- Beginningyour Search
- understandingFee vs. No-Fee
- applying andlease signing
- Renting inNEW YORK CITY
Most landlords want to see that your income is more than 40 times the monthly rent. So take your pre-tax, annual income (salary, bonuses, dividends), and divide that by 40. That's the maximum rent you'll be approved for. Some landlords will allow you to combine your income with your roommates' income to hit this 40-times threshold.
Because some landlords have more than enough qualified applicants, many will require tenants to make 50 times the monthly rent. Welcome to New York.
When your income doesn't meet the 40-times requirement, you may have one other option: a guarantor.
If you'll be using an agent, you'll likely need to pay a broker's fee. Remember to budget for that cost, which will be between 8 and 15 percent of a full year's lease. (Assuming a 15 percent fee, if your rent is $2,000 per month – $24,000 per year – you'll owe the agent $3,600. Agents expect payment in full at the time of signing.)