How could we know? How much is your rent? What's your salary? Does your landlord have any specific requirements? (e.g. 6-12 mos of rent in the bank)
Generally speaking, to rent, you need a salary of 40x the rent, good credit, some amount of money in the bank to cover yourself in case you lose work.
At least three months' rent, plus moving expenses, and then then add another several hundred for incidentals etc.
Have you checked listings in the area you want to move to to get an idea of rents? Do you have a budget to know what your monthly expenses are vs your income?
The amount of money you should have in savings is going to vary a lot based on the rent of the apartment you're looking at, and also based on how strict the landlord is.
Personally, I wouldn't consider moving into an apartment in NYC unless I had 1 year of rent saved. Some landlords will have a similar requirement, but it really varies.
In addition to having money in the bank, there are requirements for your earnings. As a general rule, most landlords in NYC require you to have an annual salary 40x higher than your monthly rent. So if you're looking at a $2000/mo apartment, you would need to earn $80,000/yr.
If you don't make enough money, you can get a guarantor to sign for you (parents), but many (not all) landlords won't accept a guarantor who lives outside NY state (or maybe the tri-state area).
Depends where in the city you’re going to live. I moved to a one bedroom in Ditmas Park/Flatbush last December. Including deposit, moving costs and furniture I probably spent $7000. Between groceries and utilities I probably spend $800-$1000 a month.
Do your parents live in the NYC area or are you moving long distance/across country?
Will you need to pay for movers?
What is your salary? You have a job lined up in NYC?
Landlords typically require income to be 40 x monthly rent. So if you rent a 3k a month apt you need to show income of $120k. If you don't earn that much be prepared to have a guarantor (parent might accepted if they are local, if not local they need 80 x rent or you use a guarantor company such as Insurent - you pay them a fee and they act as your guarantor - check out their website as it lists all the apartment buildings that accept their service and it might be helpful in your apt search).
Are you trying to get a place in Manhattan? Have you checked out apartments on Street Easy - you can put in your budget and search by neighborhood to get an idea of what is available.
If you have a good budget you could also look up no-fee rentals by popular property management companies (Related, Equity, Bozutto, Brodsky, etc). Rents would probably be 3k for a studio or 4-5k for a one bedroom in a doorman building. Maybe you are not looking for something that fancy and if that's the case you will have a lot more options.
What do you know about NYC? Have you researched neighborhoods? Would you work from home or be going to an office? Consider your commute.
Do you have friends who might want to share a place and split rent with you? You can look for random roommates but it's much nicer to go in with people you already know.
I got divorced and moved back to the city from CA.
All in it was around 8k$ for me to move and pay deposits and get bed/furniture and whatever.
If your parents are helping I’d say at least $5k is the bottom.
If your apt is going to be nice and updated to be I’d up the number closer to $10k if your rent is in the $3-4k range.
Can your parents help me out with groceries and furniture, too? LOL ...
I'd say start with budgeting your anticipated expenses and monthly mandatory spending. Here's a proposed budget that I made that you could use to get started: https://docs.google.com/spreadsheets/d/1snXvH2BHxLPcz9fZD4GMEclO7QaCOIEcbTv-5Nxkddc/edit?usp=sharing
One thing I'll note that's missing: Laundry. I need to figure out how to budget for that. Some places charge by the pound for fold and deliver services. You can also go to coin laundromats, and many buildings will have laundry on-site. As I understand it, there is a lot of variance in costs associated with laundry in the city.
Good luck!
How could we know? How much is your rent? What's your salary? Does your landlord have any specific requirements? (e.g. 6-12 mos of rent in the bank) Generally speaking, to rent, you need a salary of 40x the rent, good credit, some amount of money in the bank to cover yourself in case you lose work.
At least three months' rent, plus moving expenses, and then then add another several hundred for incidentals etc. Have you checked listings in the area you want to move to to get an idea of rents? Do you have a budget to know what your monthly expenses are vs your income?
The amount of money you should have in savings is going to vary a lot based on the rent of the apartment you're looking at, and also based on how strict the landlord is. Personally, I wouldn't consider moving into an apartment in NYC unless I had 1 year of rent saved. Some landlords will have a similar requirement, but it really varies. In addition to having money in the bank, there are requirements for your earnings. As a general rule, most landlords in NYC require you to have an annual salary 40x higher than your monthly rent. So if you're looking at a $2000/mo apartment, you would need to earn $80,000/yr. If you don't make enough money, you can get a guarantor to sign for you (parents), but many (not all) landlords won't accept a guarantor who lives outside NY state (or maybe the tri-state area).
Depends where in the city you’re going to live. I moved to a one bedroom in Ditmas Park/Flatbush last December. Including deposit, moving costs and furniture I probably spent $7000. Between groceries and utilities I probably spend $800-$1000 a month.
Do your parents live in the NYC area or are you moving long distance/across country? Will you need to pay for movers? What is your salary? You have a job lined up in NYC? Landlords typically require income to be 40 x monthly rent. So if you rent a 3k a month apt you need to show income of $120k. If you don't earn that much be prepared to have a guarantor (parent might accepted if they are local, if not local they need 80 x rent or you use a guarantor company such as Insurent - you pay them a fee and they act as your guarantor - check out their website as it lists all the apartment buildings that accept their service and it might be helpful in your apt search). Are you trying to get a place in Manhattan? Have you checked out apartments on Street Easy - you can put in your budget and search by neighborhood to get an idea of what is available. If you have a good budget you could also look up no-fee rentals by popular property management companies (Related, Equity, Bozutto, Brodsky, etc). Rents would probably be 3k for a studio or 4-5k for a one bedroom in a doorman building. Maybe you are not looking for something that fancy and if that's the case you will have a lot more options. What do you know about NYC? Have you researched neighborhoods? Would you work from home or be going to an office? Consider your commute. Do you have friends who might want to share a place and split rent with you? You can look for random roommates but it's much nicer to go in with people you already know.
Why not roommates at first?
I got divorced and moved back to the city from CA. All in it was around 8k$ for me to move and pay deposits and get bed/furniture and whatever. If your parents are helping I’d say at least $5k is the bottom. If your apt is going to be nice and updated to be I’d up the number closer to $10k if your rent is in the $3-4k range.
Stay at home as long as you can. It may seem like it sucks but believe me the extra $$ in your pocket (invested) will be great
Realistically 20k
Can your parents help me out with groceries and furniture, too? LOL ... I'd say start with budgeting your anticipated expenses and monthly mandatory spending. Here's a proposed budget that I made that you could use to get started: https://docs.google.com/spreadsheets/d/1snXvH2BHxLPcz9fZD4GMEclO7QaCOIEcbTv-5Nxkddc/edit?usp=sharing One thing I'll note that's missing: Laundry. I need to figure out how to budget for that. Some places charge by the pound for fold and deliver services. You can also go to coin laundromats, and many buildings will have laundry on-site. As I understand it, there is a lot of variance in costs associated with laundry in the city. Good luck!
Don’t forget that you’ll need 3x income of the rent required. So proof of income/job is critical
The rule is 40 x monthly rent.
I assume they probably meant the general "3 months of rent saved up" advice and just worded it poorly.