🏙️ NYC Tool

NYC Apartment Affordability Calculator

The 40x rule, broker fee, security deposit: see what your salary can get you and how much cash you need to move in.

Last verified: April 2026. The 40x rule and broker fee norms reflect current NYC market conventions. Always confirm requirements directly with landlords.

Renting in New York City is its own financial sport. Landlords want 40 times the monthly rent in annual income. Brokers want a full month or more as their fee. Landlords want first month, last month, and a security deposit. By the time you sign a lease on a $3,000 apartment you may have written checks totaling $12,000 or more before you've unpacked a single box. This calculator shows you what salary you need, what apartment you can afford, and exactly how much cash to have ready on move-in day.

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Option 1: What Can I Afford?
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Enter your income above to see what you can afford.

Frequently Asked Questions

What is the 40x rule and where did it come from?

NYC landlords require annual income of 40 times the monthly rent. It's not law. It's a market convention. On a $3,000/month apartment, you need $120,000 in gross income. Some landlords apply it per person, others to the household. If you fall short, a guarantor (or a guaranty service like Insurent) can bridge the gap, usually for a fee.

Is a broker fee legal in NYC?

Yes and no. The FARE Act, which took effect in 2025, shifted the broker fee obligation to whoever hires the broker. If the landlord hires the broker, the landlord pays. But landlords adapted quickly by raising rents or requiring tenants to sign separate broker agreements. No-fee apartments exist and are worth hunting for. They save thousands upfront.

How much is the security deposit in NYC?

For most residential apartments, NYC law caps the security deposit at one month's rent. Some older leases and market-rate buildings still charge two months. You should get this back within 14 days of moving out, minus documented deductions for actual damages. Normal wear and tear is not a deductible damage.

What if I don't meet the 40x requirement?

You have options. A guarantor with strong income can co-sign. Guaranty services like Insurent or TheGuarantor charge a fee (typically 5-10% of annual rent) but are accepted by many buildings. Prepaying several months of rent upfront is another route some landlords accept. Having excellent credit helps your overall application even if income falls slightly short.

What's the difference between max rent and comfortable rent?

Max rent (40x rule) is what landlords require. That doesn't mean you can afford it. The 30% rule is the traditional personal finance guideline: keep housing costs under 30% of your take-home pay. This calculator uses take-home (not gross) because that's the money you actually spend from. In NYC the 30% rule is aspirational for many. The real question is what's left after rent for everything else.

Should I get renters insurance?

Yes, always. NYC renters insurance typically runs $15-$30/month and covers your belongings against theft, fire, and water damage. Many landlords now require it. The cost is trivial. Replacing your laptop, furniture, and clothing after a flood or break-in is not. Get a policy before you sign your lease.