1. It’s near impossible to find one
The vacancy rate in New York hovers around 1%, and could be even less depending on the time of year/neighborhood. The national average is 10%. When people move here, they move here. Basically good luck.
2. You need to make 40x your rent
FORTY times your monthly rent.
3. Your guarantor MUST. BE. LOADED.
Should you not make 40x your rent, no worries! Your landlord is TOTALLY WILLING to accept a guarantor... assuming he/she lives in the tri-state area and makes a cool 80x your rent. Easy.
4. Credit score means EVERYTHING
“Credit holds a lot of weight in this city, no matter the blemish,” says Rory Bolger, a broker with Town Real Estate in Manhattan. “Let’s say your income is 10-15k under 40 times your rent, but your credit is stellar -- they will add that weight in. But if your credit has some dings, even if they aren’t so bad, that’s a different story.”
5. You will never have enough closets
Even as you make more money and move into a bigger apartment, you will inevitably accumulate more stuff. Closets, much like central air and new appliances, are a luxury.