10/07/2021
Rental Market Tip #3
In NYC, most buildings have a requirement that you must annually make, on average, 40x the monthly rent. For example, if you are looking to rent a $2,000 a month studio, to qualify you need to make at least $80,000 a year. A note, if you are living with roommates, most landlords will take the combined annual income for a unit.
You must show your gross annual income when applying to an apartment by providing two recent pay stubs as well as a letter of employment on company letterhead. This letter needs to include salary and duration with the company most times. You should gather this information as soon as possible as it gives you a “prepared advantage” when it comes to applying. You can apply right on the spot whereas someone else might have to wait for HR to send their letter.
There are other options if you do not meet this requirement such as using guarantors (which I will discuss later!). Let's connect to work on finding your NYC rental!