Income requirements for apartment renting? - VeggieBoards
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#1 Old 04-26-2005, 07:48 PM
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Why?



So long as you can scrape the money together, and you pay it on time, why do landlords give a damn what your income is? They can just kick you out if you don't pay the rent.
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#2 Old 04-26-2005, 07:51 PM
 
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Because kicking someone out is a big pain. They have to go through legal proceedings of eviction which can be expensive. If you sign a lease, promising them to be able to come up with the money, they need some reason to believe they won't have go through a hassle to get their money each month.



Not to mention, each time someone moves out they lose even more money. They have to clean the place, show it, and get someone new to move in. This process can lose them several months' rent.



Also, unless you are a student, they might wonder what kind of person tries to rent an apartment without proof of income. A drug dealer? Mobster? Prostitute?
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#3 Old 04-26-2005, 07:53 PM
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Originally Posted by Thalia View Post

Because kicking someone out is a big pain. They have to go through legal proceedings of eviction which can be expensive. If you sign a lease, promising them to be able to come up with the money, they need some reason to believe they won't have go through a hassle to get their money each month.



Not to mention, each time someone moves out they lose even more money. They have to clean the place, show it, and get someone new to move in. This process can lose them several months' rent.



Also, unless you are a student, they might wonder what kind of person tries to rent an apartment without proof of income. A drug dealer? Mobster? Prostitute?



Ok, so if you're a student it's ok. Rant over.
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#4 Old 04-26-2005, 07:55 PM
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I know there are some people here to whom I sound like a spoiled brat. That's fine, as long as they know that to me they sound like conservative blowhards with little or no concept of what it means to be someone who works a cruddy job for next to nada.
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#5 Old 04-26-2005, 11:12 PM
 
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The place we lived at last required 3x the montly rent. It sucked. My husband and I were graduate students but still required one of our parents to co-sign. I can understand why they want an income requirement but 3x the monthly rent is really high.



When we rented our current place, I was the only one employed. Luckily this renter allowed us to slide by with a lower income.
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#6 Old 04-26-2005, 11:47 PM
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Income as a requirement of rent is a good estimator of likelihood to pay rent as agreed, renters wouldn't be able to use this criteria legally if it weren't statistically valid.



Students generally have on campus options without rent requirements.
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#7 Old 04-27-2005, 06:33 AM
 
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I had this problem when I moved to Charlotte...I understand on the part of the landlords though I have to say, because even the apartment I live in, there at least WAS very high turnover until the past year, and when an apartment stays empty, that's like money down the toilet as far as a landlord is concerned. You may be forgetting it costs money to repaint and do repairs every time someone leaves the place (especially in older apartments). It helps them to have a person in the housing unit who is going to be stable and be able to pay rent...and income is one way of quantifying that ability. I could not get into any of the big apartment complexes when I first moved here. In one situation my brother offered to pay them a year's rent, up front, and I would pay them rent monthly. The complex STILL said no. This I just didn't understand. At the time I had no credit because i had just divorced and everything had been in my X's name. So I was really sol. Finally I found an older apartment in a nice neighborhood where the rules weren't so stringent and the security deposit was very low.



Sometimes I think their rules are just arbitrary (not accepting a year's advanced rent payment seems insane)...but other times I get it...because I see big turnover in the apartments around here. One woman had to be served paperwork by the police in our apartments about six months back. She was living there, but hadn't paid rent in like three months.



B
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#8 Old 04-27-2005, 06:50 AM
 
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It cost me no less that $1000 to repair the damage along with the general wear and tear from my last tenants. That's nothing to sneeze at. $400 went to a plumber, $200 on a new floor, $200 on a new door, cleaning supplies, carpet cleaner, paint, you name it. Granted, some of this stuff was expected like paint and cleaning supplies. The other stuff wasn't.
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#9 Old 04-27-2005, 07:17 AM
 
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Originally Posted by MsRuthieB View Post

It cost me no less that $1000 to repair the damage along with the general wear and tear from my last tenants. That's nothing to sneeze at. $400 went to a plumber, $200 on a new floor, $200 on a new door, cleaning supplies, carpet cleaner, paint, you name it. Granted, some of this stuff was expected like paint and cleaning supplies. The other stuff wasn't.



Isn't that the point of a security deposit? I certainly hope so, as I've been forking over that lump of cash for every place I've rented thus far (though I've always gotten it back)...



c.
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#10 Old 04-27-2005, 08:31 AM
 
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I thought they were my friends and screwed myself royally not getting a security deposit. I knew the people 9 years. The deposit, if I had required one, would have been $550. Still not enough to cover the expenses caused by damage.
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#11 Old 04-27-2005, 10:46 AM
 
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Every apartment is different, but the 3x rent gross salary requirement is pretty standard. I personally think that this requirement does protect the renter's best interest in most cases - it's generally not financially sound to plan on paying any more than that for housing, and still be able to manage all of your other expenses.



I was just filling out a rental application last night and not only did they require we list our salary and work references, they also asked for our bank information and credit card information, as well as 2 personal references! That's more than I've ever had to provide before. I wonder if they'll actually call up all these people?



Good luck, mp - I hope you can find a place that works for you!
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#12 Old 04-27-2005, 10:52 AM
 
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I don't think that I've ever needed to provide personal references but I've always had to provide my salary, work references, and bank and credit card info.



Your bank and credit card information is for credit history purposes and as far as I know, they only actually need to use one to do a credit check.
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#13 Old 04-27-2005, 11:17 AM
 
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Well, if they do a credit check, then why would they need your credit card number? What accounts you have and how long you've had them are already on there. Maybe I'm misunderstanding this. Maybe they want you to supply info they would get from a credit check so they don't have to pay to actually get the credit report.



As far as bank info, they can use that to see if you actually have an account there but I'm not sure what info the bank can legally give them. They can call the bank to see if there is money to clear a check but if they have your check they already have your account number, since it's right on there.



Income requirement of 3x rent sounds reasonable. I just figured 1/3 of my gross income and that would be way more than I'd ever pay for an apartment!
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#14 Old 04-27-2005, 11:30 AM
 
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Thalia, I'm not entirely sure why they need so many different credit cards...



MP, could you get your parents to cosign on an apartment for you? I know that a lot of students around here do that.
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#15 Old 04-27-2005, 01:18 PM
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I had to provide all of that info for my current apartment. I've been there for 5 years now, its the best run place I've stayed. its just good sense on the part of the renter, IMO, and perhaps even a sign of a well managed property, if they do things so by-the-book.
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#16 Old 04-27-2005, 01:19 PM
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Nope, nobody to cosign...I realize why people are reluctant, and it's because if the person you're cosigning for screws up, it's your problem to deal with. I wouldn't ask anyone to cosign.



My mom has no job and no income anyway, so she would not be a good person to ask. But my grandparents could and I would not ask them to for reasons stated above.



I am planning on moving out this summer. My friend and I will hopefully find a place with really cheap rent. Once I have all my crap paid off, I guess my credit is pretty good, and of course I'll have a job.



How exciting!
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#17 Old 04-27-2005, 01:21 PM
 
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Housing should be a considered a right, not a privaledge.



I've never had to go through that rigomarole for renting, but many of my friends have. It sounds annoying at best.
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#18 Old 04-27-2005, 01:27 PM
 
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Quote:
Originally Posted by Thalia View Post

Because kicking someone out is a big pain. They have to go through legal proceedings of eviction which can be expensive. If you sign a lease, promising them to be able to come up with the money, they need some reason to believe they won't have go through a hassle to get their money each month.



Not to mention, each time someone moves out they lose even more money. They have to clean the place, show it, and get someone new to move in. This process can lose them several months' rent.



Also, unless you are a student, they might wonder what kind of person tries to rent an apartment without proof of income. A drug dealer? Mobster? Prostitute?



Exactly...my grandparents tried to evict someone and in Chicago, they dont' have to leave for like 90 days. That's 90 days of no income for my grandparents. People like that make me sick. Deadbeats.
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#19 Old 04-27-2005, 07:42 PM
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Quote:
Originally Posted by xrodolfox View Post

Housing should be a considered a right, not a privaledge.



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#20 Old 04-27-2005, 09:12 PM
 
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Originally Posted by bethanie View Post

In one situation my brother offered to pay them a year's rent, up front, and I would pay them rent monthly. The complex STILL said no. This I just didn't understand.

B



When I was student teaching and living off a loan I offered to pay a year upfront and was refused, too. I was told why, though.



At least here in CA, if you pay more than one month of rent at a time, the landlords are REQUIRED to pay you interest on the money that isn't due yet. They don't want to deal with that hassle, so they simply refuse. There may be a few landlords out there that do, but none of the ones I talked to were willing to.
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#21 Old 04-27-2005, 11:00 PM
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Quote:
Originally Posted by xrodolfox View Post

Housing should be a considered a right, not a privaledge.



I've never had to go through that rigomarole for renting, but many of my friends have. It sounds annoying at best.



Most people can get housing, I think the issue at hand is choosing what housing we wish to live in, which is hard to imagine as anything other than a privilege.
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#22 Old 04-28-2005, 06:08 AM
 
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That's interesting mskedi. Thanks for explaining, that probably is why that happened. Actually one other reason now that I think about it, was that they ran a check on my brother's credit because he was offering to pay and cosign. And because he had recently bought a house, he had 'too many inquiries' on his credit report. So even though he had money up front to pay rent, because of his credit report issue which totally had to do with the house he'd just bought, they wouldn't let him.



I do pay three months rent at the beginning of the summer because I have it then...of course, I have landlords whom I think are just a bit underhanded about stuff...I've never had them pay me interest on my big pre-summer rent check.



B
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#23 Old 04-28-2005, 09:17 PM
 
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My parents used to be landlords.

One of their tenants never and I mean never cleaned up after herself. After she got evicted then my parents made my brother and sister and I help clean the apartment. There was grease all over the kitchen, clothes all over the floor, food everywhere, dirty dishes, rotting food in the fridge, food everywhere, her dirty furniture, dirty bathroom. It was pure filth, not to mention infested with cockroaches. We spent at least 30 hours cleaning that place, plus had to get rid of all her funiture and clothes and dishes. We took the cover off the smoke alarm and at least 100 roaches came running out of there.... they were just everywhere....



</rant>
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#24 Old 04-28-2005, 09:27 PM
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That's disgusting!



I would be the best tenant. I'm super-neat...and yeah I'd pay the rent on time. Sometimes I wonder what it's like to be in the other person's shoes. I mean, if I were a landlord, I would be sure to have a source of income apart from the rent I collected each month.



I wonder how one becomes a landlord. I'd be a rotten landlord, always demanding rent, evicting and terrorizing occupants...



hehe just kidding.



p.s. sorry you had to deal with that, RC...
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#25 Old 04-28-2005, 09:30 PM
 
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Quote:
Originally Posted by rainbow_clouds View Post

My parents used to be landlords.

One of their tenants never and I mean never cleaned up after herself. After she got evicted then my parents made my brother and sister and I help clean the apartment. There was grease all over the kitchen, clothes all over the floor, food everywhere, dirty dishes, rotting food in the fridge, food everywhere, her dirty furniture, dirty bathroom. It was pure filth, not to mention infested with cockroaches. We spent at least 30 hours cleaning that place, plus had to get rid of all her funiture and clothes and dishes. We took the cover off the smoke alarm and at least 100 roaches came running out of there.... they were just everywhere....



</rant>



That's awful. My parents are landlords too, and something close to that happened with them. They had 3 male college students (never again), and they left the place an absolute mess. I remember having to put on old clothes and helping to clean with my parents, sisters, and other relatives who came to help. Disgusting. Now my mom never rents to anyone under a certain age, and prefers females who seem sensible and clean.
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#26 Old 04-29-2005, 05:48 AM
 
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I'm not crazy about the term landlord. I prefer property owner. Landlord conjures up negative images and just doesn't sound right.
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#27 Old 04-29-2005, 08:20 AM
 
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Originally Posted by pseudo_vegan View Post

Isn't that the point of a security deposit? I certainly hope so, as I've been forking over that lump of cash for every place I've rented thus far (though I've always gotten it back)...



c.



Security deposits are illegal here (the only deposit a landlord can require is 1 month's rent, which must be applied to the last month's rent); however, a landlord can still require you to pay for damages you cause.



As to income requirements, when I was a student some landlords still required a cosigner if you didn't have a full-time job. Beyond first year, you can't expect to live somewhere on campus (and the prices there are outrageous anyway), so you're often stuck getting a cosigner.



Quote:
Originally Posted by MsRuthieB View Post

I'm not crazy about the term landlord. I prefer property owner. Landlord conjures up negative images and just doesn't sound right.



I think property owner is too vague. You can be a property owner and not rent or lease the property to anyone.
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#28 Old 04-29-2005, 10:29 AM
 
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Pretty much every place I've rented with someone else, I was always the last to leave. People would help somewhat with the cleaning, but would be in a rush to catch a plane or whatever, and leave before the place was really cleaned. So my family and I (usually my dad would do most of the work) would get that place spic and span in order to save the security deposit.
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#29 Old 04-29-2005, 10:32 AM
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I prefer the term Person Who Owns Property and Rents it Out to Others.



PWOPROO.
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#30 Old 04-29-2005, 01:16 PM
 
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Originally Posted by mysteriouspoet View Post

I prefer the term Person Who Owns Property and Rents it Out to Others.



PWOPROO.



Property manager might work. My apartment's owned by a property management company, so a property management individual might be a property manager.



(Apologies -- I have an English degree so I think about words too much.)
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