🏠Rent Rule Calculator
Calculate income requirements for NYC rental applications
đź’° Rental Details
Enter the monthly rent and occupant information
Occupant Income
Qualification Results
Based on the 40X income rule for NYC rentals
NYC Fee Caps (2024)
- Security deposit: Maximum 1 month’s rent
- Application fee: Maximum $20
- Broker fee: Maximum 1 month’s rent
Frequently Asked Questions
What is the 40X rent rule?
It is a common NYC screening guideline. Your gross annual income should be at least 40 times the gross monthly rent. Example: $3,000 rent requires $120,000 in gross annual income.
How do I use the calculator for roommates?
You can check two ways. Combined mode: add all leaseholders’ gross annual incomes and compare to 40 × total rent. Per-share mode: divide the rent equally and make sure each person earns at least 40 × their share.
Do I qualify based on net-effective rent or gross rent?
Use gross rent. If a listing shows a net-effective number with free months, convert it to the true monthly amount paid. Formula: gross = net Ă— lease_months Ă· paid_months.
What if I need a guarantor?
Many landlords look for a guarantor with gross annual income around 80 × the monthly rent. Some use a range such as 70 × to 100 ×. The calculator should let you pick the multiple and check a guarantor’s income.
Which income should I enter?
Enter gross income before taxes. If you are not paid annually, convert to annual: hourly Ă— 2,080, weekly Ă— 52, biweekly Ă— 26, semi-monthly Ă— 24, monthly Ă— 12. Self-employed users should enter gross income that can be documented.
Is the 40X rule required by law?
No. It is a common screening guideline used by many landlords and buildings. Policies can vary by property, and some applicants may be evaluated using different criteria.