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I would like to get an idea for ways to approach renting aside from what I've been doing. I moved out of a condo in October and I go through phases where I look at apartments but eventually I stop because I get frustrated. For me the issue isn't being able to pay the said monthly rent. My issue comes in with the 30% rule or whatever term you would like to use. I've read alternatives about paying for multiple months in advance, offering a larger deposit and similar suggestions but I've also noticed that property owners and landlords aren't exactly thrilled about those concepts.
Here is an example. Let's say rent is $1500 a month for an apartment I'm looking at but based on the 30% rule I need to have an annual income of $60,000. Now I understand some companies will be willing to alter that 30% a bit but I'm still having issues.
I'm a full-time student and I'm not looking to kill myself by working 50 hour weeks. I'm also hesitant about a 12-month lease because I'm interested in relocating in that time frame. At the end of the day what are my options? I'm honestly not your typical college student, I don't party, I keep to myself and I try to be as respectful as possible to those living around me(previous neighbors can vouch for this) which is why I'm this confused. I also have current investments which I would think would help my situation but here I am. Suggestions?
I'd think you'd have more luck with individual landlords rather than large corporations. You might be able to give a landlord an extra large deposit or something along those lines and get in a place even without meeting the income requirements. I don't see the larger corporations making an exceptions, though I suppose if you look hard enough, you might be able to find a place that doesn't have strict requirements like that.
Location: St Thomas, USVI - Seattle, WA - Gulf Coast, TX
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It's definitely an unconventional decision to want to spend more than 30% of your income on a roof over your head, especially when it's not you're own investment, but if this is the best way for you to have a home that you're happy in right now, maybe ask a parent to cosign for you? That should take care of the income requirements. As a landlord, I would feel squeamish about renting to someone who is pushing it with their income as well. Even if you're a responsible, wonderful tenant, it's just precarious from a landlord's perspective to rent to someone without a reasonable cushion. That remaining 2/3 of your income can get sucked away so quickly by both expected and unexpected things... A cosigner with ample income would put me at ease if I were your potential landlord. Best of luck!
Is there a reason you have to go as high as $1500 a month for an apt? Or is that the norm or minimum for most apts in your city? What types of apts are you looking at and what city are you in that you can't find an apt at 30%?
And as someone else mentioned, try individual rental owners who have duplexes or homes to rent. They will often break that rule.
As a matter of fact, I have never had to contend with that 30% rule at any apt I have rented but that could just be my area.
Last edited by Corn-fused; 05-30-2015 at 06:20 PM..
Reason: additions
@Melodica
That has been my issue. I've struggled finding individual or private owners within my desired location and outside of a bad neighborhood. I will say today I've found more options than in any of my other times searching which isn't a lot but it's a start and hopefully something good will come from it.
@IslandCityGirl
I've been researching since October so I understand it's not typical to spend more than 30% on a place but I've planned out budgets for this situation which is something I do for almost anything. I always plan for as much as possible in any major decisions and I understand you can't plan for everything but that's why I've set aside an emergency fund in my budget. Co-signing is not an option. My family has a strong belief that these are things that you need to do on your own, it was the same for my vehicles. The I would think landlords would be a little more comfortable with the situation since I have money set aside which would be the cushion.
@Corn-fused
The $1500 example I presented was simply that, an example. I'm not looking at $1500 apartments, I don't typically post these kinds of situations in public forums so I was trying to give as much information as possible without giving too much detail about my personal information. I'm looking in the west suburbs of Chicago. I potentially could find a place in the city but I have zero desire to do due to the fact that I don't enjoy the city and I'd like to be in a very safe environment. There are apartments that are affordable in very bad areas within 30 minutes from me but I'm trying to stay in a closer radius and again I would like to be in a safe environment. Now maybe I'm being picky because I won't go for those apartments in bad areas. The selection of apartments isn't the greatest within the radius I'd like either which I understand is limiting me.
@Melodica
That has been my issue. I've struggled finding individual or private owners within my desired location and outside of a bad neighborhood. I will say today I've found more options than in any of my other times searching which isn't a lot but it's a start and hopefully something good will come from it.
@IslandCityGirl
I've been researching since October so I understand it's not typical to spend more than 30% on a place but I've planned out budgets for this situation which is something I do for almost anything. I always plan for as much as possible in any major decisions and I understand you can't plan for everything but that's why I've set aside an emergency fund in my budget. Co-signing is not an option. My family has a strong belief that these are things that you need to do on your own, it was the same for my vehicles. The I would think landlords would be a little more comfortable with the situation since I have money set aside which would be the cushion.
@Corn-fused
The $1500 example I presented was simply that, an example. I'm not looking at $1500 apartments, I don't typically post these kinds of situations in public forums so I was trying to give as much information as possible without giving too much detail about my personal information. I'm looking in the west suburbs of Chicago. I potentially could find a place in the city but I have zero desire to do due to the fact that I don't enjoy the city and I'd like to be in a very safe environment. There are apartments that are affordable in very bad areas within 30 minutes from me but I'm trying to stay in a closer radius and again I would like to be in a safe environment. Now maybe I'm being picky because I won't go for those apartments in bad areas. The selection of apartments isn't the greatest within the radius I'd like either which I understand is limiting me.
Things make a lot more sense now that you have explained more of your situation. I am not that far from Chicago so I do know that there are many bad areas that a single female would not feel safe living in or near in that city. Plus, I do know that rent is pretty high there if you want to find a fairly safe environment.
I wish I had more advice but I don't. I hope you have luck with the options that you have come across. Another thing you might try is seeking out some real estate companies who often know of individuals who have homes that have rentals such as an upstairs or downstairs apts or a duplex situation. Other than that I would definitely continue seeking out smaller individual landlord situations. I wish you the best of luck in your search!
At least go look... What makes you think they are bad areas & you wont be safe?
Which places are you referring to? I've spent most of my life in the general area I'm considering and I'm very aware of where the bad areas are in the same general area. Now if you meant Chicago I could understand. Are there some nice and safe places in the city? I'm sure there are, but I have no interest in being in the city. I don't even like driving to the city, just not my thing. I'm also stubborn and when I make a decision it's hard for me to change my mind about something. It's a fault, sometimes it helps and sometimes it makes things more difficult. It's not like I'm moving to an area I'm unfamiliar with and throwing up red flags the second I see anything wrong, there is more knowledge into my decision on these areas. Thank you everyone for the suggestions and the optimism. It may came off like I don't appreciate it because I'm not being as flexible as some others but I do appreciate the responses and the good luck comments.
If you are going to be renting as a student, then look for a complex that caters to students by the university/college. They may allow a co-signer.
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Best of luck!
