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Old 02-10-2010, 10:28 AM
 
424 posts, read 1,479,930 times
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Is there a VA law that would allow you to impose a minimum income requirement for condo rentals? If yes, could someone provide me a link to that please? I am wondering what an appropriate minimum income requirement should be for a condo rental (rent somewhere in the $1200-1400 range per month). Thanks.
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Old 02-10-2010, 10:36 AM
 
Location: Huntsville, AL
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Most rental agents recommend monthly rent X 40 = gross annual salary of tenants.
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Old 02-10-2010, 10:40 AM
 
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oh really, ok thanks.
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Old 02-10-2010, 10:45 AM
 
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Meh. I understand the rationale behind minimum income requirements, but that made getting my first apartment out of college a major PITA. On paper, I couldn't afford the places I had in mind, but I had no debt, no student loans, and was in much better financial position than many who made twice my income. As a landlord now, I don't have a minimum requirement but look at a prospective tenant's entire picture. I really don't care how much they're bringing in, just whether they can manage whatever they have enough to pay the rent on time.
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Old 02-10-2010, 11:02 AM
 
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That makes sense and beyond that, you have this feeling in yourself where you want to help out somebody. But, on the flip side, I am worried if the individual may be able to make the monthly payment (they make about 33 times the monthly rent - their gross income, that is)..
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