That Mary Tyler Moore Moment - Your First Apartment

Anne Darer • January 12, 2021

You're gonna make it after all.

There come's a day when you realize you are ready to go out on your own. The appeal of making your own space, with your own things, in your own place is pulling you away from dorm life, or living at home with your parents or roommates. In New York City the costs and challenges of getting that first place can be prohibitive. What does it take to get a place of your own?

Here are 5 Tips to get your to place of your own and your very own Mary Tyler Moore moment.

1. Plan Ahead: Before you start looking at listings and going to see apartments you must start saving You will need to demonstrate your wherewithal to enter into a lease. Save up enough to have your first month's rent, security deposit and cover an other fees. You should also show some cash in bank (or in an investment account) as reserves. You may want to set up a separate account for your deposit and transfer to that account each month so that you can segregate the funds for your goal.

2. Demonstrate Responsibility: Work on your credit. Make sure you pay your bills and any loans timely. Landlords will look to your credit score and rental history as guideline for your will need to show that you exhibit financial responsibility.

3. Know what you can afford: For rentals you should expect that you can will be expected to show annual income of 40x the monthly rent. If you have a lot of monthly obligations and debt payments those will need to be covered by your income.

4. Be prepared: When you are ready to look at apartments you should prepare your supporting documents in advance: Make PDF copies of the key supporting documents that are needed: three most recent paystubs, your past two years of tax returns or W2s, employment letter, landlord references, 2-3 months worth of bank statements and investment account statements, a copy of the front and back of your ID.

4. Guarantors can help: If you do not meet the income requirement or have credit issues, you can ask if the landlord will accept a guarantor. A personal guarantor will need to demonstrate 80x the monthly rent and submit application providing all the supporting documents required above. Another solution is to apply through a third party lease guaranty insurance service like Insurent whose standards for income are lower and they cover that risk by charging your an insurance premium to serve as lease guarantor.

5. Be Focused: When you start your search define your wish list by neighborhood, apartment size, proximity to transportation and other amenities. Get clear on what are must haves and what are nice to haves.

In New York everyone is always searching for the perfect apartment, perfect job, and perfect partner. It's unlikely that you will have all three at once. So be open and enjoy the process. Take advice from and experienced and caring real estate professional, You're gonna make it if after all!

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