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Theresa, Renter in New York, NY

How does a student get an apartment in NYC?

Asked by Theresa, New York, NY Fri Aug 23, 2013

He is finished with school and is starting a full time job. He is on his own for credit and such. How will this effect him getting an affordable place?

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The first thing you should do is look for a no fee apartment that will take a guarantor. Not having to pay a broker's fee will save you almost two month's of rent. Since you won't have enough income on your own, you'll need a guarantor - someone who promises to pay the rent for you if you don't pay the rent.

Your guarantor will need to annually earn between 50 and 75 times the monthly rent to qualify as a guarantor. When you go looking for an apartment, you should know your guarantor's income and the guarantor should know that they will be required to disclose information about their income, employment, assets, etc. It is as if the guarantor were the person applying for the apartment.

You can get a lot of good information about renting with a guarantor and what your options are from RDNY.com's excellent renter's guide. http://www.rent-direct.com/rentingguide/Welcome.html

While you're at it, RDNY.com is also an excellent source of no fee apartment rentals in NY. You should search their listings to see if they have what you're looking for.

Good luck with your search.
1 vote Thank Flag Link Sat Aug 24, 2013
I agree with your advice, and it is exactly what my son did when he first graduated from college, and had a limited income and no established credit. I was his guarantor. Actually, back then, I had to show 80 times the rent as my income!!
Now, years later, he is married and on his own... in a luxury upper east side (still a "no fee") building owned by the same people who owned the building his studio apartment was in!
:)
Flag Sun Aug 25, 2013
Hello Theresa,

Students generally have a guarantor to co-sign their rental leases. I can help you navigate the NYC rental market. Please give me a call to discuss your needs and to learn how to get you qualified.

Regards,

Ivan Cardona
Manhattan Rental Apartments at Douglas Elliman Real Estate
P. 646-338-5576
Office E-mail: ivan.cardona@elliman.com
Private E-mail: cardonaivan@ymail.com
My current rental listing: http://www.ivancardona.elliman.com
0 votes Thank Flag Link Sun Sep 8, 2013
most colleges have a housing dept. which include off campus housing. If this does not work look for a Real Estate Agent to help you work through the maze of rentals in NYC.

Good Luck

Ella J. Chavers
Douglas Elliman
0 votes Thank Flag Link Tue Aug 27, 2013
As Laurence and Rosemarie clearly explained below - having a "guarantor" is probably the best option.

A lot of young graduates move in with roommates and, to create more space, have temporary "pressurized" walls built that, for example, convert a1 bedroom apartment into a 2 br. apt. (cost can run $1600 - $2100) (they cut the living room in half, creating a bedroom out of part of it) .
Some buildings may no longer allow this, or the type of wall is restricted, but you have to look and ask, as it is still possible.

I was the guarantor for my son when he first graduated college.

Now, he is thankfully on his own, and has been for some while! (yeaaa)!

:)

Best wishes.......
0 votes Thank Flag Link Sun Aug 25, 2013
Typically, landlords like you to make between 40 times the monthly rent and have a credit score of 700 or more. If he has less than a desirable credit due to bad credit or very little credit history, getting a co-signer may help him get into an apartment. A co-signer is a guarantor and the guarantor is secondarily liable on an obligation. He could ask a family member or close friend, with good credit, who’s willing to sign their name on his lease. He or she will assume financial and legal responsibility for the apartment if he defaults on rent payments. I have worked with clients in his situation before and can point him to a FICO professional that will be able to help with his credit issues. Sometimes it's not as complicated as it seems.
0 votes Thank Flag Link Sun Aug 25, 2013
It really depends on a number of factors which include the landlord's requirements as all are not the same. Feel free to call me with any questions you have. Once I have some key information I can lead him in the right direction.

Athena Pettway
347-314-6859
http://Www.ExitWithAthena.com
Apettway@exitrealty.com
0 votes Thank Flag Link Fri Aug 23, 2013
Consider working with an agent of your own who can provide any necessary information....
0 votes Thank Flag Link Fri Aug 23, 2013
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