I live in Indiana and yesterday I went to go sign and lease a new apartment. The Apartment person said that I had to make a certain amount of money per month to live there. That if I made under 2800 a month then I could not move in there. And they needed a copy of my last years W2's and a recent paycheck stub......are they aloud to do this?
2007-07-15 03:34:38 · 12 answers · asked by starynight39 4 in Business & Finance ➔ Renting & Real Estate
yes. they can't legally expect you to pay the rent if you don't make enough money to pay it. this is roughly 33% of your income, and this rule of thumb is similar when applying for a home loan. (also for an auto loan)
2007-07-15 03:39:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
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2016-07-18 19:34:48 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I've been a renter for a long time. Unless you live in a dump, you have to qualify. They can ask for any income info they wish. Sometimes you can find a place that requires you to make LESS than a certain amount ($25,000 a year or so), but odds are good that you won't be completely satisfied with all of your neighbors. My suggestion is, as soon as your lease is up, look into real estate. I've wasted a lot of hard earned money in rent, and now every time I plan on buying, I chicken out and rent again.
2007-07-15 03:45:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
yes thats normal. most companies ask that your income exceed 3 times the monthly rent. by bringing a w2 u can prove this or u can bring a letter from ur employment stating ur income. usually people run ur credit to make sure theres no prior evictions on record.
2007-07-15 06:44:55 · answer #4 · answered by spadezgurl22 6 · 1⤊ 0⤋
I don't know about Indiana but in California it is often done and is legal. The reason they do that is because they want some sort of assurance that you can afford the rent.
I would assume that the place you're talking about knows the law in your state and is within its' right to have such a stipulation.
2007-07-15 03:41:38 · answer #5 · answered by 1sflady 2 · 1⤊ 0⤋
Of course they are allowed to do this. Their concern is that you have adequate income flow to make the monthly rent payments.
Credit/income is not a 'protected class' under Fair Housing rules.
2007-07-15 06:44:14 · answer #6 · answered by acermill 7 · 1⤊ 0⤋
I went from a house to an condominium and that i like it. yet some human beings i understand would extremely stay in a house. you do get greater freedom in a house. A backyard and greater area. i'd decide for it if I have been you.. a minimum of for the sake of the youngsters..
2016-09-30 01:12:17 · answer #7 · answered by ? 4 · 0⤊ 0⤋
hi its blue i live in england,in our country you have to put up a bond of the amount of money that the landlord reqires,this is like a months rent in advance,if i were you i would be very carefull.what you are doing ,these are very personal things and in the wrong hands they can do a lot of damage, catch you soon blue
2007-07-15 04:19:12 · answer #8 · answered by bluebrancall 7 · 0⤊ 1⤋
Yes they are, You are required to make three times the rent in order to qualify.
2007-07-15 03:37:28 · answer #9 · answered by sweetgirl 4 · 1⤊ 0⤋
yes most landlord require you to make three times the monthly rent and can require proof of income
2007-07-15 03:48:54 · answer #10 · answered by goz1111 7 · 1⤊ 0⤋