Trying to rent as students (Vienna: real estate market, sublease, sublets)

[Paranoia]

So, three friends and I have decided to go to NVCC for a couple of years before transferring schools, but we still plan on moving out of our houses. We looked everywhere for a rental property in our price range, and we found a four bedroom townhouse in Vienna. The rent is $1700/month.

Now, let me explain our financial situations.
I have decent credit, and make around $10,000/year in my current part time job. Upon moving, I could easily stay employed by the same company, but switch to a full-time and/or higher paying position elsewhere. I have $50,000 in a 529 plan, so tuition will not interfere with my ability to pay rent. I have an addition $20,000 saved up in the bank that could easily go towards rent. I own a car that is 100% paid for. My father makes close to $200,000/year and has nearly perfect credit (his FICO score is something like 830). He's willing to help out as much as possible, financially or otherwise.
My first roommate doesn't currently have a job, but he plans on getting one upon moving. He has saved up about $6000 from his Survivor Benefits payments. I don't know exactly how much money his mother makes currently, with or without the SS payments, but I do know that his mother has few living expenses. Since his father past away, his sister, mother, and him have been living with their grandparents rent-free. He has no credit history to speak of.
My second roommate currently holds two jobs. He makes $8/hr at one and $10/hr at the other and makes about $12,000/year. His father is a government employee raking it over $100,000/year. He also has no credit history.
My third roommate has a job and makes just over $10,000/year. He works for the same company as I and he could easily switch positions to a higher paying or full-time job upon moving. He has $7000 in the bank. He has no credit history. His father is a real estate appraiser and most years he makes over $150,000.

Now, while we all will be working and attempting to pay our own rent and utilities, many of our expenses will be paid by our parents. All of our parents will be covering tuition. They have also offered to pay for expenses such as food and gasoline.

We're geeks, not party people. None of us smoke or have pets. We have nearly unlimited financial security thanks to our parents.

But, here's the deal. This property only allows two incomes to qualify. What can I do? Can I be listed as an applicant and my father as another applicant, especially if he can't technically co-sign, while my roommates are listed as occupants? I mean, my father's happy to rent the place in his name, but he won't be a tenant at all. What can I do?

By the way, I do apologize for the excessive detail..

[jb124]

Maybe have your dad (or one of the other parents) rent it then you four sub-lease it from him (using a contract). That way your dad has some protection in case your friends do bail out or damage the property. The leasing company my not allow sublets though.

Otherwise, yeah, it's probable that you'll have to get your dad to co-sign on the lease with you (assuming the leasing company even allows that).

[Paranoia]

Sorry, I should have made it more clear. The won't actually allow a co-signer. So, does that mean my dad pretty much has to rent it and then sub-lease it to us? Can my dad be an applicant without being a tenant?

[jb124]

Originally Posted by Paranoia

Sorry, I should have made it more clear. The won't actually allow a co-signer. So, does that mean my dad pretty much has to rent it and then sub-lease it to us? Can my dad be an applicant without being a tenant?

Well you can try applying the regular way (take the top two choices from the four of you) and state your case, seeing if the company goes for it. If they turn you down, ask if they allow subleasing, in which case you could get your dad to rent it.

The other option is to go straight for the sublease option, having your dad call and ask if they will let him lease with the ability to sublease without letting the company know about your situation. Generally speaking, the prospect of having four 18-24 year old males (my assumption on age) renting out a house will probably be met with at least some resistance by many leasing companies. I'm no real estate expert though.

[Paranoia]

I am a female, actually, but I didn't make that clear, so that's okay.

But I mean, what are we supposed to do, fill out the application and staple a typed up letter to them explaining the situation?

I just think this is silly. We have the financial resources to pay the rent monthly, but we don't have a fair way to show it. I'm tempted to just ask if we can pay the year's rent in advance. Who the hell would turn that down?

[jb124]

Have you asked the rental company how they feel about it (over the phone/email) yet? You may be over-thinking the situation. They may say just apply as yourself & friend and if you don't immediately qualify, they may be willing to explore other options. They don't want the property to stay empty any longer than necessary.

Yes, offering to pay a few months or all of the rent up front would probably make things easier, or agreeing to pay a higher than usual deposit.

[Yankeesfan]

JB124 makes a good point, have you or your father discussed it directly with the company? The real estate market in Northern VA is sufficiently soft that they may be eager for a tenant. And knowing that parents are involved and willing to take some responsibility may make them feel more comfortable.