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Renting House for the first time?
Looking to rent a house for the first time and need some help.
I am a student and am looking to rent with 3 others our target price is around $3,200/month. I was wondering what we will need to do to qualify for the lease and how that will work. based on my research I am seeing that you need two or three times the rent cost as income. I believe that our combined income will be around $7,200/month.
-Are we able to qualify for a normal lease based on this?
-If not, what is the best way to fix this? Should I get a cosigner (I think I can get one)
-Assuming we get approved can all four of us be on the lease or will it just be one or two
- JudyLv 72 months ago
Usually you need 3x the rent as income.
- Christin KLv 72 months ago
Wow--that's really HIGH rent. Isn't there some place you could find that would be much less expensive? Four people--that's $800/month each. can you honestly afford that?
You are all going to have to qualify for renting--credit checks, income, maybe background checks as well--and not knowing where you are, it's not possible to tell you how much you're going to need to do this. Or what other qualifications you will be required to have.
Don't quibble over 2-3 times or 3-4 times the monthly rent--that's not your only concern. .Your income and stability will be more important here--and you will ALL need to have it.
- babyboomer1001Lv 72 months ago
It is 3 - 4 times, NOT 2 - 3 times, and you usually have to independently qualify. I doubt you would qualify to rent for $3,200 a month and you would be foolish to do so. You WILL need a co-signer, if the landlord chooses to give you all a chance.
- SlickterpLv 72 months ago
That all depends on individual landlord. Maybe, yes you may need one, all would be on lease.
- Landlord365Lv 62 months ago
Your income should be 3x the rent. NO idea where you saw 2x would be OK but that is incorrect. Some even require 4x.
Some landlords will qualify the group on total combined income but many will require you EACH to make 3x the rent. SO if you could qualify really depends on which method they use. It is 100% up to each individual landlord. IF the landlord will accept a cosigner is also 100% up to each individual landlord. Most will not take a cosigner for lack of income. Cosigners are typically only for poor credit or lack of rental history. IF you qualify then all of you must be on the lease.
- n2mamaLv 72 months ago
If your combined income is around 7200/month, then your target rent is more like 2000/month, with a max of about 2400/month. Landlords typically want you to make at least 3x the rent to give them the best chance of getting paid without defaults each month. If you want a place that rents for 3200/month, you need income of 9600/month, or about 2400/month each. So if you all are working 40 hours a week at $15/hr, you should be ok. But as students you probably aren’t working full time and might not be making $15/hr. Job stability will play in your favor here, if you can show you’ve been steadily employed at a certain income level for more than a year the landlord may look better on that than a job you’ve only had for two months.
If that’s the case, you may need cosigner(s) for the lease. Please be aware that a co-signer is agreeing to take responsibility for paying the rent if you default. This means they have to have the income and credit to be approved to pay for the rent. Normally everyone over the age of 18 is required to be on a lease. You would likely each be considered jointly and severally liable for the lease, meaning that if one of you doesn’t pay their part of the rent, the rest of you have to ensure the entire rent is paid or all of you face eviction (and other consequences, like a lawsuit). If you are all on a lease together, you all share the same outcome of any lease violation, and any changes to the lease have to be approved by everyone on it, including the landlord.In addition to having the income to get qualified to rent, you will need to have at least the first months rent and security deposit available when you sign the lease. Depending on where you are, your landlord may require first and last months rent plus the security deposit upfront. Security is generally equivalent to one months rent, so you would need between 6400-9600 cash in hand when you sign the lease. If you are all students with no rental history, your deposit amount could be more than a single month of rent.None of that is said to discourage you, but you need to understand what you are looking at. Leases are legal contracts, once you enter into one you are bound by it. If you find three months in that you can’t afford it, or that you can’t stand living with these people, or that one person is a total slob or whatever, you can’t just change your mind without penalty. I do not think you are likely to get approved for a 3200/month rental with 7200/month income.
- A HunchLv 72 months ago
You will need at least 3X the rent = $9600 per month in income
Also, one person might have to have the $9600 per month and they are guaranteeing the rent of the others, which is a pretty big risk for 4 college students.
You probably will have to get co-signers for $3200.
- Anonymous2 months ago
$3200/7200 is 44.4%. That's an automatic rejection.
Around here, apartments want your rent to be no more than 28% of your gross income. Also, first time renters get extra scrutiny. I did not move out until I was 30 but they were concerned because I despite great credit I did not have a prior rental history. I was able to get around that by showing a brokerage statement worth over 10 years worth of rent. (My rent was $335 way back when)
You must be in CA or NY or something.
Most landlords insist that everyone is on the lease. And a cosigner might be needed depending on your credit.
Discuss this BEFORE applying and paying fees. Because those are non refundable. And they can usually tell you that you would be rejected just based on income.
- Pearl LLv 72 months ago
i would ask whoever youre trying to rent from