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Hi, what if you are retired and have lower income but plenty of verifiable savings and high (800 plus) credit score? I'm just wondering, do landlord's negotiate on this requirement of tenant salary equal or greater than 40X rent? Thank you.
Hi, what if you are retired and have lower income but plenty of verifiable savings and high (800 plus) credit score? I'm just wondering, do landlord's negotiate on this requirement of tenant salary equal or greater than 40X rent? Thank you.
99% of landlords keep their hands clean and don't deal with tenants. They offload everything to the brokers who have strict instructions. If they ask for 40x rent, it's non-negotiable and you either need to find a guarantor or a different apartment
99% of landlords keep their hands clean and don't deal with tenants. They offload everything to the brokers who have strict instructions. If they ask for 40x rent, it's non-negotiable and you either need to find a guarantor or a different apartment
This isn't true. Most landlords will waive 40x rent for a tenant who is willing to put down a larger security deposit (say, three or six months' rent), pay for a large portion or all of the lease term up front or otherwise escrow a significant chunk of money.
Generally, they won't waive just for a high credit score and full bank account, though. They'll want you to commit some of that bank account to paying up front.
Ok, thank you....appreciate your sharing your experience. It's definitely acceptable to pay a greater up front deposit or lease term up front. That could work...at least it's a discussion point I could make with a landlord/broker.
Hi, what if you are retired and have lower income but plenty of verifiable savings and high (800 plus) credit score? I'm just wondering, do landlord's negotiate on this requirement of tenant salary equal or greater than 40X rent? Thank you.
Credit score while important (if you were a deadbeat you wouldn't be able to rent an apartment), in the long run it tells a LL nothing more than you *can* access credit. That isn't exactly what they are seeking, but rather that you'll have the monthly income to pay rent.
Depending upon the situation and or a particular landlord's situation they may look at other factors that can mitigate the 40x rule.
Thank you....yes, I could offer to prepay most or the entire lease term if that's what I need to do plus a reasonable security deposit. Anyway, I think I could work it out if the broker/landlord is at all flexible.
It also depends on how much income you have and the broker/landlord. When i moved into my apartment 2 years ago, they wanted 40x the rent however my yearly income was about 3k short of that requirement. Since i had a very good credit score and steady income, they had no problems giving me a lease.
yeah, income is ability to pay and credit is the reputation that you will use your ability to honor your debts
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