You can’t rent an apartment in New York just because you’re rich!

You would think if you had $3 million in the bank you could come into New York City and rent any apartment that you wanted-you can’t.

New York City landlords are looking for people with jobs who earn 40 to 50 times the rent. If you’ve got 3 million bucks in the bank and you want to rent a $2000 studio-the landlord just might say no!

 If you had no money in the bank and you are starting your first job making $80,000 a year-and you had good credit bingo the apartment is yours.

If you have 3 million bucks in the bank and your guarantor has 3 million bucks in the bank but neither of you works-the landlord may just might say no.

If you have no money in the bank and you are a student, but your father is a dentist who makes $160,000 a year-bingo the apartment is yours.

The other mistake that high net worth individual make?

They show up in New York with a sense of entitlement. With a 1% vacancy rate in the more desirable neighborhoods in Manhattan ,the landlords have absolutely no incentive to rent apartments to people they’re uncomfortable with.

Why would they be uncomfortable with someone who has $3 million in the bank?


  1. If the apartment is rent stabilized the landlord is not legally allowed to take extra rent or security upfront.
  2. Landlords are concerned that if you don’t work you’re going spend a lot of time in the apartment.
  3. People with large assets have the financial means to get into court and fight long court battles over minor things.
  4. Landlords are concerned that if you spend all your money you won’t be able to pay the rent.
  5. Whether these are ridiculous or not-the landlord has all the power in deciding whether or not to accept your application.

 So what are the solutions?


  1. Tell your broker right up front that you have no income and that you do not have a guarantor who has income.
  2. Ask the management company (before you schedule a visit) whether or not they accept extra security or will take a year’s rent upfront.
  3. If the management company accepts, look at their list of landlords they work with and pick one of those buildings. ( This is a rental insurance program)
  4. Have your CPA or a certified financial planner put together a very simple one page explanation of your net worth, have supporting documentation.
  5. If you are a student have a letter from the school confirming your enrollment.
  6. Consider renting in a condo, individual owners can sometimes be more comfortable accepting the years rent upfront.
  7. Have a  reference letter from your previous landlord.
  8. Don’t take it personal!
  9. Try dormitory style sublets in Williamsburg, nyc at Common
  10. Look for a better deal on NYC apartments with Skylight

Remember there are many, many protected classes in New York City-but your financial profile is not one of them!