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I believe the other thread was talking about credit scores required from tenants.
An 18 Year old who is still living at home with his/her parents is still living at home and wouldn't need their own lease. The other thread was referring to adults who are out on their own.
To answer your OP - yes, it is difficult for "people-who-have-no-or-low-credit-low-income-and-no-rental-history" to rent an apartment. it's not *just* young adults, it's people who were in bad situations, it's felons, it's immigrants etc. so that group (low credit/no history/low income) has to find creative ways around the LL's requirements (get a co signer, stay at a extended stay hotel, get roommates etc).
Some of you have indicated on other threads that you think 18+ year olds should all have to qualify for a lease on their own, with their income and credit alone.
If every landlord has this policy, then 18 and 19 year olds would be in a really tough spot because they have not had time to establish credit, and in HCOL areas, sufficient income. Even parents renting there would be forbidden from even allowing the kids to stay at home for one day past their 18th birthday, even if they are in HIGH SCHOOL still!!!!!
Plus it would pose a real issue for college students who only have time to work part time.
For those practicing these rules, how do you NOT feel this is an issue? How does it NOT serve to unjustifiably marginalize young adults?
The issue is that they are 18-19 yo. And for the most part finding a responsible 18-19 year old is like finding pig wings. Look when I rent to a family, for the most part when they are 18 they are on the lease. I run credit and BG because I run it on all tenants over 18 and because they are adults and no longer just occupants/dependends. So legally if the parents stop paying I evict ALL leaseholders, it's more of a legality angle. I know that the parents are going to pay the lease.
Unfortunately 18 yo simply don't have the financial means to be on their own. The few that do are rare.
Some of you have indicated on other threads that you think 18+ year olds should all have to qualify for a lease on their own, with their income and credit alone.
If every landlord has this policy, then 18 and 19 year olds would be in a really tough spot because they have not had time to establish credit, and in HCOL areas, sufficient income. Even parents renting there would be forbidden from even allowing the kids to stay at home for one day past their 18th birthday, even if they are in HIGH SCHOOL still!!!!!
Plus it would pose a real issue for college students who only have time to work part time.
For those practicing these rules, how do you NOT feel this is an issue? How does it NOT serve to unjustifiably marginalize young adults?
It's not an issue for college students who rent from LLs that are used to renting to college students in college towns/cities.
This is why when I buy a rental property I don't want to deal with units that have a legal occupancy of 1. Roommates are much better to have as they all sign one lease and will be held responsible for payment of rent/utilities if one of their roommates dips out.
I don't ever let parents co-sign. Then I'm obligated to deal with them and we all know how crazy parents can be....
Plus, you probably shouldn't be living on your own (stay in a dorm) if you still need mommy/daddy to ask questions for you/defend you.
OP, a landlord must run their business like a bank. Would a bank loan to an 18 or 19 year old with no credit to buy a house?
No.
Should a bank be obligated to do so, because the 18 or 19 year old simply wants to have the same opportunities as older people with established credit?
No.
Should a landlord be obligated to take a chance on an 18 or 19 year old, who may cost them thousands of dollars in lost rent or damage to the property, simply because they want to have the same opportunities as older people with established credit?
No.
Landlords are not professors, in the business of teaching young adults about living in the adult financial world of credit and liability, etc.
Really, it's incredibly silly of you to propose that they should.
Is the world hard when you're starting out and trying to establish your own credit?
Yes.
But, random landlords are not required to invest in their education of hard knocks.
Our interpretations clearly differ. My reading of the rule is that multiple occupants living together must qualify independently, ergo, the rule is triggered even if the parents are still living there.
Don't know what 'rule' you're reading but when the children of renters turn 18 they aren't required to move out, nor are they required to 'be on the lease' and qualify. When my youngest turned 18 a few years ago all that was required was for her to fill out an application upon renewal...a full 8mths past her birthday.
If they were 18 when the lease signed then they would be required to fill out an app and qualify just like every other adult.
To answer your question: Yes, some young kids do have a hard time renting without help from their parents. Many landlords won't rent to young kids and I don't blame them..rarely does this age group have the income or the common sense to able to rent a 1k unit on their own or with a 2 friends.
I would require a credit score of 700+ and income three times the rent, NO criminal history at all no evictions no bankruptcies excellent land lord references for the past three years proof of steady income for the past year pay stubs bank account. no pets no references by relatives. and I would make sure that all adults would qualify on there own.. and I would not rent to anyone that does not completely fill out the application!! and I would post my criteria on the fridge so that people know what i'm looking for!!
I would not rent to anyone that does not completely fill out the application!!
This is the biggest issue I have, and I state clearly incomplete applications will not be considered. Lots of people like to leave prior landlord references blank, too.
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