monthly income equal to three times the monthly rent?! (Orlando: 2014, apartment complex)

[spikey08]

does anybody know apartments that do not require the rentor to make 3 times as much as the monthly rent? I need a safe 1 bedroom between UCF and valencia or a max.20 minute drive away. most places that are recommended cost between 800-1000 for a small unit. What student makes 4000 dollars?? Cosigner- requirements are just as ridiculous :

If a Lease Contract Guarantor is required or authorized, the Guarantor gross monthly income must also equal four times the monthly rent in order to qualify as a Guarantor.

[kyle19125]

Those guidelines are in place to deter "undesirable tenants" from moving in. They're waived a great percentage of time.

[volk2k]

Originally Posted by spikey08

most places that are recommended cost between 800-1000 for a small unit. What student makes 4000 dollars?? Cosigner- requirements are just as ridiculous :

If a Lease Contract Guarantor is required or authorized, the Guarantor gross monthly income must also equal four times the monthly rent in order to qualify as a Guarantor.

$800-$1000 a month times 3...would only be $2400-$3000.... May need to look into finding a better school too :P

But seriously, do your parents make $38,400-$48000 a year? That doesn't seem unreasonable especially if they have their own rent/mortgage to worry about.

[beckycat]

Try Craigslist for privately owned condos. They are just as nice, if not nicer and they usually only ask for a security deposit equal to one months rent.

[boy3365]

When I was looking at the possibility of moving, I used rentalhomesplus.com to search. Beckycat is correct in that you may find better deals with condos, but move-in costs will be significantly more expensive than an apartment complex.

The place that I was interested in wanted a $600 security deposit, $45 application fee for the property management firm, a $150 non-refundable administrative fee upon approval, and $75 for the HOA application. This would be on top of the $600 first month's rent I would have to pay when I moved in, which most likely would have overlapped a bit with my current apartment. However, the $600 rent for the neighborhood and it being 2 bedroom was a steal. However, the start up costs just weren't going to happen for me.

[spikey08]

I would much rather rent a privately locally owned house/condo/townhouse instead of living in one of the apartment communities. Im thinking it would feel kind of like living in a hotel and I would most likely miss my privacy when having to share a pool/gym/yard with all the others. The income requirement problem is solved as my dad who makes 60 000 a year offered to co sign . However, I have not been very succesfull in finding a suitable place in my price range. I have been recommended La Palazza, The Landmark and Motevista and I am sure they are nice and safe but all start out at around 1000 for a one bedroom. My wife and I will both get part time jobs on top of the 1400 housing allowance but we would like to keep our rent cost at about 700... Im starting to think thats impossible in Orlando if I want safety.

[beckycat]

Originally Posted by spikey08

I would much rather rent a privately locally owned house/condo/townhouse instead of living in one of the apartment communities. Im thinking it would feel kind of like living in a hotel and I would most likely miss my privacy when having to share a pool/gym/yard with all the others. The income requirement problem is solved as my dad who makes 60 000 a year offered to co sign . However, I have not been very succesfull in finding a suitable place in my price range. I have been recommended La Palazza, The Landmark and Motevista and I am sure they are nice and safe but all start out at around 1000 for a one bedroom. My wife and I will both get part time jobs on top of the 1400 housing allowance but we would like to keep our rent cost at about 700... Im starting to think thats impossible in Orlando if I want safety.

Not true. Do you have to stay in Orlando or can you live in one of the outlying burbs? There are nice condos in Lake Mary and Longwood that are privately owned in your price range.

[spikey08]

we actually stayed in lake mary when we visited orlando last may. Since we are going to be taking classes at Valencia's West Campus and later at UCF, lake mary is too far of a drive to school and back everyday. Instead of a suburb up north like lake mary, is there anything besides windermere and dr.phillips that is a safe and affordable suburb close to those campuses and within our price range?

[kyle19125]

Originally Posted by spikey08

Instead of a suburb up north like lake mary, is there anything besides windermere and dr.phillips that is a safe and affordable suburb close to those campuses and within our price range?

Pretty much anywhere in nearby Oviedo would meet that criteria as well as your budget. You'll find condos in the $900 range, townhouses for a bit over $1000 and some single family homes for $1300-$1400.

[lcole07]

Originally Posted by spikey08

does anybody know apartments that do not require the rentor to make 3 times as much as the monthly rent? I need a safe 1 bedroom between UCF and valencia or a max.20 minute drive away. most places that are recommended cost between 800-1000 for a small unit. What student makes 4000 dollars?? Cosigner- requirements are just as ridiculous :

If a Lease Contract Guarantor is required or authorized, the Guarantor gross monthly income must also equal four times the monthly rent in order to qualify as a Guarantor.

I thought the rule was a weeks income for a months rent. Have things changed that much???