One applicant doesn't have 3x income boyfriend/girlfriend situation (apartment, lease, eviction)
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I have an unmarried couple who have applied for tenancy of my apartment. I had each fill out an application separately and I have ran credit & background info on both- separately. The girlriend's income is not anywhere 3x the rent but the boyfriend's is. How do you handle this? Also, both are currently living with parents/family and are not paying rent right now. The boyfriend has rented before so I can call that previous landlord but the girlfriend has always lived with her parents. Please advise, thank you.
I want everyone renting to be able to afford to the pay the rent each on their own. If they should split up and one moves out- say boyfriend moves out then the girlfriend would have to be able to afford the rent in full. The rent is 900.00 per month but she makes 1200.00 a month.
I don't understand, if the guy has 3X income ratio, isn't that enough for the application?
Or does the fact that someone else will be living with the guy skew the numbers so that both need 3x income.
I don't quite get it.
I think the concern is What happens if they split up and one of them (in this case, the boyfriend) moves out, leaving only one person with one income to pay the rent...especially when she doesn't have a rental history and thus no history of paying rent on time or late.
Maybe just give them month-to-month and then if they break up, they both can go there separate ways if one of them cannot pay rent or doesn't want to stay in the rental individually.
I want everyone renting to be able to afford to the pay the rent each on their own. If they should split up and one moves out- say boyfriend moves out then the girlfriend would have to be able to afford the rent in full. The rent is 900.00 per month but she makes 1200.00 a month.
The girlfriend moving out is clearly not your concern, because the boyfriend qualifies on his own. The concern is the boyfriend moving out.
I guess my question is this: Imagine it were the boyfriend by himself. Would you refuse to rent to him because he might move out? If not, why would you trust him when single but not similarly trust him to stay there with a girlfriend? Yes, breakups do happen, but if they have enough common sense to know what they can afford, then the girlfriend will be the one to move out. Of course in real life it doesn't always work this way since the boyfriend may feel a need to escape the relationship, but it's just something to think about.
I'm not sure I really understand the problem. If they're both on a lease they're both legally responsible for its terms and conditions and if one of them moves out, that one still remains responsible for the lease. Ergo, if the remaining one defaults on any of the lease terms and it ends up with an eviction then the eviction is in both their names. You should have all the necessary background information on both so that if one defaults and you need to file suit against them both, a process server can find the one who moved. Married or not, as long as their combined income meets your criteria you accept them both as cosigners.
I'm not sure I really understand the problem. If they're both on a lease they're both legally responsible for its terms and conditions and if one of them moves out, that one still remains responsible for the lease. Ergo, if the remaining one defaults on any of the lease terms and it ends up with an eviction then the eviction is in both their names. You should have all the necessary background information on both so that if one defaults and you need to file suit against them both, a process server can find the one who moved. Married or not, as long as their combined income meets your criteria you accept them both as cosigners.
Thank you! This makes sense. I'm a newbie landlord so I am learning.
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