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Old 10-10-2007, 03:15 PM
 
Location: Los Angeles, CA (born in Chi-town, though!)
92 posts, read 396,205 times
Reputation: 42

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I was talking to a friend of mine that moved to CA in 2000 (she has since left and currently lives out east) and she mentioned that when she and her husband were trying to rent an apartment they had to show not only proof of employment, but also that their income was no less than three times their rent. When I moved in to my apartment in the Chicago suburbs I did not have to do that, and I was wondering what other people's experiences have been.

Is this normal? It makes me a little nervous, as I am not sure where/when I will have a job when I move (I am moving in January).

Any/all advice is appreciated. Thanks!
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Old 10-11-2007, 02:08 AM
 
Location: Minneapolis, Minnesota, USA
1,195 posts, read 2,318,541 times
Reputation: 1851
Quote:
Originally Posted by LaEscritora View Post
I was talking to a friend of mine that moved to CA in 2000 (she has since left and currently lives out east) and she mentioned that when she and her husband were trying to rent an apartment they had to show not only proof of employment, but also that their income was no less than three times their rent. When I moved in to my apartment in the Chicago suburbs I did not have to do that, and I was wondering what other people's experiences have been.

Is this normal? It makes me a little nervous, as I am not sure where/when I will have a job when I move (I am moving in January).

Any/all advice is appreciated. Thanks!
I live in the Twin Cities & am planning to move to LA in the spring. Both here & in LA (elsewhere too, I would expect) there are sometimes affordability guidelines that some management companies follow. In some cases the properties are partially regulated by some government policies - in other cases it is just an independent decision on their part.

Technically, one should not spend more than 30% of one's income on rent - this rule is supposed to "protect" us from ourselves. I have often found that it is put in place by some companies to more readily be able to eliminate lower income people - not always the case - but sometimes.

Some companies make exceptions to the rule - others hold firm. But, all property owners do not require this - so you may just have to look even harder if this becomes a slight barrier for you. Before becoming disabled, years ago, I was laid off from my job & could not meet that requirement. All the places I happened to want to move into (as I had been making a decent salary & planned on it again) had strict requirements - BUT they also had exceptions to the rule. I happened to otherwise have an impeccable everything - so they took me based upon my credit, references, & rental history.

I wouldn't worry too much unless you are super low income or on some sort of subsidized housing - you'll likely find a wonderful place to accept you.

Cheers!
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Old 10-11-2007, 04:24 AM
 
Location: NYC
54 posts, read 306,528 times
Reputation: 23
I've never heard of such a thing in NY unless you're buying a condo or something but for plain renting it sounds a bit extreme imo. Not many people make 3 times their rent.

I'd like to know how they calculate that if you're going to rent with a roommate ... do they combine both incomes or just look at one ??
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Old 10-11-2007, 08:44 AM
 
253 posts, read 1,070,564 times
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Quote:
Originally Posted by CaliforniaDreamin' View Post
I've never heard of such a thing in NY unless you're buying a condo or something but for plain renting it sounds a bit extreme imo. Not many people make 3 times their rent.

I'd like to know how they calculate that if you're going to rent with a roommate ... do they combine both incomes or just look at one ??
Oh NY is crazy with the rental requirements? Manhattan is anyway. I remember when my hubby & I were looking for a City Apt. We had to qualify with something like our salary had to be 45x the monthly rent. I don't remember for certian exactly what the requirement was but I do know it was extreme. The building I live in CC Philly also had an income requirement to get in.
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Old 10-11-2007, 09:06 AM
 
Location: New Orleans, LA
683 posts, read 4,494,473 times
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Of the three apartments I've lived in in California, I have had to show proof of employment to verify that I made 3 times the amount of rent to all of them. I just moved to Chicago and was surprised that none of this was asked of me!
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Old 10-11-2007, 09:12 AM
 
Location: New Orleans, LA
683 posts, read 4,494,473 times
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And yes, a lot of people do make three times their rent. With a car payment, bills, entertainment...it adds up and if more than that is going to your rent, you have to be really careful about running out. I'm sure this is exactly the thing landlords worry about. I have also lived with roommates and they did take our combined income. Obviously college students, etc. will not make three times $1200 a month, but split up into three or four, it is doable. Many times they will also take proof of "other" income...like if you have an IRA in your name or something.
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Old 10-11-2007, 11:51 AM
 
Location: NYC
54 posts, read 306,528 times
Reputation: 23
Quote:
Originally Posted by Calibound-Yorkiemom View Post
Oh NY is crazy with the rental requirements? Manhattan is anyway. I remember when my hubby & I were looking for a City Apt. We had to qualify with something like our salary had to be 45x the monthly rent. I don't remember for certian exactly what the requirement was but I do know it was extreme. The building I live in CC Philly also had an income requirement to get in.
Was that because the building was condo and you had to get past the condo board etc etc red tape ?? I've heard its near to impossible to get into a good apartment building in Manhattan.

45x the monthly rent seems beyond extreme for just renting an apartment although if the apartment is in a building that went condo which most of them are right now that must be why.
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Old 10-11-2007, 12:01 PM
 
253 posts, read 1,070,564 times
Reputation: 87
Quote:
Originally Posted by CaliforniaDreamin' View Post
Was that because the building was condo and you had to get past the condo board etc etc red tape ?? I've heard its near to impossible to get into a good apartment building in Manhattan.

45x the monthly rent seems beyond extreme for just renting an apartment although if the apartment is in a building that went condo which most of them are right now that must be why.

Its like that with condo conversions as well as other types of building. Renting in Manhattan is rough. Most real estates charge 10%-15% of the yearly rent as a fee as well. Brokers tend to charge on an average of $4500 for apartments that were in the price range we were looking in back in 1999. The real estate market is *extremely* competitive in manahattan so I highly doubt that you'd find someonbe who doesn't have these requirements for renters. its all about supply & demand there. People are willing to pay it. You should have seen the sh8tholes I was looking at paying 1800 for back in 1999. I'm telling you Manhattan is no joke!
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Old 10-11-2007, 12:33 PM
 
Location: Below the fray
422 posts, read 1,745,983 times
Reputation: 336
I've lived in four rentals in LA and never had to show proof of income.
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Old 10-11-2007, 03:09 PM
 
Location: Los Angeles, CA (born in Chi-town, though!)
92 posts, read 396,205 times
Reputation: 42
Quote:
Originally Posted by think.reciprocity View Post

Some companies make exceptions to the rule - others hold firm. But, all property owners do not require this - so you may just have to look even harder if this becomes a slight barrier for you. Before becoming disabled, years ago, I was laid off from my job & could not meet that requirement. All the places I happened to want to move into (as I had been making a decent salary & planned on it again) had strict requirements - BUT they also had exceptions to the rule. I happened to otherwise have an impeccable everything - so they took me based upon my credit, references, & rental history.

I wouldn't worry too much unless you are super low income or on some sort of subsidized housing - you'll likely find a wonderful place to accept you.

Cheers!
Thanks for this post and for all the responses!

A friend of mine moved to Vegas with no job and he managed to find a nice place to live. I hope we will be as lucky!
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