Can't Rent an Apartment: Monthly Income 3 Times the Monthly Rent (Minneapolis: real estate, apartment complex)

[dreamitunlimited]

I'm relocating to Minneapolis-St.Paul area by the end of this month for full-time school and I don't have a job/internship as yet in Minnesota so my parents are fully supporting me. I'm looking for a single-family house or perhaps a 1 BHK apartment anywhere within the city. So far I have spoken to multiple landlords and apartment communities and each of them requires me to have a monthly income which is atleast three times the monthly rent to apply or have a co-signer who must be a resident of Minnesota with other insane income requirements.

I don't want to live in the shared student housing at the moment, so could you guys suggest me some place without these requirements ?

Thanks

[uptown_urbanist]

Those are pretty typical requirements -- evicting a tenant costs a fortune, and landlords want to make sure that you have the means to cover the rent. Have you tried landlords that focus on a student demographic? I'm assuming that they will be more willing to take out-of-state cosigners. There are a ton of luxury apartments around the U of MN these days, and I doubt that most of the residents themselves make the money to qualify (or have parents in MN to sign. Not that you necessarily want one of those units, but the companies who lease those units might have other appropriate units. Or try for a direct-from-landlord unit and offer to put up first AND last month rent plus security; we had to do that when I was in grad school and my husband didn't yet have a job, and my stipend wasn't enough to qualify on its own.

[TBone101]

Offer 6 months rent upfront.

[dreamitunlimited]

I'm looking for landlords who are willing to rent their property to students, but are there any apartment communities nearby campus that allows students as well ?

[Beenhere4ever]

Yeh, the real estate bubble totally messed up markets. On CNBC, I see them celebrating markets, but the celebrants probably earn millions a year. For the average worker, things aren't so nice. Maybe find a roommate and your combined incomes pass?

[C-Chelle]

Not to be a smart azz..... but if your parents are fully supporting you, just have them co-sign or rent one for you. Pay your parents when you get working instead of the apartment complex. Just a suggestion.

You can try Mint Properties. We moved here without employment they only required that we have 6 months rent in the bank.

Good luck with your move, hope you like it here

[xandrex]

Originally Posted by C-Chelle

Not to be a smart azz..... but if your parents are fully supporting you, just have them co-sign or rent one for you. Pay your parents when you get working instead of the apartment complex. Just a suggestion.

You can try Mint Properties. We moved here without employment they only required that we have 6 months rent in the bank.

Good luck with your move, hope you like it here

Six months rent is a lot of money to have in the bank. I wouldn't be able to qualify with that requirement.

I got a nice apartment near the U from the company I still rent from. They required a co-signer, but I have always been a state resident. I'm sure most small rental companies wouldn't be afraid to have an out-of-state cosigner. An agreement is an agreement, right? Do state lines actually change that?

[Cecilia_Rose]

Sorry about that. There you go. I removed my post.

[Glenfield]

Originally Posted by Cecilia_Rose

Would it be possible for your parents to buy something as an investment and have you pay them rent. If its large enough you could have roommates pay the rent and live there for free. With you on site the student mayhem should be minimal. There shouldnt be a problem though if you pick compatible roommates.


Get something that needs a little work. Fix it up. Build equity. Get tax breaks. After you graduate your parents can sell it. I wouldnt rent to students but they could if they wanted.

This post is seven years old so I suspect they figured something out.

[snebarekim]

Originally Posted by Glenfield

This post is seven years old so I suspect they figured something out.

I have it on good authority that dreamitunlimited finished university, and has been buying distressed properties in Cedar-Riverside.