NYC lease with one working spouse

December 23, 2016 9:48 AM

Will we have trouble finding someone to rent to us when only one of us is working?

My wife and I will likely be moving to NYC in the next few months. I understand that an annual salary of 40x one month's rent is required by most landlords. In the price range we're looking in, we can meet that threshold on my salary alone. However, I just saw this comment from October and it has me a little freaked out. My wife may or may not be working when we move, and if she is, her salary may or may not meet that 40x threshold on its own.

How likely is this to be a problem? If it is a problem, how surmountable is it? In the past, in less demanding rental markets, we've been able to smooth over issues like this (specifically, my then-limited credit history) by pre-paying a few extra months rent or providing bank statements. Is that going to work here? A guarantor is likely not an option.

posted by enn to Work & Money (10 answers total)

Best answer: You may hit some landlords who do this, but I don't actually think it's that common, since if your name is on the lease, you're liable for the whole rent (at least to the landlord) regardless of who else is on it. If this were a common practice, there'd be a lot more couples who couldn't find places to live.

That said, it never hurts to be able to show significant assets.
posted by praemunire at 9:53 AM on December 23, 2016

Best answer: I was able to get a lease in my name only when I was working and my husband was a student. YMMV.
posted by ThePinkSuperhero at 10:04 AM on December 23, 2016

Best answer: As long as you can show financials demonstrating that you're able to pay the rent yourself, it won't be a problem with many landlords, if any. This has always been the case for my husband and me; I work full time and he freelances, and we usually don't even bother giving the landlord his financials. Never been even the slightest problem.
posted by holborne at 10:30 AM on December 23, 2016

You could try to get the apartment leased in only your name and have your spouse added after. Per the NYC Rent Guidelines Board:

"Finally, if you are married, the landlord must put your spouse on the lease if he/she is requested to do so and cannot charge the vacancy allowance. However, if you ask the landlord to put your fiancée on the lease BEFORE you are married, he/she could charge the allowance."

link
posted by Exceptional_Hubris at 10:47 AM on December 23, 2016 [1 favorite]

Per the NYC Rent Guidelines Board:

"Finally, if you are married, the landlord must put your spouse on the lease if he/she is requested to do so and cannot charge the vacancy allowance. However, if you ask the landlord to put your fiancée on the lease BEFORE you are married, he/she could charge the allowance."


This is only for rent-stabilized apartments and is unlikely to affect the OP.
posted by praemunire at 11:00 AM on December 23, 2016 [1 favorite]

fair point praemunire, but how could it be legal to forbid a legal tenant to move their spouse into a housing unit? Would that not amount to discrimination on the basis of family-status?
posted by Exceptional_Hubris at 11:12 AM on December 23, 2016

Best answer: In 2013 my then-fiance rented a studio in Manhattan at about 45x ratio. I was present when we signed the papers with the building rental guy, but it was in her name only and nothing was asked of me. Just a hunch, but he got a pretty big (~$3k, IIRC) finder's fee so that probably helped him not care too much. If you strike out on no-fee type apartments, maybe that's something to consider?
posted by losvedir at 12:23 PM on December 23, 2016

I doubt it would be legal, but there's no reason the landlord has to rent to you in the first place so that it would be a question of moving someone in. As long as his policy was "40x rent per person on lease" rather than "40x rent for singles, 80x rent for couples" he could probably get away with it, legally.

IIRC there is some local regulation on whether you can move an unmarried partner into your apartment without landlord consent, but I don't remember if it applies strictly to condos and co-ops or to rental housing as well.
posted by praemunire at 2:53 PM on December 23, 2016

I got my own apartment in NYC making way less than 40x the monthly rent. WAY less. I have also only heard the guideline about both parties needing to meet the threshold in a non-married situation (roommates or co-habiting). My then-boyfriend and I were subjected to it when we moved in together but not again when we were married and he was freelancing (ie, hard to document income). I wouldn't worry about it much.
posted by peanut_mcgillicuty at 7:41 PM on December 23, 2016

Best answer: Hoping you see this. When my partner and I moved a few years back, we had a hitch because her credit rating was low (not her fault; long story). We, at the landlord's suggestion, used a company called Insurent. We had to give them a check for a certain amount, and they guarantee the landlord that rent will be covered. That's the short of it, and it depends if the landlord/management company knows them and works with them, likely. FWIW. http://insurent.com/
posted by old_growler at 12:03 AM on December 24, 2016 [1 favorite]