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okelloatengj…, Renter in New York, NY

I plan to come to USA by August 2014 and i need a room to rent a start a living, how much do i need to save to kick start my life in New York NY?

Asked by okelloatengjames, New York, NY Tue Jan 8, 2013

I plan to come to USA by August 2014 and i need a room to rent a start a living, how much do i need to save to kick start my life in New York NY?

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Elena Ravich, Esq.’s answer
Landlords in NYC are tough - they require good US credit score, x35-50 times rent annual income or a US (some only NYS) guarantor making 80-times rent. Some and not all landlords accept prepayment for a year from tenants without US credit history or verifiable employment income. Another option would be to find a person who has an apartment and is looking for a roommate on craigslist, roommates.com or similar websites. This may be a more affordable and easier option, although you have to make sure this is not a scam and you are dealing with a real and reliable person.
0 votes Thank Flag Link Wed Jan 9, 2013
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0 votes Thank Flag Link Thu Feb 7, 2013
Most young people who start renting in NY need a paret to co-sign, so keep that in mind. If you are getting a job with a high enough salary, you may not need that, but if it is a new job, they may want it anyway. As you say, you are coming to USA, so I assume that your family lives out of the country, so that could make things more difficult if you are on the lease.
One other thing you can do is try to see if you can find someone who will accept you as a room mate who is on the lease by themselves.
0 votes Thank Flag Link Tue Jan 8, 2013
Hopefully, you're coming to New York for a job. You can consider if you want to rent an apartment on your own, or a share situation to help split expenses. Perhaps you have relatives here and might be able to board with them while you look for a place for yourself.

While 40 times the monthly rent is frequently used to determine the ability to rent, many building may use 50 times the rent or your weekly paycheck being equivalent to the month's rent. New York is quite expensive and any ability to consider other boroughs may help you and your pocketbook.

As you have no background here (bank account, credit, job) a landlord might require a large up front payment of a few to many months of rent to "take a chance" you'll be a good renter. Let's not forget the possibility of a brokers fee if you use one to find an apartment. That fee could be a precentage of the yearly rent. I suggest you come over and arrange to transfer monies from your local Bank to a New York Bank. Good luck.
0 votes Thank Flag Link Tue Jan 8, 2013
The New York standard for qualifying for an apartment is making a salary 40x your monthly rent or having a guarantor who makes 80x your monthly rent.
0 votes Thank Flag Link Tue Jan 8, 2013
I don't understand well what you mean by salary 40x my monthly rent, Do you mean to say that is i don't have a job yet but with some money for upkeep for the mean time $4,000, can't this help me start a living mean while i look for job? Please i need more clarification on that.
Flag Tue Jan 8, 2013
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