The 40x rent income requirement has become a standard in New York City, despite being significantly higher than rents in other cities, leaving many unable to qualify.
Many real estate brokers, despite their experience, are unable to identify the origins of the 40x income rule, as it has simply always existed in the market.
While $137,200 is the required income for a one-bedroom in Midtown East, it exceeds the median salary in New York City, revealing a substantial gap for most tenants.
Brokers noted that it is common for landlords to request income 45 times the rent, and even 96 times for guarantors, emphasizing the high barriers to renting in NYC.
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