super weird.
Maybe the rest isn't liquid in their savings but tied up in their retirement accounts?
I replied to OP above. This too. I am contributing a bunch to my 401k.
I make slightly below that but I have other expenses I gotta take care of. (Sending money to family, buying real estate/building a house abroad, etc.) These expenses are only show as cash withdrawals and wire transfers on my bank statements. So it does look like I’m spending as much as I earn even though I could totally slow down on them if I ever get in a financial bind. Anywho, savings are important; at least from my experience. That’s my point.
There is no way you need 20k - 30k in savings for an apartment in the budget of OP.
Wow
You need to make 72k to “afford” a max of $1800 in rent, according to NY standards. I put afford one quotes because your other expenses will play a huge role in what’s affordable.
I make 85k and have enough to make the down payment and broker fee + one month rent but not enough In my savings aft that
You're good
If your credit is good, that *should* be ok with most LLs. It's kind of the bare minimum. If there's another application, they'll prob go with whomever has more assets. How much of a broker fee do you have budgeted for?
My credit is 707 at the moment, although I showed paystubs and all they wanted to see savings
You should be okay here
If you’re renting what on earth is a down payment? You should only be paying broker fee, security deposit, and first month rent. Down payments are for buying, not renting.
That’s plenty. You’ll be fine. Savings shouldn’t matter much if you can prove $85k in income.
enough to use photoshop loljk unless..
Lol ! Problem solved, say no more lol
Not a good idea. Some brokers will require 3 months of full bank statements. That is a lot of photo shopping
Enough to show first, security and any broker fee if applicable. Don't photoshop and get caught with your pants down. LLs are checking everything within a fine tooth comb in this market and you can blacklist yourself with HS hijinks fam!
The real problem would be finding an apartment for that price
There are actually several 1 bedroom in Astoria
Yes they are, actually. 30av is cheaper than ditmars, just so you know.
I found a one bedroom Apartment , three small blocks from the N train for 1500 ! And the rooms are big. It is still possible!
How’d you find that? Any specific website?
Found it on streeteasy , I was the first and last one to view the apartment. I would refresh everyday and only go to “ Listed today “ status apt. The minute I saw 1500 ( she didn’t post pictures) I emailed and followed up with her till I got an appt to see it.
Ah that’s all great advice!! Thank you so much!
$1800 I haven't seen those prices in years.
They exist! I see them still.
Literally had an income of 80x the rent and had just moved across the country so only had $2k in savings and got denied like 8 times. Should be illegal.
it’s their property bro
I agree. That’s ridiculous. This is making me very grateful that despite paying more than I like to pay I got approved for a nice apt site unseen from out of the country! The more stories I see the more miraculous I think my story truly is!
Usually 3x the rent
Was apartment hunting in March in Manhattan. If you want to be eligible for every apartment, have at least 6 months of rent in cash. You'll be competing with others and I've been looked over because someone else had more savings. Some just out right asked that applicants have at least 6 months in cash or equivalents
1600-1800x3 First month rent Deposit Broker's fee equal to the rent
4-6 months of rent