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My wife and I are relocating for my job. The apartments we are looking at require a certain income multiple of rent. To meet that multiple, both of our incomes must be listed. Being that she will need to quit her current job and will not have a new one lined up by the time we land, can I still put her current income on the rental application?
You can surely list it however, you really shouldn't unless you add a note with her current income that once you relocate she will be unemployed and seeking new employment once relocated. Otherwise I would not list her income at all without that stipulation. Sometimes if everything else pans out (your income, credit, savings, background, rental history, etc) there might be some LLs that will take that into consideration.
I know we have taken that type of relocation situation IF one person's income is enough to carry the load until the other person finds work and the total combined income does not quite make the 3 times rent for income requirement and both people check out otherwise. But larger property management companies more than likely will not. But also there are some LLs or apartment complexes that do not require 3 times the rent for income. Some may only require 2 times.
It all depends on where you are relocating to, how much (or how little) demand there is for housing in that area, what type of property you are applying at (small time LL or larger property management co), etc.
We are relocating to a landlords market (Los Angeles) where my income alone would be 2.8x rent. Pretty sure they require 3x in the area we're looking. We both have excellent credit, and are coming from home ownership. Combined income would be 4.5x and I'm sure she'd have a job in less than a month. Given this information, would your company let it slide?
We are relocating to a landlords market (Los Angeles) where my income alone would be 2.8x rent. Pretty sure they require 3x in the area we're looking. We both have excellent credit, and are coming from home ownership. Combined income would be 4.5x and I'm sure she'd have a job in less than a month. Given this information, would your company let it slide?
Absolutely, as I have already stated we would. But I am not in CA so I surely can't say what any LL would do in CA, let alone any other LL for that matter especially with so many other people waiting in line for housing who may have the income required. You will just need to keep applying until you find a LL/PM that will.
You might just need to relocate first and stay in an extended stay place temporarily until you can find a place. Sometimes it helps meeting LLs/PMs face-to-face allowing them to get the whole picture.
I'm a LL in So Cal. OC to be exact. If the person was complely truthful and explained the situation and they had a proven track record, proof of employment for at least one person and it covered the rent at 3x or a tad under, and everything in the background and credit checked out yeah I would rent to them. But nothing stays vacant long.
I rented to three young military guys who were moving from back east. Had absolutely no issues doing it. The rental stayed vacant for 15 days. But they have been there for three years, paying rent on time, and no issues. I had no problem "losing" 15 days of rent. That was the agreement we made. I didn't think it would be fair to charge for that 15 days. I prorated the first month based on use.
It's a tightrope walk. Not meeting the published requirements means we would need to make an exception to our rules, something we don't do lightly. If all you had to offer was a belief that she might get a job, that's the same as saying you will be able to pay the rent with some possible raise next week or a bonus maybe next month or from the lottery wining from this coming Saturdays game. No substance, just assumptions and we would not approve the exception.
Now, had the move been in reverse, CA to WI, it would most likely be approved with the stipulation she applies for her unemployment benefits. On a relocation, we accept unemployment benefits as a TS if the gap is that small.
......... my income alone would be 2.8x rent. Pretty sure they require 3x in the area we're looking. We both have excellent credit, and are coming from home ownership. Combined income would be 4.5x and I'm sure she'd have a job in less than a month. ......
I might be willing to let the income ratio slide a bit for a married couple who both have good credit, don't smoke, and don't own a pit bull. The home ownership is a huge plus. It's also a huge plus if you have enough in your savings to pay your living expenses for a substantial time period.
Things you might need for your own benefit. I check employment and I will call your wife's recent boss. I am not going to accept that as income (really, you have income from a job in Tennessee and you expect me to believe you are commuting back and forth from Los Angeles?), but it means a lot if her boss will give her a reference. If she is hardworking and reliable at her last job, she won't have too much problem finding a new job. I like "reliable" in my tenants and employers also like "reliable".
Bring some pay stubs. Make sure your new job will verify your employment when I call them-- or have a new hire letter with salary if they have the policy of not giving any information.
Bring a sales flyer for the home you sold, if you have one. I will accept your listing agent in lieu of a landlord reference. Your agent can tell me the condition of the house you just sold. Your credit report will show the mortgage payments.
Have the phone numbers that the landlord will have to call in your possession when you go to apply. Know your car license number. Have photo ID.
It helps if you wife does some sort of work where there are a lot of jobs, or else is willing to do something different.
My wife and I are relocating for my job. The apartments we are looking at require a certain income multiple of rent. To meet that multiple, both of our incomes must be listed. Being that she will need to quit her current job and will not have a new one lined up by the time we land, can I still put her current income on the rental application?
Thanks ahead of time!
What income? When you move she will not have that job nor that income. Best find something you can afford with just your income unless you have a lot of savings and you could use that perhaps.
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