Can an apartment complex manager or owner ask a potential renter to make 3X the amount of the rent?

Answer 1

Yes this is their criteria, all properties have guidelines. Some require a person make 3 times the rental amt per mo. this is usually before taxes r deducted. Some properties require 2 times, the reason is they dont want a person to move into a apt. they cannot afford. Some of ur answers r thinking its rent or deposit. IT IS NOT. In easy terms if u want a apt. that rents for $500.00 per mo. what they mean is u must make 1500.00 per month on ur job, as I sais this is usually before taxes r deducted, so if 3 times is to much, get a apt.locator free for u, tell them u want a property that ask for 2 times, give them ur location u want, rent amt. size of apt. etc. they will tell u which properties r for u, locators r easy to find, go to the free paperstands get a apt. guide book, locators will be advertising in there, the property pays them after u move in, just make sure u put down the locator service and the locators name on your rental application, good luck HAPPY NEW YEAR!

Answer 2

If you want to stay in this business, you must be firm! They are breaking the rental agreement! Simple as that! The people that are 2 months behind must be served with a "3 day notice to pay or quit". This is the first step in the eviction process. The people who owe only a small amount should be given a notice to pay within 14 days, or they will be evicted also. The easier you are on the tenants, the more they will take advantage of you. If they give you a "sob story" about being broke, uncle is in the hospital, etc. just tell them it's not you who's doing this, it's the owners and you are just a messenger. This way you're the good guy and the owners are the evil landlords. Most people who have a history of late or no payments are showing that they are not responsible, and it's just a matter of time before they quit making payments altogether.

Answer 3

Yes. this is a common number. If you do not make 3x rent then the apartment manager will have a hard time trying to rent to you. Obviously when you make $x/mo in money there are other expenses involved other than just rent such as utilities, food, gas, renters insurance, car insurance just to name a few. by requiring 3x rent it does 1 of 2 things.

1 - those that can't afford it, can't live there thus it keeps a certain type of people out (lower class individuals typically have lower paying jobs)

2 - it prevents turn over too often due to having to evict people for not paying rent. evicting people takes time and effort of with many managers would rather not worry about. There are certain legal requirements that have to happen to evict someone in which the apartment or complex can be legally liable if they don't follow the proper rules. also, since the people aren't paying they don't get the money and also can lead to the renters, since they are being forced out to create damage (a manager's worst nightmare as not only is he not going to be able to rent out the apartment which he hasn't been getting paid for but he's also got to spend money to fix it before it can be lived in now)

so long as the rules are clearly stated and apply to all applicants, the manager has the right to require your ability to make at least 3x rent. note that even if you are a couple, it may still stand to have them require each individual which will be on the lease to be able to afford the rent by themselves if one of the parties should decide to leave.

Answer 4

Yes, there are a couple ratios by which a creditor can expect a borrower/leaser to meet in order to satisfy a loan/leas requirement.

One of them basically boils down to monthly income > 3 X rent. This is because the other 2/3 of your monthly income are probably going to be alotted to things like bills, food, car payments/insurance/gas, personal enterntainment, savings, and so on.

Answer 5

The landlord has the right to set reasonable criteria for their tenants' income in determining who to rent to.

Think about it - if your rent is $800 a month, and you gross $2,400 a month, you'll net, after Social Security, Medicare, Income Taxes and Insurance somewhere between 66% and 80% of that, or between $1,600 and $1,840.

If you only net $1,600, your rent is HALF your take home pay - that's TOO much! From the other $800 you have to pay your utilities, your car payment, your car insurance, your food, clothing, entertainment, etc.

Answer 6

Yes. In fact, the required amount the renter is supposed to make per year is 40x the monthly rent.
Further, you can require that the renter have 10x the monthly rent in their bank acount, and even keep it in escrow.
It is your property, you can place whatever stipulations or requirements you want.

Answer 7

You must live in California.
I got into a place once, i bitched and moaned and said I defy you to show me anyone here who makes 3x the rent. Hell, lady, if i made that I would OWN My house, not rent your dang apartments.
I got in alright, but i guess they can ask that.
Google "renter's rights" and check your particular state for the laws!

Answer 8

Sounds like the manager is asking for the deposit, first months rent and last months rent, Perfectly legal.

Answer 9

Don't know if this helps, but we ask for 1st months rent, a deposit equal to this and a fee for credit check and history. It is legal to ask for almost anything that has an explanation. Other costs would include a deposit if there is an animal.

Answer 10

I belive so. Every apartment I have looked at renting has had some type of salary requirements. If you are having trouble with this it might be possible to arrange a larger security deposit to be able to lease.