“The best indicator of that is someone whose income requirements meet and satisfy the 40-times-the-rent requirement,” Lin said. “No one should spend more than a third of their gross income on their rent.” Lin added that a guarantor is another way to appeal to a landlord, or use a service such as Insurent (insurent.com), which acts as a guarantor or co-signer for a small fee.
Current Manhattan Apartment Rental Prices
— Rents in Manhattan increased from $3,657 to $3,832 overall, from May 2012 to a year later
— Rents in Battery Park City increased 4.28%
— Rents in Chelsea increased 2.79 %
— Rents in the East Village increased 3.04%
— Studios in Greenwich Village, Midtown East and the Upper East Side decreased as much as 2.4%, roughly $60 a month
Current Brooklyn Apartment Rental Prices
— Rents in Brooklyn increased overall from $2,486 in April to $2,503 in May
— Rents in Brooklyn increased from $2,407 to $2,503 between May 2012 and a year later
— Rents for studios in Greenpoint dropped 10% from April to May, to an average of $2,416.
— Rents for studios in Bushwick dropped 8.69% in May
SOURCE: MNS MAY RENTAL MARKET REPORTS