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Is There a Minimum Income Requirement for Renting an Apartment?

Is There a Minimum Income Requirement for Renting an Apartment?

A landlord's livelihood depends on her ability to maintain high occupancy in her rental units and to make sure the tenants she places there are likely to take care of the property and pay their rent on time. A landlord evaluates a tenant's suitability by screening the tenant. She looks at several different measures that combine to paint a fairly detailed picture of a prospective tenant's ability to manage his household and finances.

Income Guidelines

    For most tenants, rent that equals 25 to 30 percent of gross monthly income is affordable. So, for a tenant who earns $2,000 per month before taxes, a safe rental amount is $500 to $650. This leaves a nice cushion for other expenses, like utilities and credit accounts. Although some landlords stick to a specific income-to-rent ratio, many

    will consider a tenant with slightly low income but no loans or credit cards over one with a little more income and a lot of expenses.

Credit Guidelines

    Some landlords have minimum credit scores, but most are willing to consider applications from tenants with credit problems. The landlord looks at several things. First is the type of accounts with derogatory information. The landlord may disregard medical bills entirely, for instance, but question a seriously delinquent electric bill. The timing of the credit problems is important, too. The landlord may overlook past delinquencies if the tenant's more recent record establishes a pattern of on-time payments.

References

    Good references can overcome red flags resulting from troubled credit or income that would make paying the rent a bit of stretch for a tenant. A reference from the current landlord is very important, and references from previous landlords establish a history of responsible tenancy. The tenant should offer employer references, too, to verify salary claims and present the landlord with a fuller picture of the tenant's level of responsibility and dependability.

Personal Letter

    Some landlords are willing to read letters prospective tenants write to explain credit problems or lackluster references. The tenant should not use the letter to convey a "sob story" designed to elicit the landlord's pity. Rather, a personal letter is an opportunity for the prospective tenant to explain problems that were beyond his control, accept responsibility for past mistakes and inform the landlord about steps he has taken and will continue to take to improve his situation.


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