Can’t even afford to apply for rent in this day and age.
Thursday, 13 Mar 2025
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This is the norm in NYC. Renter needs to make 40x monthly rent per year (not per month), or have a guarantor who makes 80x (since guarantors will have housing expenses of their own in addition to co-signing). It about equals out to the common 30% of gross income goes to rent rent rule, which is quite common, but brokers in NYC tend to use 40x because it’s easier to calculate and less ambiguous with a yearly salary. Here in New York there are businesses that will act as your guarantor that some people use.
(I edited this comment to make it more clear that this isn’t all that outrageous a rule when compared to other cities — the messaging in New York is just a little different than it is in Chicago, for example)
it’s gotten ridiculous. here in LA apartments expect you to have minimum 750 credit score.
80x the rent??
So if you don’t make $104K you need a guarantor that makes $208K?
NYC is wild
Who tf makes 80x rent these days and gives away guarantor’s letters? It must be some kind of an error or scam or they’d have no tenants.
Yep, my husband couldn’t be a guarantor for my daughter’s lease cos they wanted him to make 6x the rent, so he is signed on as a second renter on there just so she can meet income requirements but he doesn’t live with her. the leasing agents can’t afford their own apartment’s income requirements but we’re supposed to?!? FOH
Wtf is this world coming to, man… I‘m sorry. Stay strong!
I bought a fucking house with 650 credit.
So you need to make $80,000 a year to rent a $1000 a month apartment? Is my math right?
“Dude if I made 80x the rent do you think I’d be renting!?”
NYC has some very stringent eviction laws, it’s extremely difficult to chuck people out, I guess this is the unintended effect of such laws.
This is why I live in Kentucky.
Come out here to boring Kansas, I can get you a house with 2 beds 1 bath a full basement and a loft space for like 1200 so long as you have proof of income, it’s real close to the local university and not that far from downtown
When I see posts like that I’m thinking why people make fun from social score in China if USA has already one, established and nobody makes fun of it (why?).
Credit score system is as crazy as your insurance system.
Damn. Never felt happier to be in AZ. That’s brutal
In otherwords they don’t want anyone paying more than 30% of their income.
I’m shocked honestly that nyc hasnt seen any landlord luigis
If I made 80x the rent………..I WOULDN’T BE RENTING? I don’t make 3x my rent, but thats what the new leasing company wants from new tenants. Thank god I squeaked into this shithole 6 years ago.
Gonna need some more Luigis to shake up the system. It’s not just health care that needs a major overhaul.
Out of interest, what’s an average rent in NYC?
One of my apprentices asked if I’d be willing to co-sign an apartment for him. He’s a good kid, works hard, got done dirty in life, so I said fuck yeah.
Rent was about 1600 a month. He got denied even with me as guarantor (with a $300,000+ salary…)
Of course that apprentice is black so…
Holy fuck. Even my small condo in a Midwest suburb would require a 6 fig earner with these parameters.
Rent is supposed to be 33% of you pay. Preferably less. 8x is nuts.
That has to be a typo. And usually it’s per month, so that would be 2.496 million. I assume they meant 8x which would be 250k. I guess it’s not that much of a difference, 80x or 8×12 …that’s worse.
Within a decade the extortionate cost of housing in major cities will collapse. Minimum wage is still $7.25 but a studio apartment is $2,500 a month?
Imagine the landlord now wants to increase the rent by 4% every year. In a decade, that apartment is now $3,700 – minimum.
I guarantee that Trump will not increase minimum wage.
The working class have already been squeezed and the pips have already squeaked.
All it will take is another global pandemic and people will evacuate the cities, and it will start with renters who have no capital invested there. Once that happens, landlords will be begging people to rent their apartments and for much more reasonable rents.
80x the rent is crazy. You cant rent a house for 2500 a month unless you make 200k per year?
Yup I make 21 a hr anf caint afford a apartment i just rent a room for 400$
I know a college age guy who had no US work history or accounts, so he couldn’t rent anywhere realistically. He was able to show his parents account with over $1M USD in it, but because the currency was in Chinese Yen he still got turned down.
Wild to me that he could prove his parents were millionaires based on just one account they held and still he gets turned away, what do these landlords want exactly?
80X the rent?
I assumed 80X’s the rent was a type or some error because it sounded insane.
Looking at the comments holy shit.
Funny when Americans laugh at Chinese social credit system and then you see this.
lol what?! No one has 80x rent
Hey everyone, stay away from Zillow, it’s that simple
Bruh when I started to earn more than 100k a year, I bought a house, why the fuck would I be renting the equivalent to my mortgage
As European, this credit score thing sounds exactly like the Chinese social score everyone was fear mongering about
The fuck?!