Most landlords will require that you provide proof that you earn between 42 and 50 times the month rent.
For example:
$1,000.00 monthly rent will require between $42,000.00 and 50,000.00 annual salary
$1,500.00 monthly rent will require between $63,000.00 and $75,000.00 annual salary
$2,000.00 monthly rent will require between $82,000.00 and $100,000.00 annual salary
You can see why so many New Yorkers require a guarantor in order to be approved for a place to live.
Why so expensive? Despite efforts to scrimp and save, New York City is a very expensive place to live. Between transportation, food, clothing, not to mention any sort of social life, the figures represent an average cost ration for living in the city. Yes you can live here for cheaper. But, renting an apartment is a landlord’s business and he/she has to protect their investment as much as possible.
originally posted May 25, 2007
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