Renting Apartment/Housing question

Submitted by Cavalier852 t3_y6qw70 in newjersey

I was possibly thinking of renting a place near the city in Jersey for some upcoming work I'm about to do and thought it was easier to just grab a place close by rather than commuting from the upstate NY area. I was looking at places within 30 min-ish driving from the city (based on little to no backed-up traffic)

Do landlords or management companies require a certain amount of income per rent like in the city (40x), or is it just the normal background check, proof of employment/paystubs, deposit, etc.? Or does it depends from place to place? Just wanted to know before I submit for some places and save the hassle.

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Groady_Wang t1_isqox29 wrote

Every landlord is different. I've mainly encountered 3X as being the norm. Along with the standard background check, credit report, pays tubs, and SD and first month's rent. You most likely will be paying the listing agents commission on top too tho. So be aware of that

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throwaway2343576 t1_isqxot7 wrote

You are planning on driving into the city for work? Parking will run you about $600 a month and the toll is $16 round trip but a little cheaper if you use E-Z pass.

For a 30 minute commute by car, you will either be heading in at 5:00 am or living less than 100 feet away from a tunnel entrance.

Unless you work IN your car, take public transportation. It's faster and much cheaper.

Large management companies tend to have the 30% or 3x rule but smaller buildings and private landlords are more lenient. Broker fee is one month's rent. The closer the town is to NYC or a train station, the higher the rent.

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ferocious_coug t1_istz89s wrote

> Do landlords or management companies require a certain amount of income per rent like in the city (40x)

Lmao this could almost not be a typo

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nadja_intheshadows t1_isu9rvi wrote

It’s minimum yearly salary of 40x monthly rent. So if your rent is $2000/month then your annual salary should be $80,000/year. This is a common requirement for most leases done through a large management company.

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Pogo152 t1_isyyjdx wrote

Replying to ferocious_coug (#134,699)

40x the monthly rent in annual income is the rule in NYC. You must earn, annually, 40 times the monthly rent. I guess nyc landlords prefer saying 40x to 3.33x for whatever reason.

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