The rule, simply
Across New York City, most landlords screen tenants by a single ratio: your gross annual income should be at least forty times the monthly rent.
For a $3,000-a-month apartment, that means you need $120,000 in gross annual income to qualify on your own. Two leaseholders earning $60,000 each combined hit the same number.
required_income = monthly_rent × 40
Common questions
Is this a law?
No. It’s a screening guideline used by most NYC landlords and management companies, but no statute enforces it. Some buildings use a different multiplier (35×, 45×) or look at debt-to-income ratios. Smaller landlords sometimes ignore it entirely.
What counts as income?
Gross income before taxes, meaning what shows up on the top line of a pay stub, not what hits your bank. Self-employed applicants should use documentable income (tax returns, 1099s, bank deposits).
What about net-effective rent?
Use the gross figure. If a listing advertises “one month free” and a net-effective rent of $2,750 on a 12-month lease, the actual rent is closer to $3,000. Convert: gross = net × lease_months ÷ paid_months.
What if I’m short?
Three common paths: a guarantor at 80× rent, prepaying several months upfront, or finding a building that accepts a different ratio. Companies like Insurent and Rhino offer institutional guarantors for a fee.