can I rent a place in Portland with no income from wages? (Phoenix: apartment complexes, renters)

[tigrisgazal]

I was wondering if anyone has had experience with renting an apartment or similar with no wages income in Portland. I am trying to relocate from Phoenix to Oregon. My husband will be looking for any job to make ends meet but in the meantime we have savings that can pay for a whole years rent. Will a landlord consider renting for me with no income from wages?

thanks

[Nell Plotts]

Usually. Landlords are independent folks, what one would accept another won't.

[skiffrace]

The short answer: possibly.
The long answer:
1. When looking for a place, think individual homeowners. They make the decision whom to rent to. Managers of the apartment complexes go "by the book" (written by the higher-ups), which typically means "no job, deny the application".

2. Individual homeowners look for renters who a)pay the rent on time, b) won't damage the property and c)won't bother the neighbors/engage in illegal activity.

3. If you don't have a steady (and documented) income stream, the best strategy is to pay the rent (for the period specified in the agreement, usually 1 year) up front. If you indeed have enough savings, it should not be a problem for you, and good enough for the landlord.

It may nudge the landlord towards accepting you, and motivate you to take roots in the particular location instead of bolting at a whim.

4. As for points b) and c) it's about making a good impression. Good impressions are easy when you don't have to fake them.
Good luck.

[GatsbyGatz]

My current neighbor is a musician with no real earnings but a ton of money saved. My landlord only does 12-month leases but my neighbor requested a 6-month lease and paid all 6 months plus a little bit extra upfront. My manager gladly took the money.

In short, money talks. Tell the manager you'll pay upfront and most will take it.

[NWGirl74]

I rent out spare rooms in my house and require current proof of income.

I'm renting them out because with the low vacancy rate in the area, it makes financial sense to do so not because I have to to make ends meet. If I was in a different situation, I'd probably be more open to those who move here with savings but no job. I also only rent them out month-to-month, which I won't budge on.

[2bpurrfect]

Originally Posted by tigrisgazal

I was wondering if anyone has had experience with renting an apartment or similar with no wages income in Portland. I am trying to relocate from Phoenix to Oregon. My husband will be looking for any job to make ends meet but in the meantime we have savings that can pay for a whole years rent. Will a landlord consider renting for me with no income from wages?

thanks

It's going to depend on the individual rental owner/ manager. But in any case you really should offer immediately to pay at least 3 to 6 months rent in advance, plus deposits. You could look for a place that is renting on a month to month basis, or a 6 month lease. And you might be able to convince them by showing them your saving account balance on a statement. Rent/ mortgage references of paying perfectly and on time every month for a few years would help.
Ask some property managers and advertised rentals directly, have the whole conversation, do your research with them, from where you are, first.

[bler144]

You can use assets in place of income, but as others have said your success will depend on the landlord/prop. mgr. If you have >1 years rent saved in assets, your odds will be better than if you have =1.

Why? Because most leases in this city are 12 month in the current market. And there's no guarantee you'll find work in that span (or qualify for benefits) and the other party knows you have other expenses besides rent. Say you have $12,000 and you're looking at a place with rent of $1,000/mo.

You don't really have '12 months' rent saved up, because you have to eat, pay for electricity, etc. Realistically you might be able to string those savings for 6 months, and the prop. mgr is gambling that you'll have obtained an income stream to cover the remaining 6 months on the lease before that time is up.

If you have 24,000 in [liquid] assets, then it's a much, much safer bet that you'll be able to pay out the lease term before exhausting your assets.

[Nell Plotts]

IMHO the OP's husband should find a job here before they move.

[Mini-apple-less]

I'm on disability and got approved for a room in an apartment, so I'm going to say yes.

[SETabor]

Originally Posted by valsteele

I'm on disability and got approved for a room in an apartment, so I'm going to say yes.

But isn't disability some level of income?