A Brief Look at Rent Affordability in New York

​An alumnus of Pace University, Ariel Soudry is an experienced real estate executive who belongs to several professional organizations, such as the New York Building Managers' Association and the New York Association of Realty Managers. Since 1996, he has served as president of Better Living Properties. Ariel Soudry and his team operate in several areas of New York City.

Children, transportation, healthcare, and utility expenses are critical factors when determining how much rent one can afford in New York. Some New York City neighborhoods like Soho, Tribeca, Hudson Square, the Theatre District, and Noho are overwhelmingly expensive for low and moderate-income people. More affordable neighborhoods in New York City are Woodlawn Heights, Bat Bitch, Bay Ridge, Murray Hill, and Harlem.

There's no general rule for determining how much house rent is affordable based on income since expenses and needs vary. Some New York landlords implement the 40x monthly rent rule. Under this rule, a prospective tenant must earn at least 40 times the monthly rent before renting an apartment. For example, a tenant who earns $60,000 a year can only rent an apartment listed at $1,500 per month or less.

Ariel Soudry

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