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 Post subject: Apartment Down Payment Question, tell me if this is true!
PostPosted: Fri Jan 20, 2012 8:52 am 
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Hi PPK,
Here's the deal. I have always been a subletter, but my friend and I (and my partner) are looking into getting a two bedroom together (aww, best friends!). Last night a friend of mine who works in real estate (a newbie, however) told me that to get an apartment you had to be able to prove that you make 4 times the rent each month. She said that for her one bedroom she had to put down close to $10,000. This doesn't seem like it can POSSIBLY be true, right? I thought standard practice was first month, last month and security! She said that's not the case at all, am I insane? Is that really how this works? I've been looking on craigslist and most places don't outright say what they require, I'm looking for an April 1 move in, so it's a bit early to actually email people and ask.

What are your experiences with this? I'm counting on you PPKers! Set me straight!

(FYI: I'm not looking for anything fancy just a basic place that's moderately clean and not in a completely terrifying neighborhood. For reference I used to live at Knickerbocker off the M, and I never had a problem there. We're looking in Bushwick, Bed-Stuy, Clinton Hill, areas like that. Budget is 1200-1500, split between three people)

Thanks in advance!!!

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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Fri Jan 20, 2012 9:10 am 
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Hi hi! We just moved into our apartment and we did have to prove that we made 4x the monthly rent. However, we only paid for the security deposit and the first month of rent. Well, second month- our "first month" was free. So we only paid... about $1,000 down, for an apt with 720/monthly rent.

eta: Not saying your friend is wrong, but perhaps it varies by apartment. All the places I visited here in the mitten had a similar policy though.

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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Fri Jan 20, 2012 9:32 am 
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Definitely yes to the 4x the rent thing. Thats very standard but there are ways to lie and you wont always get rejected if you make less. The deposit depends on the rent. I've had to pay first, last and brokers fee, but I've looked at places where the deposit was 10- 12% of the yearly rent. It just depends.

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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Fri Jan 20, 2012 2:27 pm 
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I've had to prove 4x rent for every apartment I've lived in in Manhattan and Brooklyn. I've also always paid first, last and security (and broker's fee for my latest place). I'm assuming the 4x rent is so they know you can cover food/utilities/everything else and still absolutely be able to pay your rent. Most places will accept a guarantor if you know someone with additional income who can vouch for you.


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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Fri Jan 20, 2012 5:24 pm 
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My sister just signed a lease for a one bedroom and she had to put down close to $12,000 but then again her apartment is around $2500 a month.

but definitely expect first, last and security at the very least

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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Thu Jan 26, 2012 10:16 am 
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Attended Chelsea Clinton's Wedding
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Joined: Fri Nov 18, 2011 2:56 pm
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Location: Brooklyn
Thanks all for your help! I've done some research and talked to some people (landlords, new yorkers, etc.). Basically from what I can tell fancy places require a lot of money down, but only a few places in my price range require that you make 40x rent in a year. Most of the places I've called require first, last and security, I think that maybe because I'm looking at lower rent places in the not trendy part of Brooklyn the whole 40x/4x rent doesn't really apply.

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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Sat Mar 31, 2012 7:58 am 
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Wow...how does anyone afford to live in New York?!


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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Mon Apr 02, 2012 11:59 am 
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Memorized Veganomicon

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vijita wrote:
Wow...how does anyone afford to live in New York?!


there's an annoying thread with this same title.


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 Post subject: Re: Apartment Down Payment Question, tell me if this is true
PostPosted: Mon Apr 02, 2012 12:13 pm 
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rachaelrayfornever wrote:
vijita wrote:
Wow...how does anyone afford to live in New York?!


there's an annoying thread with this same title.

What's annoying about it?


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