how common is the 40x rule (landlords want you to make at least 40x the rent)?? i’m looking to move to nyc and want a studio, so narrowing down my search to find a studio <2k feels impossible, esp in a convenient location. any insight would be helpful!

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I’m not sure if they changed the law but it’s still 40 times rent or guarantor needs to make 80 times the rent
Renting here is ass
But it truly depends on the building and you. You have better chances if you have a good credit score and some good savings

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It’s not a law..the 40x is rather a guideline most landlords use to qualify potential tenants but they can be more lenient/stricter depending on what they want.

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Depends on the building/landlord. When I moved to NYC 5 years ago I wasn’t making 40x but I negotiated with the building that I would pay 3 months deposit to make them feel comfortable. BUT the market is insane right now, so it’s definitely a seller/landlord market and they are more likely to be stricter since demand is so high. You might be forced to get a guarantor or take over someone’s lease/get roommates.

Hoboken

Very common. Look in Queens.

40x is the standard. I’m looking to sublease my Astoria studio if you’re interested. It’s <2k per month.

Almost universal with some requiring 45x

It’s common, but if you’ve got significant savings, you could use that as justification when you apply (will have to provide statements). I’ve gotten around the 40x a few times this way. They just want to know you’ll be good to pay rent for the full lease term.

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