I'm an undergraduate college senior, and I will be graduating in May 2018. I already secured a job for post-graduation that I'll be starting in the middle of July, so I'll be looking for an apt with a July 1st move-in date. The salary from this job is $57,000 (with a signing bonus of $3K, making the total compensation $60K). I have proof of this contract as I already signed for it back in October.... [more]
I'm an undergraduate college senior, and I will be graduating in May 2018. I already secured a job for post-graduation that I'll be starting in the middle of July, so I'll be looking for an apt with a July 1st move-in date. The salary from this job is $57,000 (with a signing bonus of $3K, making the total compensation $60K). I have proof of this contract as I already signed for it back in October. I won't have any guarantors because my family is low-income. By July, I should have about ~$13,000-$15,000 in total savings (all of my liquid assets) and I have a very high credit score that I've been building since I was 18. So my questions are the following:
1. How likely am I to get an apt, let's say somewhere in Brooklyn like Park Slope/South Slope, Gowanus, Carroll Gardens, or Bushwick? I'm looking into 3 bedrooms so it'll be cheaper. My concern is that most people I know my age who have an apt have their parents as guarantors, and since I won't have any, how easy or difficult will it be for me to get approved for an apt given all the information I've provided above? It seems that almost everyone I know has guarantors and it makes their application for an apt a lot stronger. I'm worried that my $57K as salary, my savings, and my credit score won't be enough to secure an apt I like if there's another competitive applicant who has guarantors making 80x or more the monthly rent.
2. Would my contract with the company I'll be working for count as proof of income/proof of employment even though I'd be looking to sign the lease before I actually start the job?
3. Everyone I know right now already has an apt and live with roommates. Let's say hypothetically I find a 3BR apt I really like and I want to sign the lease for but I don't have 2 roommates at the time of signing the lease (or getting approved for the apt). Does that mean the landlord would allow me to pay my portion of the rent instead of footing the entire rent? Or would the landlord expect me to pay for the entire rent regardless of not having roommates?
I would really appreciate any answers you all have. Thank you!
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Response by FTHB
almost 8 years ago
Posts: 20
Member since: Jan 2008
this is tough, but i would assume:
1. doable to find with roommates especially if you sublease as the person you're renting from may be ok with you not covering 40x rent if you're willing to pay first & last month and security deposit. check out the sublease section on craigslist and the like, but get familiar with signs of a scam.
2. your k should count
3. if you sign the lease by yourself, the landlord would expect you to cover full rent unless you're renting a room and not the whole place. you likely would not get approved for a 3 bedroom apt on your salary without roommates, so perhaps a moot question.
looking fwd to other responses!
best of luck!
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Response by 300_mercer
almost 8 years ago
Posts: 10553
Member since: Feb 2007
Congratulations on your job!!
You are unlikely to find a 3 bed room with the details you provided unless you find at least one more person with similar income to co- sign the lease with you. If you are the only person on the lease, landlords look for your income to be sufficient for the whole rent.
However, there are plenty of people looking for room-mates. Unless you already have someone with income willing to co-lease with you, I would go with someone with an apartment lease already who is looking for a room-mate. There are plenty of these listings.
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Response by crescent22
almost 8 years ago
Posts: 953
Member since: Apr 2008
Use insurent to get your guarantor
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Response by corozeng5
almost 8 years ago
Posts: 36
Member since: Nov 2009
Both FTHB and 300 are spot on with their advice. My daughter is only a few years older and was in a similar situation than you. She was able to rent a three bedroom apartment but it took a good credit report and all the roommates salary to satisfy the landlord. Her income alone was not enough. Remember most want 40 times the rent income. So, $2000 a month rent will require $80K income.
As a landlord, myself, there is no way I would rent a three bedroom apartment and let my tenant pay for one bedroom. Who's giving me the money for the other two bedrooms? I'm not in the business of looking for tenants.
300 is right. You should look for someone who already has a lease and looking for a new roommate. While I know, it's tough to live with strangers, it's no different than going to college where your first year is living with a stranger in the dorm. Like college, you can always move out if things don't work out but you will also get a chance to take your time looking for another place.
Good luck.
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Response by Squid
almost 8 years ago
Posts: 1399
Member since: Sep 2008
Have you considered looking for a small studio for yourself rather than having to search for roommates? And no, LOL, no landlord will allow you to rent a three-bedroom but only pay for one bedroom if you don't have roommates :-).
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Response by Squid
almost 8 years ago
Posts: 1399
Member since: Sep 2008
And by the way, kudos to you for building up an excellent credit score. That's a big deal and not everyone takes that seriously while they're still in school.
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this is tough, but i would assume:
1. doable to find with roommates especially if you sublease as the person you're renting from may be ok with you not covering 40x rent if you're willing to pay first & last month and security deposit. check out the sublease section on craigslist and the like, but get familiar with signs of a scam.
2. your k should count
3. if you sign the lease by yourself, the landlord would expect you to cover full rent unless you're renting a room and not the whole place. you likely would not get approved for a 3 bedroom apt on your salary without roommates, so perhaps a moot question.
looking fwd to other responses!
best of luck!
Congratulations on your job!!
You are unlikely to find a 3 bed room with the details you provided unless you find at least one more person with similar income to co- sign the lease with you. If you are the only person on the lease, landlords look for your income to be sufficient for the whole rent.
However, there are plenty of people looking for room-mates. Unless you already have someone with income willing to co-lease with you, I would go with someone with an apartment lease already who is looking for a room-mate. There are plenty of these listings.
Use insurent to get your guarantor
Both FTHB and 300 are spot on with their advice. My daughter is only a few years older and was in a similar situation than you. She was able to rent a three bedroom apartment but it took a good credit report and all the roommates salary to satisfy the landlord. Her income alone was not enough. Remember most want 40 times the rent income. So, $2000 a month rent will require $80K income.
As a landlord, myself, there is no way I would rent a three bedroom apartment and let my tenant pay for one bedroom. Who's giving me the money for the other two bedrooms? I'm not in the business of looking for tenants.
300 is right. You should look for someone who already has a lease and looking for a new roommate. While I know, it's tough to live with strangers, it's no different than going to college where your first year is living with a stranger in the dorm. Like college, you can always move out if things don't work out but you will also get a chance to take your time looking for another place.
Good luck.
Have you considered looking for a small studio for yourself rather than having to search for roommates? And no, LOL, no landlord will allow you to rent a three-bedroom but only pay for one bedroom if you don't have roommates :-).
And by the way, kudos to you for building up an excellent credit score. That's a big deal and not everyone takes that seriously while they're still in school.