<p>You are getting good advice from previous posts. If I may add…when looking for a place, try to make it a point to meet with the current tenant. Not always possible…however…Our daughter was about to sign a 1 year lease…landlord said tenant not available-and hurry before it would be gone-it was a great location/nice place-and knew it would be gone if she didn’t sign right away…we encouraged her to please visit place when landlord not there BEFORE signing…she did and she was glad. The tenant explained they were walking away from their lease before it was up BECAUSE the landlord would show up unannounced. No emergency-no reason-The tenants were 3 girls-just like her and her friends.
I am not saying all landlords are like this-afterall-me and my husband have had 28 units-got along great with our tenants…and they often lived in their place for years.
Also…I encourage you to pull your credit report-and make it available—with the caveat of blacking out your social security number. That way the landlord knows you have good credit w/o the need to access your social security number, or pulling your credit report.
I hope this helps-
APOL~a Mum</p>
<p>^^^^As a landlord, I would still do my own check for evictions, and I call former landlords. I will work with a so-so credit rating, but I will never rent to a person who has an eviction on record, or a bad report from a former landlord.</p>
<p>A zillion years ago, when I got my first apartment, my folks very generously paid the first month’s rent and paid the security deposit, then I was on my own. We wanted to pay that forward for our S, but the economy allowed us to do one better. Prices came crashing down, and we were able to buy a foreclosure condo near his work, and charge him enough rent to cover our costs. We’ll come out way ahead when/if he moves out and we charge retail rent, or sell. He is able to rent from us but get more space for his $. He had been renting a tiny studio apartment ($900/mo) for which we had put down the deposit (and got back when he moved). If we hadn’t seen him successfully paying his own way, we would not have rented to him. And really, we would have made the investment anyway, this is a win-win. We are happy that our S can now concentrate on his career. Again, he has shown us that he is responsible with $–he bought his own car and has plenty of money in the bank. I do not suggest that any parent do this for a kid who is irresponsible financially or otherwise. Handing them stuff doesn’t help them, only hinders. </p>
<p>Paying the first month’s rent and security deposit is a fantastic graduation present if the family can afford it.</p>
<p>D1 is living in NYC. She shares an apartment with two other ladies and the rent is over $4000 a month. They had to qualify to get it. Their income had to be three or four times their yearly rent and they, of course, had to have proof. Luckily they were all employed in high paying jobs, so needed no parents co-signing</p>
<p>It’s a great place. 3 bedroom, two bath, gorgeous views on the 31st floor. New, modern, workout gym, 24 hour concierge.</p>
<p>I wish H and were living here. Hard to believe it’s D1’s first place.</p>
<p>^^That’s a deal in NYC. 3 BRs? Where is it?
My 2 kids are paying more for each of their respective 1BR apts. They are in their late twenties, not starting out.</p>
<p>When they started out, my S had 3 other roommates in a brownstone in NYC, my daughter shared her 2 BR with her college best friend in Dupont Circle in DC.
None needed my assistance financially.</p>
<p>morrismm - is your daughter paying 4000 for her share or is the rent 4000 for a 3 bedroom apartment. We are looking to buy or rent in NYC when we come back, a 2 bedroom in a full service apartment building (950 square ft) was 4500/month.</p>
<p>Even my son, who had a great job offer at Google had trouble with the expenses of setting up an apartment - for example his credit limit wasn’t yet good enough on his credit card so he couldn’t buy all the furniture he wanted with one. </p>
<p>If it were me now with work in the NYC area, I’d seriously consider looking north of the city on one of the Metro North lines for cheaper apartments. It’s much more affordable, but I know when I was in my twenties all I wanted to do was live in the city. If you can saving at least two months rent and enough to buy a bed is the minimum you’ll want to have access to.</p>
<p>Oldfort and cbreeze, as I stated it is over $4000 but under $5000. And that is not her share.</p>
<p>It is a two bedroom but thy had a wall built to make it a three. Each bedroom 's still large, NYC large. There are 3 bedrooms, 2 baths, a living room and kitchen ( all stainless appliances including a dishwasher an granite counter tops), floor to ceiling windows with incredible views of the Hudson river, downtown skyline, can see the Statue of Liberty, etc.</p>
<p>It’s on the west side, Hells Kitchen. It is a new high rise. She and her roommates are the first tenets.</p>
<p>Thanks for all the replies so far.
A little more info: non-STEM major, salary range for people in my program is really wide. I’ve done corporate internships in a few different industries that paid decently, but not enough, prorated, to live on. I’d planned to have about $9000 saved but I hadn’t thought about brokers. How long is the search process typically?
re: signing and guarantors, will my parent’s modest income and low debt be a help or hindrance?
I’ve lived in NYC and I was thinking North Manhattan or Brooklyn, or its equivalent elsewhere. Don’t own a car. I’m fine with a small studio or a 2 or 3 bed w/ roommates. Is $9K realistic?</p>
<p>Made, I think you should be OK. Your parents modest income will be a hindrance. This is the real world, not college world. </p>
<p>It is hard to say how long the search process will be. Here’s the thing, when you find something, you will have to move in a nano second.</p>
<p>Morris, landlords and the bulding dept are cracking down on tenant made walls. Fire hazard.</p>
<p>My son lived in a loft type space over the kitchen in a 3BR apartment at first, in the East Village of Manhattan. The rent for the entire place was $3600. He paid the $600, the bedroom occupants paid $1000/each. Their place had some serious drawbacks in terms of condition and the adjacent nightclub, but it was safe. </p>
<p>He has since moved to a better place with 2 roommates where they each pay $1500/month. The boys wanted to rent an apartment that was just slightly out of range per landlord formula and the landlord wanted a parental guarantee of the rent. Our stance was that we were not guaranteeing the rent for a group of Ivy grads working in financial services and find something you can actually afford on your own.</p>
<p>My response would be different if it was a group of girls and I had safety concerns. I would expect to pay a little more and have a little better building with more security, and I would help provide that. I think.</p>
<p>
</p>
<p>Here’s an article in NYT on the situation.</p>
<p>[The</a> Fall of Temporary Apartment Walls - NYTimes.com](<a href=“The Fall of Temporary Apartment Walls - The New York Times”>The Fall of Temporary Apartment Walls - The New York Times)</p>
<p>My son lives alone in a large 1BR corner apt (950 sq.ft) in midtown that is called a convertible 2, with views of East River and 4 bridges, all the way to WTC. I hadn’t heard of the term before until he moved to NY. No wonder rents are so high because it is assumed that at least 2 people would share it.</p>
<p>S1 got a credit card in his name through USAA as soon as he turned 21. We did not need to cosign, as he has had summer internships that gave him a decent income. He has also squirreled away a chunk of change. He is not averse to living like a college student for a few more years in order to put $$ in the bank for a down payment, wedding, etc. If he winds up working in NYC, he will live in NJ (the office is right off a PATH stop). In Chicago – he would be near his college campus, where there is reasonable rent compared to further north and a built-in social life.</p>
<p>I have 2 kids living in NYC, one is in a 2-BR/1 bath apartment, total rent for entire apartment is $1900 in the UES, the other kid is in midtown, in a 3-BR/1 bath apartment, total rent is $3000. Both are great locations, very safe, fairly quiet, and well maintained.</p>
<p>Nothing fancy in either building, no doorman, no elevator, no views, but who cares? One is a 2nd floor walk-up and the other is a 3rd floor walk-up. Sometimes it is a pain to have a doorman, and have visitors sign in, or come down to fetch them…</p>
<p>Both of them lived on a month-to-month basis while they looked around for the right apartment with their friends before signing a lease.</p>
<p>One apartment had no broker fees, while the other had 1 month’s rent. All of their furniture was nearly free, accumulated slowly over months.</p>
<p>I guess the only downside is the 1-bath, but roomies all have different schedules, so it has worked out this far.</p>
<p>Most parents buy a house then nobody has to pay rent and you can sell it later if you don’t want it. </p>
<p>The problem is all those rental places have tons of rules and you can’t do what you want. And then you can rent out some rooms and even make money.</p>
<p>Choco – how long how they been in these apartements? Thinks have gotten much tighter in the last year.</p>
<p><a href=“For Rentals, No Ceiling in Sight - The New York Times”>For Rentals, No Ceiling in Sight - The New York Times;
<p>D1 has a part time doorman, and a live in super. I was the one who wanted that for her. With a doorman building, they announce visitors and then they go up by themselves, no need for you to come down. With a doorman or live in super, they could receive packages or dry cleaning.
The problem is you can’t always sell it and often rent can’t cover all the expenses. It really depends on where you are. NYC at the moment is at par whether you rent or buy, the question is how much appreciation you could get with your unit.</p>
<p>Son’s buddy just rented a small 2 bdr in manhattan, very nice from son’s description for $2400 per month. His buddy was living in NJ but was tired of the longer commute. He too had a hard time finding one that was suitable for a reasonable price. Took several months, almost 6 months to find it. He too signed a longer lease to get a better deal. And it is a pain to get furniture in and out of.</p>
<p>Think he had to come up with security+first and last’s months rent. He has a good job, graduated from an ivy 1.5 years ago but didn’t really have credit in his name yet, so his parents had to co-sign. </p>
<p>Contrast with son’s first apt in Chapel Hill, also a 2 brd but with 2 full baths. 1350+ square feet, 2 huge decks, full kitchen with a new appliances, 2 floors master is up with 2 walk-in closets, includes washer and dryer, water, garbage, and a very nice working fireplace.</p>
<p>Amenities have a 24 hour gym, pool, clubhouse, all for $700. He has a roommate, so brings it to less than half. Since he had established credit while in college (student cards, USAA, Citi, BofA) he had excellent credit. No security, no first or last, just the pro-rated amount for the days remaining in the month (needed no co-signer or guarantee). Also the established credit allowed him to sign the lease for the time he desired at the best rate offered. Also allowed him the option of locking in the rate if it was to go up. If the rate goes down they will then honor that.</p>
<p>The bus line stops in front of his unit (more of a townhouse than apt) and it takes just under 7 minutes to the doors of the med school, students ride for free. So his housing expense is running under $4000 per year which includes electric heat/ac. It is in a green belt so great running trails and very safe (it’s chapel hill!). No charge for parking either.</p>
<p>It has so much storage, under the stairs it could be another room! And he did pick up most furniture from Craig’s List since we live in the furniture capital of the US. Gorgeous Ethan Allen 5 piece wall unit for under $200. Bedroom set for $125. All solid wood made here in NC. And unlike his buddy new place easy to move furniture into and out of.</p>
<p>Son’s girlfriend also lives in NYC, nasty studio apt. she splits with another best friend can only fit 2 futons and no kitchen, just a small college fridge and electric skillet with ROACHES! Son wasn’t to thrilled when he finally saw the place, she usually visits him. Now he knows why. All for $1750 per month, bugs and all. Compared to his place where after they cleaned the carpets the management company after not liking the result replaced all 1350 square feet with new carpet. They are now installing the new HE washer and dryer’s next month, he has his own laundry room upstairs off from the master bdrm.</p>
<p>So I think OP your rent/expenses can vary greatly depending on location. Son does say all his friends in NYC and in Boston (Harvard law buddy) pay substantially more than he for much, much less. So that would need to be taken in when looking at your job offers and relocation costs.</p>
<p>Kat</p>
<p>What is the difference between a convertible 2 and a 1BR apartment?</p>
<p>The good old days–my first apartment was the second floor of a renovated Victorian house. It was lovely, 1 bedroom, large living room, nice sized kitchen, walking distance to work, shopping, etc. in a lovely tree lined street full of big Victorian houses, rent including all utilities except cable and telephone, $200/month, but then again, my starting salary was $16,000/year.</p>
<p>Convertable 2 is really a 1 bedroom with a dining alcove or study which could be made into a second bedroom with a wall/door.</p>