Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I have done nothing but rent either a house or an apartment all my life. I am currently on my 7th lease where I am presently and really like where I am, but was curious about another complex for next year. I had always liked their setting and location so decided to stop by their office to learn more about price, etc.
What I learned was very different than what I expected. Maybe even subtle discrimination against retirees.
The rent for a one bedroom was the same as where I am but the deposits and application process were unreasonable, in my opinion.
They had a 2 pet limit (typical) and wanted $250 non-refundable deposit per pet, plus $30 per pet per month.
They wanted 3 times the monthly rent up front plus a $600 security deposit! They wanted a year's worth of pay stubs. They would not take a Social Security statement, bank statements, or tax returns as income proof. Plus credit checks, of course.
I am on SS plus self employed with a regular monthly income but their rules left me out in the cold plus the security and pet deposits being what they were.
It would cost almost $3800 in deposits just to get in a $750 a month apartment. That is insane plus the subtle implication the SS wasn't "real" income.
I am not unfamiliar with some of the stringent demands on renting now, but this was ridiculous. Thinkiing of moving? Get all your info first. It is not as easy as it was 10 years ago.
Guess I will stay where I am at for a very long time.
I think part of the problem is that some states are more tenant-friendly than others. In a state where rights fall more on the side of the tenant, it can be an extreme nightmare for landlords who have crappy tenants. My father-in-law had to finally sell his rental properties and he lost a lot of money because of his tenants that did not/could not pay. I can sort of see why there is a requirement for large deposits. He also got stuck with the cost of pets ruining his properties. He was a "nice" landlord and got severely taken advantage of. If I was a landlord these days (lots of dishonest people), I'd be pretty tough.
It's a shame, though, because it really does create a hardship for responsible people.
My son just graduated college last year. He and some of his classmates that landed good jobs they had to move to are running into that. They have no significant work history, credit rating or savings. My son started in an AirBnB (while interning), as did some of his classmates. He was fortunate in that his first "real" (after internship; he did well enough to be hired) position is officially temp (no job is protected and his company has a history of keeping temps that do well) and they provide housing - a suite with a full kitchen in a hotel - to temps. If he gets a staff position, they will increase pay (technically, the "free" room is pay; he will owe taxes on it) and he will have to rent. He is pretty much resigned to having to having to find someone already holding a lease or mortgage that needs roommates. Even if he could afford a studio or one bedroom (and he should be able to), he wouldn't qualify at many complexes.
I think this is a result of property owners/landlords getting screwed one way or another by tenants. Now the pendulum has swung the other way and property owners or apartments in general have become very cautious and demanding. There must be enough people that qualify in renting with these huge deposits and extra fees or the apartments wouldn't be able to make these demands.
And maybe I'm totally wrong about this so don't beat me up too badly. Maybe seniors in general are a pain to rent to. They don't want too much noise, screaming kids, need most things to be perfect and to their liking. Maybe they have the mindset that they own the place rather than rent. Since they are home almost all day every day, they find things to complain about. There was a thread a while ago about a senior who called the cops on a landlord for removing a plant/tree from the property. I'm just saying, some people don't view seniors as very desirable to rent to after one or two bad experiences.
I think this is a result of property owners/landlords getting screwed one way or another by tenants. Now the pendulum has swung the other way and property owners or apartments in general have become very cautious and demanding. There must be enough people that qualify in renting with these huge deposits and extra fees or the apartments wouldn't be able to make these demands.
And maybe I'm totally wrong about this so don't beat me up too badly. Maybe seniors in general are a pain to rent to. They don't want too much noise, screaming kids, need most things to be perfect and to their liking. Maybe they have the mindset that they own the place rather than rent. Since they are home almost all day every day, they find things to complain about. There was a thread a while ago about a senior who called the cops on a landlord for removing a plant/tree from the property. I'm just saying, some people don't view seniors as very desirable to rent to after one or two bad experiences.
I think the requirements are less friendly to young adults than retirees, with the possible exception of the pay stub requirement, which does seem odd if truly inflexible. I suspect it is flexible in most cases; if you can convince them of legal, reliable, steady income they will probably check that box. The OP said that isn't the case at that complex; a sample size of 1. That also discriminates against young people just starting out or against anyone who has been out of work for a while and may be relocating because they found work.
I think the requirements are less friendly to young adults than retirees, with the possible exception of the pay stub requirement, which does seem odd if truly inflexible. I suspect it is flexible in most cases; if you can convince them of legal, reliable, steady income they will probably check that box. The OP said that isn't the case at that complex; a sample size of 1. That also discriminates against young people just starting out or against anyone who has been out of work for a while and may be relocating because they found work.
Young adults might have the stigma of being the least desirable to rent to. The have a short work history, little money saved and many love to party until the wee morning hours.
"They wanted 3 times the monthly rent up front plus a $600 security deposit! They wanted a year's worth of pay stubs. They would not take a Social Security statement, bank statements, or tax returns as income proof. Plus credit checks, of course."
Personally, I found that our very worst tenants were two separate young married couples with small children. They created the most damage to our property (broken blinds, crayola on the walls, kool-aid stains on the carpet) failed to take care of the landscaping as agreed, were always late on rent, and snuck in unauthorized pets.
That's not bad, here most monthly rent is $1,500 a month and up, landlords want a security deposit equal to a months rent, first, and last up front. NO pets, and there's a non refundable $50 "application fee".
It really depends on the strength of the rental market.
I used to work for a metro Boston-based tech company. My colleagues there were a couple years younger than me - virtually all were renters. Apartment brokers were basically required, and they took basically another month's rent for their cut on top of whatever you paid to the landlord - in that market, it was usually first, last, and a security deposit. This ended up being something close to four months' rent that you had to come up with. You could easily face $10,000 in startup costs just to get an apartment!
In my local area, rents are cheap, and it's usually a security deposit less than the monthly rent. No brokers or last month rent up front are required. You can get in a spot for under $1,000 usually.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
