The Income Rule Explained
In the Boston area, the standard income requirement is that your gross annual household income (before taxes) must exceed 3 times your annual rent (or 36x your monthly rent). Some landlords, particularly luxury buildings, use the 40x monthly rent rule.
Pro Tip: Offer Letters — If you are moving for a new job, a signed offer letter is usually accepted as proof of income.
Read guide on Income Requirements →The Roommate Advantage
Roommates and partners can combine their incomes to meet this income goal. For example, If you are looking at an apartment for $2,500/mo, here is how the combined income requirement shifts per person added:
Income for a $2,500/mo Apartment
1 Person (Solo)$100,000 / yr
2 People$50,000 / yr each
3 People$33,333 / yr each
4 People$25,000 / yr each
* These numbers assume each roommate contributes equally to the total rent
What if My Income Falls Short?
Falling below the 3x monthly income or 40x annual requirement is common in an expensive market like Boston. If you don't meet income or credit requirements, or you're an international renter, landlords will typically require a guarantor.
Learn more about Guarantor requirements →
