what do landlords look for in regards to qualifying by income? (apartment, renter)

[tropolis]

say for example someone makes 2000 a month. how much rent could they afford in a landlords opinion and how does the landlord come to that conclusion.

[KonaKat]

Usually 2.5 or 3 times the rent in gross income. Verified by copies of paystubs, calling employer, tax return etc.

[Huckleberry3911948]

can you pay the rent. r u on time.

[tropolis]

Originally Posted by KonaKat

Usually 2.5 or 3 times the rent in gross income. Verified by copies of paystubs, calling employer, tax return etc.

why not net income. gross income is not an accurate measure of how much money you have available.

[KonaKat]

Because that's the way we do it! Every LL or property manager has policies which they may set as they please as long as all policies apply equally to every applicant and no laws are violated. If we used net income and considered other debt, the time and paperwork would also be overkill for the "job" at hand. In obtaining the credit report, we get an idea of their debt anyway.

[cleasach]

It probably varies everywhere but the rule of thumb in NYC is that the renter earn at least 40x the monthly rent per year.

If you earn $40k a year gross you would qualify for an apartment that costs $1k a month in rent.

[FBJ]

i my landlord wanted me to be making more than half every week of what the rent was every week.

example-rent was 650 when i first moved and i had to be making more than half of that on a weekly basis

[zz4guy]

3 times gross (before taxes).