question

stac0723

I'm a student and I don't work full time. I'm far from rich, but I have excellent credit because I pay my bills on time every month.

I just had one of those "welcome to the real world" moments. It seems landlords ask a lot about income. And they turn you down based on your income level. That seems pretty hokey to me. Are they allowed to do that? Feels like discrimination to me. What does it matter so long as I pay my bills on time every month?

iliveingreenpoint

All landlords ask about income levels. The fact that you have great credit works in your favor but with that, they will need to know that you can afford your rent. Imagine if you were a landlord and you charged $1,000 a month for one of your apts and your tenant had no job and no steady income ( or say they had a job that only paid them $700 a month), the landlord would be taking a very big risk in allowing your potential tenant to take the apartment because his/her income wouldn't cover the rent, living expenses and any other debt that he/she may or may not have going into the apt. Some landlords accept co-signers, someone with sufficient income and good credit who would be responsible for the rent if you failed to pay. Hope this helps.

bohuma

Landlords are also worried that you might have illegal sources of income and that you might start using the apartment for those nefarious activities. No reputable landlord wants a crack dealer or prostitute working out of their building.

stac0723

I see. *sighs*

landlord

The rule of thumb is that the income should be at least 40 times the rent. So if the rent is $1300 per month, I would need to see a paystub that shows an income of at least 52k.

Good luck

iliveingreenpoint

I knew there was a formula!!!!

rtraindweller

yea 40 times the rent is the standard i've usually noticed in listings. i've yet to have a landlord have a minimum income, just a steady income that would clearly afford me enough to rent and live (combined with roommates of course).

stac0723

Wow, that's quite a lot! I'm lucky to have 40x... anything. Maybe I am just used to living frugally. Anyway, I found an apt yesterday where the landlord didn't care that I'm a student. Just seven blocks from where I used to live!