Is it possible to rent an apartment without making three times the rent? (South Bend: apartments, renter)

[Sally22]

Hi everyone. My family just moved here to South Bend from out of state. I've been looking for an apartment for over a month now and haven't found anything because every place I call or spot and walk into wants me to make three times the rent. I can afford rent up to the mid $400's but even the gross-looking complexes that are cheaper than that say that I have to make three times the rent! This is so frustrating... As long as I can comfortably pay the rent, why do complexes care how much money I have?

Are there any apartments that don't have income requirements? These places are apparently super rare, so apartments not near South Bend are fine too. I'm seriously anxious to live by myself again.

[ImGibby]

Originally Posted by Sally22

Hi everyone. My family just moved here to South Bend from out of state. I've been looking for an apartment for over a month now and haven't found anything because every place I call or spot and walk into wants me to make three times the rent. I can afford rent up to the mid $400's but even the gross-looking complexes that are cheaper than that say that I have to make three times the rent! This is so frustrating... As long as I can comfortably pay the rent, why do complexes care how much money I have?

Are there any apartments that don't have income requirements? These places are apparently super rare, so apartments not near South Bend are fine too. I'm seriously anxious to live by myself again.

Aside from rent, how do you expect to pay for food, utilities, and other necessities? Landlords want to know they will get their rent every month and typically require a security deposit and first months and sometimes last months rent for security....3x's the monthly rent. This is pretty much the norm.

[domergurl]

The last thing landlords want to do is sue you for back rent. As cold as this sounds, they have to protect their business interests.

[Sally22]

I can afford all my other monthly needs with the income I have. *shrug* It's just me by myself and I don't have children to support or anything. I even have a pretty good-looking savings account and no credit card debt but they don't care at all. I wonder if I'll ever find a place to live up here...

[ImGibby]

Originally Posted by Sally22

I can afford all my other monthly needs with the income I have. *shrug* It's just me by myself and I don't have children to support or anything. I even have a pretty good-looking savings account and no credit card debt but they don't care at all. I wonder if I'll ever find a place to live up here...

;

It's still a numbers game...they are trying to predict your ability to fulfill your lease obligation, particularly if you lose your job, or source of income. This includes transportation expenses (to get to your job)....gas, insurance, car payment (or repair expenses if you "own" your present vehicle) ontop of your other required living expenses.

You may have a healthy savings account, but is that because you have been living with your family or otherwise "rent free"? Once you are paying rent, will you still be able to save money, or would you possibly be required to draw off of your savings to make ends meet? These are all things they are considering.

I feel your pain,but it is what it is. Depending on just how healthy that savings account is, most places would probably allow you to pay for an entire years rent in one lump sum, up front. You may even get a slight price reduction for doing so. Doesn't matter how much money you make, or even if you have a job at that point.

[Highlander76]

I'm sorry to hear that you cannot find anything to rent that is affordable. This is why our country has a high home ownership rate. Rents are high anymore, because of many reasons. Liability on the landlord side, landlords have to pay for their mortgages, property taxes have increased over the years, and good places are just hard to find (supply and demand).
Have you thought about sharing an apartment with a honest friend? If you are going to school in South Bend, maybe someone will have a unit that is small but where extended family stayed? I know it's tough, but there's a few out there. Most rents in Northwest Indiana run around $1000 for a great place. When you get below that, you are getting junk or a bad neighborhood. I have seen rentals from $600, but the neighborhood is not good. Good Luck in your search.

[theycallmeoj]

Sally22,

As sad as it sounds, these people are correct. From a financial prospective, 33% of your income is in my opinion, a little too much to pay for "rent". 25% should be a more realistic goal, if possible.


If you are a college student, then your financial aid and student loans are taken into account as "income" by most landlords. At least it was in my case.

If your a student, I'd strongly look into a roommate, or the dorms.

If your just a single chick, again, look for a roommate who is trust worthy. Otherwise, you live in a dump like the rest of us did for awhile.


Now, if your really bored, go get pregnant! That way you can live in government assisted housing for nothing, or next to nothing! Gotta love HUD!

Single moms got it made in that department. Free housing, a ton of financial aid to go to college to boot!

So you "rough" it for 4 years and mooch off the government by living in a HUD house, get welfare, food stamps, etc etc. Then the government will basically pay you to go to college. Go be a nurse or something, and in 3'ish years or so, you pop outta the "hood" making $20+ a hour and can have a "real" life.

Sadly, I've seen this happen quite a bit. It's good for some people, and not so great for those who abuse it.


Now, back to reality. If you single and have a little cash in the bank, why not BUY a house? Heck, a $70,000 home is decent in most areas of Indiana, and a mortgage on that is cheaper than rent! Roughly $350-$500 depending on interest rates, down payment, etc.

Right now is an EXCELLENT buyers market. Homes are out there ready to be pluked by anyone willing to pay something for them. LOWBALLERS WELCOME!!!


Recently, I've helped a college friend of mine, who is only 19, buy his first home. He used a government program called 203K loan. Look it up! it's a pretty sweet deal if you wanna bust your butt a little bit and have the oppurtunity to wade out this down turn in the housing market and more tham likely make some money down the road.

He is looking to bust his butt for 6 month to get this house into shape, live in it with a friend (Who pays him rent under the table! which pays half the mortgage anyhow!!!) and keep it until he is done with college and sell the joint!

He bought the house for $37,000. He'll put about $15,000 into it. That amount, that he is paying on a loan is $52,000. He could pretty easily sell this house, all fixed up, for roughly $80,000-$85,000. So in a few years, he's looking for a possible $28,000 to $33,000 PROFIT off of this. This doesn't include the rent he is collecting either.

Long story short, look at BUYING a house. It's pretty hard to lose money in a house.

After all, what do you have to lose? Even if you buy the place and cant afford it, you end up bankrupt! Just like millions of other Americants.....err i mean Americans. Big deal! 7 years and your back on top of the world again! Gotta love how truely pathetic this country has become in terms of credit, but ya know, if you can do it, why not?

[ImGibby]

There is a program called Indiana Housing (IHCDA....don't remember what the other letters stand for ) for first time home buyers as well, might look into that if buying is an option.

[Jakehorror]

The problem with rules like this is that they are set in stone, but each individuals situation is different. 3X months rent in salary is understandable if it's a person with alot of bills and kids, the landlord is just making sure the renter can afford to pay rent on top of all those bills. But someone that is single with no kids and none, if any, other bills would be able to pay on only 2X the rent with no problem, but they don't look at that. So many things in our system are set up this way and IMO it's not right. Each persons situation should be looked at individually to better serve society as a whole.

Elkhart has some decent low cost housing places, but Elkhart in itself is not a very fun city. Just so you know I think your right, I think the 3 times rule is very unfriendly.

[ImGibby]

Originally Posted by Jakehorror

The problem with rules like this is that they are set in stone, but each individuals situation is different. 3X months rent in salary is understandable if it's a person with alot of bills and kids, the landlord is just making sure the renter can afford to pay rent on top of all those bills. But someone that is single with no kids and none, if any, other bills would be able to pay on only 2X the rent with no problem, but they don't look at that. So many things in our system are set up this way and IMO it's not right. Each persons situation should be looked at individually to better serve society as a whole.

Elkhart has some decent low cost housing places, but Elkhart in itself is not a very fun city. Just so you know I think your right, I think the 3 times rule is very unfriendly.

It's all based off of statistical data. True, there are those that don't fit the mold...I used to be there myself, we all have. But it's the "majority" that sets the standard, and unfortunately the "majority" has proven that for a landlord to best protect their financial interests, 3x's the rent is where a prospective tennant needs to be. It's the old "A few bad apples have ruined it for everybody else". Good looks, a smile and a handshake doesn't get you as much as it used to, especially when your asking someone to take a financial risk on you...they want some sort of "proof", if you will, that you can hold up your end of the bargain...even that doesn't eliminate their risk, it just minimizes it.