Although each building is different, most buildings do some form of "underwriting" to determine if you are eligible based on their requirements. The most common is based on your monthly gross (i.e. pre-tax) income. In addition to other factors such as your background check and credit report, many buildings require your monthly gross income to be at least three (3) times your monthly rent. For example, if your monthly rent is $2,000 per month then the apartment building will usually require $6,000 per month ($72,000 annually) in gross income. As mentioned above, other requirements may include a credit score and / or background check. Each building has a different minimum standard for credit score. To help you find out what your monthly rental range is we have created an excel document which uses this same formula. You can download it by clicking the link below.
By downloading this tool you confirm this is only an estimate and any building may change their standards at any time.
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