Dear S.S,
I am moving to Manhattan in October. My job in Colorado is transferring me with what I thought was a great salary for someone my age. I am 25 and will be making $52,500 annually. I have been researching what I will need to rent an apartment and I am freaking out. 40 times the monthly rent annually, get a guarantor that makes 80 times the rent annually, or pay upfront rent?! Is there anything I can do to get around this?! I have great credit and some money in the bank (but not enough to pay extra rent). I am so stressed about this. If this is true then my budget can only be $1,300, which seems to be much lower than anything I have been able to find anywhere near my job in the West Village. Any advice? – Dina
Dear Young and Hopeless,
Firstly, congrats on the new job. It is crazy hard to find work and coming to NYC will only strengthen your resume. So, there’s that. Now for the fun stuff. You mentioned that you want to be near your job in the West Village, which is one of the most expensive neighborhoods in New York City. I am going to need you to go ahead and get THAT out of your head. You may want to consider living with a roommate, where you can find something close to work for $1,500-$1,600 per person, but I’m assuming that may not be an option given that you are moving from Colorado and may not have friends in the city.
So now you are looking for a studio, which is city speak for one-room apartment. If you find a good deal in the West Village, you will be paying somewhere around $2,100 a month for a small, un-renovated studio on the 5th floor of a pre-war walk-up building. I do not recommend that you spend half of your salary on living under those conditions. Learn the trains. They will be your best friends (for at least 6 months until you find your place in the city and make real friends). For you, let’s aim for $1,750 a month. Apartments in the city (under 90th St) at that price point are rare, but, you’re in luck; I’ve got your back.
You are going to get the most bang for you buck living on the Upper East Side. Do not freak out, I am not suggesting you camp out near the Apollo, hoping for shelter. You will find something great in the East 70’s and you will love it.
As far as the income requirements go, I’ve got your back here too. No funds to pay upfront rent? No high salary? The least expensive option for you is going to be finding a guarantor to co-sign your lease. The guarantor must make 80x the monthly rent, but the landlord likely will not require any additional security deposit with a strong guarantor.
No guarantor? Not an issue! You are not the first girl (or guy) to have this problem. Luckily for all of the city-bound, not-quite-made-it boys and girls, there exists a company called Insurent. Basically, you rent them as your guarantor. They charge 80% to 110% (based on eligibility) of one month’s rent to be the people that take the fall for any and all payment discrepancies, should that happen. Most landlords in the city accept Insurent and they are super easy to work with. I have scoured the inter-webs to find negative reviews of this service but, alas, I can find none. This company seems to be providing a legitimate and much-needed service to people.
If you aren’t able to afford Insurent, a security deposit, and first and last months rent, you should probably just look for a sublet and hope for the best. You’re in a pickle and Insurent is the cheeseburger.
Good luck and happy hunting. Remember, you’re never alone. Triplemint is always here for you. Now get your life together and go conquer this city!
