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How to Rent

A New York City Apartment

STEP 3: Closing the Deal

Minimum income to rent a NYC apartment

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Just because you can afford to rent an apartment doesn't mean you're qualified to. Most landlords will require that your annual income (OR the combined annual income of you and your roommates) equals at least 40-45 times the monthly rent.

For example, to rent a $3,000 per month apartment, your annual income will need to be around $120,000.  You should also expect to have your credit report reviewed.  Most landlords will be concerned if you have a score under 700 (out of 850), and/or you have a history of late payments, judgments, or bankruptcies. In that case, you may not qualify for an apartment without an additional security deposit or a guarantor.  

 

Pro Tip:

If you don't earn an annual salary of at least 40 to 45 times the monthly rent—or if you’re an international employed person, self-employed, non-employed with assets, retired, or an international student or US student—you’ll need to find a guarantor for your lease who earns at least 80 times the monthly rent and lives in New York, New Jersey or Connecticut.  Or you can turn to Insurent Lease Guaranty.  Accepted at more than 4,700 buildings across the city representing over 475,000 apartments, Insurent Lease Guaranty is a quick and easy way to get the apartment you want. Click here to learn more.

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