How to Find a Guarantor

October 7, 2021 | By Stella M AuthorMy First Apartment

For first-time renters or those looking to rent without proof of stable employment and income, landing that dream apartment may take an extra effort. When you’re credible but not quite meeting all the marks, a landlord may recommend you find a guarantor, allowing you to meet their requirements in a combined group effort. If you’re…

How to Get Approved for an Apartment

September 16, 2021 | By Stella M AuthorMy First Apartment

Finding a new place is at once hard work and a decently simple process. Every leasing contract and situation is unique, but still, most share a few things in common. To that end, here are some tips for getting approved for an apartment. Prepare your finances Fortify yourself mentally and financially when you’re ready to…

How to Apply for Apartments if Your Income Changes

October 28, 2020 | By Stella M AuthorMy First Apartment

If your income has drastically changed, you may have to move to a more affordable apartment. However, when applying to rent an apartment, you will usually need to show your income to prove that you can afford the rent. Given this obstacle, how can you relocate with a significant decrease in your budget? Here are…

What Is a Guarantor?

November 18, 2019 | By Stella M 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?

April 24, 2018 | By Sarah 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

August 18, 2013 | By Alex 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

September 14, 2010 | By Alissa 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!…

How Much Rent Can I Afford and Other First Decisions?

November 23, 2005 | By MFA Editors AuthorMy First Apartment

You may not know how much rent you can afford, but your government does. The US Housing Department guideline says that your rent should be no more than 25-30% of your gross salary.