Before you fall in love with an apartment, check whether you'll pass the landlord's income test. In New York City that almost always means the 40× rule. Use the calculator to find the most rent you can qualify for, or the income a specific listing requires, plus the cash you'll need on move-in day.
Income needed by rent (40× rule)
| Monthly rent | Income needed (40×) | 2 roommates, each | Guarantor must earn (80×) |
|---|---|---|---|
| $2,000 | $80,000 | $40,000 | $160,000 |
| $2,500 | $100,000 | $50,000 | $200,000 |
| $3,000 | $120,000 | $60,000 | $240,000 |
| $3,500 | $140,000 | $70,000 | $280,000 |
| $4,000 | $160,000 | $80,000 | $320,000 |
| $5,000 | $200,000 | $100,000 | $400,000 |
Max rent by income
| Annual income | Max rent (40× rule) | Comfortable rent (30% of gross) |
|---|---|---|
| $60,000 | $1,500 | $1,500 |
| $80,000 | $2,000 | $2,000 |
| $100,000 | $2,500 | $2,500 |
| $150,000 | $3,750 | $3,750 |
| $200,000 | $5,000 | $5,000 |
With Q2 2026 median asking rents around $5,100 in Manhattan, $4,050 in Brooklyn and $3,550 in Queens, a single renter needs roughly $140,000 to $205,000 to qualify alone. That's why so many New Yorkers rent with roommates or a guarantor.
Move-in costs: what the law allows
| Cost | Rule | On a $3,500 apartment |
|---|---|---|
| First month's rent | Due at signing | $3,500 |
| Security deposit | Capped at one month's rent | $3,500 |
| Application fee | Capped at $20 (or the actual cost of checks, whichever is less) | $20 |
| Broker fee, landlord's broker | Tenant can't be charged (FARE Act, from June 2025) | $0 |
| Broker fee, your own broker | Negotiable, often about one month's rent | $0–$3,500 |
| Typical total | $7,020 |
Guarantors: family or company
- Family guarantor: usually must earn 80 times the monthly rent and often live in New York, New Jersey or Connecticut.
- Guarantor company: companies such as TheGuarantors and Insurent act as your guarantor for a fee that is often in the range of most of one month's rent per year, depending on your credit and income. Ask which companies the building accepts before applying.
Tips for qualifying
- Bring documents ready: recent pay stubs, an employer letter, the last two tax returns and bank statements.
- If you're self-employed, landlords usually look at tax returns, so show two years of steady income.
- Combine incomes with roommates and apply together.
- Consider buildings in Queens, the Bronx or Upper Manhattan, where the same income stretches further.
Next steps: estimate your paycheck with the NYC income tax calculator, your monthly bills with the utilities calculator, and moving day with the moving cost calculator. Thinking long term? Try rent vs. buy.
Frequently asked questions
What is the 40× rent rule in NYC?
It's a screening standard most NYC landlords use: your gross annual income should be at least 40 times the monthly rent. For a $3,500 apartment that means $140,000 a year. It's a landlord policy, not a law.
How much income do I need for a $3,000 apartment in NYC?
About $120,000 a year under the 40× rule. Two roommates splitting it would typically need $120,000 combined, or about $60,000 each.
How much do I need to earn to be a guarantor in NYC?
Most landlords want a guarantor to earn 80 times the monthly rent, and many require the guarantor to live in the tri-state area. For a $3,000 apartment that's $240,000 a year.
How much does it cost to move into a NYC apartment?
Usually first month's rent plus a security deposit of no more than one month's rent, plus application fees of no more than $20. Under the FARE Act (effective June 2025), you don't pay a broker fee when the broker works for the landlord. If you hire your own broker, you pay them, often about one month's rent.
Can a landlord charge more than one month's security deposit in NYC?
No. Since 2019, New York law caps security deposits at one month's rent, and landlords can't ask for extra money from you, a guarantor or a third party on top of it.
What if I don't meet the 40× requirement?
Options include adding a roommate, using a family guarantor who meets the 80× rule, using an institutional guarantor company (which charges a fee), or looking at buildings with lower income requirements.
Sources & methodology
Prices are compiled from published provider price lists, government fee schedules and quotes, then adjusted for 2026. See how we price.