Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago,

Account Closed
  • Rental Property Investor
  • Toronto, Canada
8
Votes |
37
Posts

New York landlords: tenant income screening criteria?

Account Closed
  • Rental Property Investor
  • Toronto, Canada
Posted

I just bought my first rental house in the Bronx and am currently renovating it.  Once the renovations are done, I would like to rent it out ASAP.  I came across very useful articles on this site, include this one about the four pillars of tenant screening: http://www.biggerpockets.com/renewsblog/2014/05/12...

It recommends requiring that tenants make gross income of at least 3.5X the rent.  That doesn't seem too feasible in New York, where rents are very high overall.  To all you New York landlords, what income criteria do you use? 

I was checking demographic information on realtor.com, clrsearch.com, and city-data.com.  The average rent in the Bronx neighborhood of my rental house is $1474, while median household income is 27,590, or $2299.17/month, only 1.56 times average monthly rent.  And in the Manhattan neighborhood where I live, average rent is $2521, median household income $38,035 or $3169.58/month, or 1.26 times average monthly rent.  I would think it would be hard to find tenants in New York who satisfy the gross income of 3.5x rent requirement.

Loading replies...