I've heard landlords in NYC ask to see proof that you make 40-45x the monthly rent per year in order to qualify for an apartment. Is this true? And if it is, do they just look at base salary or do they look at TC including stocks? #newyork
What are you doing working for Microsoft in New York?
It is not hard and fast. Most landlords take it jnto account, aling with credit score, assets and cash bonuses that show on psystubs. Plus everything else.
It can be as high as 60x for a single income household in some buildings. It’s not a hard requirement as much as an extra check to make sure you’re not going stiff them for rent. If you have a solid job in the range with good credit it shouldn’t be an issue.
I never saw over 40x. But they verify with paystub, w2, or honestly do what I always did and get an employer letter. And I know for sure it’s not super stringent because I had a loaded (but not working) friend who faked a letter and used it with a big management group. Damn I miss nyc every time I see one of these posts.
I've seen 90x as I've had to guarantee for mt brother in law.
Appreciate the input, I have read that the amount is much higher for guarantors so this makes sense.
Thanks for the helpful answers all!
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I've been asked for pay slip so it should be base salary I think.
Thanks! And in your experience, was this a hard and fast rule? Like if my base pay/40 was $3500 and I really like a place for $3700, would I definitely not get approved?
following. I was wondering about this too.