If the requirement to rent an apartment is 3x the rent, and the person comes short, but have a good savings account, can that person rent it?

As a landlord I have never used this this formula as means of approving or denying a tenant to rent. None of my other fellow landlords use this as a gauge to determine if you would be able to pay your rent or not.

There is normally amount of income a landlord would like to see, however, more important would be how have you paid your past debts, some look at your credit score and how long you have been employed and if there are long lengths of unemployment.

You would need to make an application for a rental unit. Feel free to ask any questions prior to completing the rental application. Some of the answers you receive would be a determining factor if you would want to complete the application or not.

I hope this has been of some benefit to you, good luck.


"FIGHT ON"

That is a decision for the landlord or management.

If you are looking at a large apartment complex, most likely you will not be approved because they have corporate guidelines they have to follow. If you are looking at a complex that is privately owned, the landlord *may* approve you anyway; if he does, he may ask for a larger security deposit or for you to pre-pay a few months rent.

However, if you are only making $1700 per month, $700 in rent is really going to stretch your budget.

It's up to the landlord. You will be dipping into your savings and it won't take long for you not to have any savings. I would not approve an application. You should not be looking at apartments where your share of the rent exceeds $550 a month or you would be over-extending yourself. It wouldn't be long before you would be late with the rent or you would fail to pay the full amount due on time.

The REASON LLs want income to be at least 3x larger than the rent is because they have experience and know that when a person's expenses are that tight that the person is going to have trouble meeting all expenses - not just the rent. When rent exceeds that one-third rate, that is a person who is living beyond their means.

It's totally up to the landlord. $400 is a lot to be short by and a savings account is not secured and can easily be depleted. You can offer to pay an addition deposit or a few months rent in advanced.

what happens when the savings is gone, the landlord wants to know that you have income to pay for the rent, not that you have other means to pay for it

NO...........just find a cheaper apartment.

Probably not. They want you to earn 3 times the rent with your job.

Yes

That is entirely up to the LL.

Maybe but it is up to the landlord. Offer to pay several months up front.

That is always at the discretion of the landlord. Ask him or her if you have 2 1/2 times the rent and provide financial and employment information, is that good enough.

Those are general guidelines which some places use. They aren't set in stone.

Generally you will have to prove the amount using ether 3 or 6 months payslips

Your savings mean nothing. You could spend it all at any time.

That is only a requirement for SOME LANDLORDS, not by law. The LANDLORD can make any exceptions that they want to.

Offer to pay six months upfront.