Posted by Lilly Thall on November 08, 1998 at 23:31:46:
In Reply to: Renting 2 BR by myself THEN finding a roommate posted by Danielle on November 01, 1998 at 02:48:37:
: I'm faced with a situation where I must find an apartment immediately. Though I can afford about $900 rent (not peanuts, by any means) for a Manhattan share, I haven't been successful finding anything so far. This is most likely due to the fact that I have a cat. I was thinking of looking for a 2 BR apartment in Queens so I could get a nicer place than a 1 BR and finding a roommate after I had rented it. This way, I could set the terms (I need a quiet space to study where I can have my cat).
: However, I have a feeling that the 2 BR deal is going to cost about $300 more than I was originally willing to spend. I have a full-time job, good credit, and can afford the extra rent until I find a roommate (at least 5-6 months). I have a feeling though that a potential landlord might not think I can afford it and not want to rent to me.
: A broker told me recently that they figure that a tenant can afford to spend 1/40 of their annual income as monthly rent. Is that a rule of thumb? By this, I can afford $950, but I know I can pay the extra money if I am frugal.
There are people paying 50% or more. There are apartments with 8 people meant for two. Your budget is yours to figure out. Brokers will figure what they want. 30-33% of income is also a rule of thumb.
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