How much rent can I afford?

Before you start your search, check what rent fits your income and what landlords usually ask for. Enter your income to see a rent range, or enter a rent to see the income a landlord will usually look for. It is the same math Mena Realty uses to help renters set a budget before the search starts.

How landlords look at income

• Many New York City landlords look for a yearly household income of about 40 times the monthly rent. For a $1,800 rent, that is $72,000 a year.
• If your income is lower, a landlord may accept a guarantor, often someone who earns about 80 times the monthly rent.
• These are common practices, not laws. Each landlord sets its own requirements, and must apply them the same way to every applicant.

Money due at lease signing

• First month’s rent.
• Security deposit: no more than one month’s rent.
• Application or screening fee: no more than $20.
• Broker fee: none when the broker works for the landlord (FARE Act). If you hire a broker to search for you, any fee is agreed in writing first.

If you use a rental assistance program

When your program sets your share of the rent based on your income, New York City landlords may not add their own income requirement or require a guarantor. The income figures above do not apply to you. See our guide to rental assistance programs.

Common questions