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Income Requirements (Salary+Bonus?)

Started by asidito
over 13 years ago
Posts: 1
Member since: Apr 2012
Discussion about
Hi, In order to stay under the 40x rule, and if I will have a 90k salary with guaranteed 10k signing bonus, is my max rental budget 2.25k(based on 90k salary) or 2.5k(based on 100k salary plus bonus)? Also, is this the max budget for gross rental rates or net effective rates? Thank you, DM
Response by saiyar1
over 13 years ago
Posts: 182
Member since: Jun 2010

90k. That bonus isnt guaranteed for every year.

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Response by marco_m
over 13 years ago
Posts: 2481
Member since: Dec 2008

is this fresh money coming to prop up the market ?? hahaha

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Response by Brooks2
over 13 years ago
Posts: 2970
Member since: Aug 2011

sounds like a floor in studios

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Response by 300_mercer
over 13 years ago
Posts: 10536
Member since: Feb 2007

40x is not a rule but a guideline. Most landlords will say yes. You can always pay an extra month of deposit to influence the decision.

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Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010

Here's what happens when you pay an extra month of deposit:
http://streeteasy.com/nyc/talk/discussion/30694-advice-on-situation

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Response by caonima
over 13 years ago
Posts: 815
Member since: Apr 2010

u can afford 3k/month

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Response by Ottawanyc
over 13 years ago
Posts: 842
Member since: Aug 2011

I love these rules. Reminds me of the three months for a diamond ring rule. Maybe you can afford 3k a month, but that is well beyond your means.

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Response by NYCmodern
over 13 years ago
Posts: 100
Member since: Dec 2011

I didn't meet the 40X requirement when I rented my first place and it worked out just fine. I think the landlord was more concerned about me having a regular income, which I did and I wasn't too far off from that requirement. I was young at the time and six years later when I moved out my salary had more than doubled and the rent only went up $150.

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Response by caonima
over 13 years ago
Posts: 815
Member since: Apr 2010

three months for a diamond ring rule is for diamond blood suckers to fool the retards

the real rule should be $300 tops for a ring

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Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010

>the real rule should be $300 tops for a ring

Brooks2, you must charm all the ladies.

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Response by stellamariaf PRO
5 months ago
Posts: 1
Member since: Mar 2010

In case anyone is accessing this information, NYC no longer allows advanced rent or security deposits beyond the 1st month rent and 1 month security deposit.

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