$1750/mo Rent = Income and Credit Requirements? (Oakland, Berkeley: sublease, apartment, rental)

[MisterCali]

I'm moving to the Bay Area and have found a great 3 month sublease in Oakland, but come Spring, I'll be in search of permanent housing. I know there's no single answer to this question and that the answer will vary depending upon the neighborhood, the type of building, whether it's a studio/1br or an apartment share and whether it's an individual owner or a larger property management company.

If one's looking to spend $1650-1850/mo on rent in the city of SF, South SF, Oakland, Berkeley, what should one's minimum income and FICO credit score be? In other words, what numbers should one have in the "income" and "credit score" column to be shopping around in that range and make it into the landlord's 'yes' pile for a ~$1750/mo apartment (or room in a larger apartment)?

[CaliRestoration]

Originally Posted by MisterCali

I'm moving to the Bay Area and have found a great 3 month sublease in Oakland, but come Spring, I'll be in search of permanent housing. I know there's no single answer to this question and that the answer will vary depending upon the neighborhood, the type of building, whether it's a studio/1br or an apartment share and whether it's an individual owner or a larger property management company.

If one's looking to spend $1650-1850/mo on rent in the city of SF, South SF, Oakland, Berkeley, what should one's minimum income and FICO credit score be? In other words, what numbers should one have in the "income" and "credit score" column to be shopping around in that range and make it into the landlord's 'yes' pile for a ~$1750/mo apartment (or room in a larger apartment)?

In a high demand area like SF, expect 2.5 to 3.0 x the monthly rent. FICO should be well above 650. No evictions on your record (that was an automatic no for my rental properties), and no history of delinquencies within the past 36 months (another automatic no).

[HockeyMac18]

Originally Posted by CaliRestoration

In a high demand area like SF, expect 2.5 to 3.0 x the monthly rent. FICO should be well above 650. No evictions on your record (that was an automatic no for my rental properties), and no history of delinquencies within the past 36 months (another automatic no).

All above true - and I'd really emphasize the 2.5x - 3x income thing. I would try to push that above 3x as you'll run into plenty of competition (that won't have that hang up, and will win out over you as a result).

If that's out of reach for you, roommate/housemate situations are your best bet. You'll also save a lot of money that way (but I understand that lifestyle isn't everyone's ideal).

[HockeyMac18]

Originally Posted by 2sleepy

They might be more flexible with a 3 month sublease, I don't think there is a huge demand for those unless it's renewable.

I think the OP is currently in a sublease and is looking for something more permanent now. Unless I misread?

[2sleepy]

Originally Posted by HockeyMac18

I think the OP is currently in a sublease and is looking for something more permanent now. Unless I misread?

You are correct, I will delete my post if I still can, Thanks

[HockeyMac18]

Originally Posted by 2sleepy

You are correct, I will delete my post if I still can, Thanks

It's OK - the first time I skimmed it, I thought the OP was looking for the same thing, too.

[MisterCali]

Yes, to be clear, I'm moving to the Bay Area in Feb and have a sublease in Oakland for Feb. 1 - April 30. Just thinking ahead to May onward when I'll be looking for permanent housing. BTW, when we say 3x rent for income, do we mean gross or net pay?

[jordansand]

Originally Posted by MisterCali

Yes, to be clear, I'm moving to the Bay Area in Feb and have a sublease in Oakland for Feb. 1 - April 30. Just thinking ahead to May onward when I'll be looking for permanent housing. BTW, when we say 3x rent for income, do we mean gross or net pay?

The 3x monthly income is typically gross pay, but it should be noted that it does not include bonuses and other compensation.