Posts Tagged: guarantor

What Is a Guarantor?
What Is a Guarantor?

What Is a Guarantor?

  |   By AuthorMy First Apartment
Even if you’re mentally ready to move into your first apartment, you might not be financially ready. In some parts of the country, it’s common practice for landlords to require that your yearly income be 40 times the monthly rent, limiting your available options (or forcing you to split your rent with roommates). That’s why…
Co-Signer: Do you need one?
Co-Signer: Do you need one?

Co-Signer: Do you need one?

  |   By AuthorMy First Apartment
A critical part of securing the perfect apartment is making sure you’re in the right place financially to sign on the dotted line. Apartment complexes and landlords will often run credit and background checks and require proof of income before you’re presented with the final lease. By learning about your employment history and knowing that…
How to Get a Rental Without Meeting the Income Requirement
How to Get a Rental Without Meeting the Income Requirement

How to Get a Rental Without Meeting the Income Requirement

  |   By AuthorMy First Apartment
Not everyone is blessed with a salaried job that pays $80,000 a year. Yet in places like New York, Chicago, or Boston, for example, many landlords require that potential tenants earn somewhere between 40-50 times their monthly rent in annual salary. That means that if you earned $80,0000 per year (a hefty sum for someone…
What You Need to Know About Rent Guarantors
What You Need to Know About Rent Guarantors

What You Need to Know About Rent Guarantors

  |   By AuthorMy First Apartment
Guarantors. Who needs ’em! Well, you might if you want to get a NYC apartment and don’t make 40 times your monthly rent in annual salary. What do I mean? Well, say you’re looking to rent an apartment with friends for $2,000 (for the entire place). $2,000 x 40. . . that’s a slick $80k. Yowza!…