Taking into account the upfront costs (application fee, first month’s rent, security deposit, etc.) and the expenses of moving, how much each person is able to afford depends on their individual situation. As an industry standard, most landlords expect renters to have an income that is a minimum of three times the monthly rent. An apartment that rents for $1000/Month would require its future tenant to have a gross income equal to or greater than $3000/Month. This ratio is chosen as a minimum requirement so that a tenant can comfortably pay for food, recurring monthly bills, and their rent. For more information on average rental rates by neighborhood, check our Neighborhood Guide.