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Thanks again for the advice everyone... I had the chance to do some hunting in Manhattan, and I found a place in HK. Although I wish my money would go a bit farther, I loved the area, and think I would be happier there with a less nice apartment, than somewhere farther out with a nicer apartment.
Thanks again for the advice everyone... I had the chance to do some hunting in Manhattan, and I found a place in HK. Although I wish my money would go a bit farther, I loved the area, and think I would be happier there with a less nice apartment, than somewhere farther out with a nicer apartment.
Glad you found an apartment you liked, in a neighborhood you liked, and did it all so quickly.
Welcome to New York!
Hey again... I am a bit stressed. The original apartment that I applied for went to someone else (the guy said nothing was wrong with my app, but that another app came in and the landlord preferred it).
Fast forward a week... just I applied for another unit. I exceed the income requirements with my new job (professional), I have substantial savings, excellent credit, great landlord reference letter, etc. However, they still want a guarantor (I have also been working and already have enough savings to cover rent for the year). I told my broker that I don't have a co-signor.
Now my broker told me that they want 1 month's rent + 4 months of security up front. I am fine with giving them 3 or 4 months worth of rent up front and 1 month security, but I think it would be crazy to give it all as security (where they would have unilateral control over whether the funds are returned at the end, plus, I haven't read good things about the management company). I asked my broker why I couldn't just give them it as rent, and he said something along the lines that they want to feel extra secure in the event that I extend my lease for another year. I thought that was even crazier, because if my lease was extended... obviously I was a good tenant.
I made a counter offer to provide a few months of rent up front + 1 month of security, but my broker sounded doubtful that it would be enough unless it was as security, so I will probably lose my second apartment.
My heart is in knots right now, and I am lightheaded at the thought of having to take more time off from work, spend more money to go back into the city and start the process over for a 3rd time.
Is this a normal experience? Is it just me who thinks that 4 months in security + 1 months rent is crazy? How would you all proceed, just start over?
I would not give someone four months of security and I do not know anyone who gave that much money for security. I would never do that for an apartment. Have you thought about widening your search a little more (and taking a step back) just to get an apartment for awhile and not only focus on HK?
My co-worker, when she first moved to Park Slope, also had a landlord uncertain about her since she was new to her better paying job and moving to Park Slope doubled her rent. They did not ask her to pay extra security---they asked her to pay an extra month's rent in advance---in addition to the first month, last month and security deposit.
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BTW - Someone mentioned PS being all families but it really isn't. I know so many younger people there and there are so many businesses there catered to younger crowds---but yes, still lots of families nonetheless. I would say Brooklyn Heights gives me more of a family vibe than PS.
Hey again... I am a bit stressed. The original apartment that I applied for went to someone else (the guy said nothing was wrong with my app, but that another app came in and the landlord preferred it).
Fast forward a week... just I applied for another unit. I exceed the income requirements with my new job (professional), I have substantial savings, excellent credit, great landlord reference letter, etc. However, they still want a guarantor (I have also been working and already have enough savings to cover rent for the year). I told my broker that I don't have a co-signor.
Now my broker told me that they want 1 month's rent + 4 months of security up front. I am fine with giving them 3 or 4 months worth of rent up front and 1 month security, but I think it would be crazy to give it all as security (where they would have unilateral control over whether the funds are returned at the end, plus, I haven't read good things about the management company). I asked my broker why I couldn't just give them it as rent, and he said something along the lines that they want to feel extra secure in the event that I extend my lease for another year. I thought that was even crazier, because if my lease was extended... obviously I was a good tenant.
I made a counter offer to provide a few months of rent up front + 1 month of security, but my broker sounded doubtful that it would be enough unless it was as security, so I will probably lose my second apartment.
My heart is in knots right now, and I am lightheaded at the thought of having to take more time off from work, spend more money to go back into the city and start the process over for a 3rd time.
Is this a normal experience? Is it just me who thinks that 4 months in security + 1 months rent is crazy? How would you all proceed, just start over?
Thanks again for the help and advice so far.
Sorry to hear that. Your experience is probably not typical. That said, rental market is at all time high and it is owner's market. They can dictate a lot due to high demand and lack of supply.
It does sounds like your previous job doesn't hit the 40x but your new job does and you haven't been at the new job long. That's probably why they asked for large security deposit in case that your new job doesn't work out and you break the lease by leaving which they can still penalize you by keeping the 4 month security deposit and use that to find a new tenant. Worst being if you try to squat and they probably figure that's enough time to get you out of there legally since you don't have any children, and I'm assuming no illness. NYC is very tenant friendly so owners get little crazy.
If I recall correctly, legally they can ask for whatever security deposit they want unless it's rent controlled/stabilizied place. 1 month is typical but its not unheard of to ask for more.
Personally, if I was in your shoe. I'd get a sub-lease for few months and use that time to find an apartment. Or just bite the bullet and move to location close to city like Brooklyn, Queens for a year which will build your income history. That way when your lease is up, no one should give you hard time for just starting a new job that may be 40x.
If you absolutely love the area/apartment or just sick of it. Do the 4 month security. Personally I wouldn't though because that is a lot of money and no area is worth for me to pay that upfront (1/3 of rent for 12 months!)...when I can put that money to work. If rent is 2k...asking 8k security deposit is pretty wacky. Long-term, I'd rather invest 6k (2k for deposit) and make that work for me.
Personally, if I was in your shoe. I'd get a sub-lease for few months and use that time to find an apartment.
I agree with this.
If apartment searching is too hard from Long Island, get a place on airbnb for a few nights or a week so you have time to make appointments and meet leaseholders.
City living - yes, I am now trying to take a step back and broaden my search (just frustrated because I know I can find stuff that is in my budget in HK). As for PS, my main concern is that most of the areas of Brooklyn that interest me seem to have the same starting price range for studio/1br (granted they tend to be larger and newer). Therefore, I am not sure whether broadening my search will necessarily be beneficial (unless Brooklyn is less strict than Manhattan when it comes to applications)
Babo- I would have been fine with 4 months of rent + 1 month security upfront, but their demand for it to all be in security seemed like it was in bad faith (I know how hard it is to evict a tenant).
Henna- I have been considering subletting, but I do not really know where to begin. Sublet.com?
I guess now I first need to decide on what other neighborhoods to search (I was previously very interested in Cobble Hill and Carroll garden, but none of the Brooklyn brokers seem to have much in those areas). LES seems a little too rundown, and I can't see myself enjoying Hoboken.
Does anyone have any idea whether East Village is any cheaper than HK?
No, the first on was a no fee, so I guess he was more like a landlord's agent. The second was one of the major broker firms in the city. I have also been meeting with brokers from various agencies to view apartments that I found online.
I think one of the major frustrations, especially for the second search, was that for a 15% fee, I have really been doing most of the work. I found the specific units (they all kept trying to bring me to the same unit, which didn't fit the parameters I provided them with). Also, they didn't really do much for me in terms of acting as my agent when dealing with the landlord, and seemed to be just trying to make the sell for the landlord to close the deal, rather than actually negotiating on my behalf. I guess I feel a bit sore that the brokerage firm didn't really do much to facilitate the process (Although the agent herself was very nice and professional).
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