First You Should Know the Formula: Landlords use the standard formula that Banks use to determine if an applicant can financially afford what they want.
HERE’S HOW TO QUALIFY: Combine all your monthly income. That’s the total income for you alone or together with your spouse or partner. Use only the take home amounts after taxes, then times that by 30%, that is what a landlord uses to determine if you can afford the monthly rent.
EXAMPLE: Let’s say your combined paychecks are $1,750 per week BUT, your combined total take home Income with you and a partner is $1,400 per week, that amount times 4 weeks equals $5,600 per month, that amount times 30% equals $1,680 dollars. That is the maximum amount an apartment owner will approve you for, and is truly what you really can afford for housing.
Set your budget from your true net income and Come Prepared! Applicants compete for these discounted apartments and they don’t stay vacant very long — so when looking for a discounted rental, go above and beyond, stand out from the other applicants. Come prepared with pay stubs to verify income and employment, if possible, bring a credit report, references and a checkbook in hand so you’re ready to sign and provide a deposit to hold the unit till you’re ready to move in.
Those who hesitate lose.
Call us at: 718-PAY-LESS that’s 718-729-5377
October 2, 2019