I have a question for those on a fixed income who rent

[FINFAN]

is there a limit or cap of amount you can rent based on your fixed monthly income, like for your salary when you apply for a mortgage?
I understand a credit check is done at application, but if anyone knows if there is a cap, like to 33% of income when applying for a mortgage it would help!


Thanks!

 

[marlynnp]

It depends on the landlord but usually runs maximum about 25-35% of gross income - flucuation depends on what, if any, utilities are included in the rent.

 

[FINFAN]

thanks for the quick reply...I figured it would be similar, so it helps in knowing so they can not waste time looking at monthly rent that would be a waste of time.

 

[LindaR]

Perhaps it depends on which state you are in but here there is no such thing!

My daughter is a college student and her rent is almost $800 per month. She makes around $300 per month from her part-time job.

In all my years I have never lived in a state where they did what you are asking!

 

[Daisybelle]

I used to be a property manager in a college own and the larger apartment complexes, not privately owned, had income criteria that applicants needed to meet. It's been a few year but I think at the time it was 25 to 30 % of gross income. I don't think it's a state regulated thing but owner regulated.

 

[DrCavin]

At least here, it would depend on the landlord/rental agency. Many rentals only do a credit check, they dont verify/ask income questions.

 

[kilee]

In our area there are very few apartment complexes, so most rentals are private owners. They don't do credit checks or income verifications. We are in a semi-rural area though so maybe that has something to do w/ it.

 

[Gabes_mommy]

When I rented in a large company owned complex in FL I was never asked any income info. They did do a credit check though.

 

[The Mystery Machine]

Credit checks here too.

 

[FINFAN]

I know about credit checks, no worries on that, but I was just wondering if like a house, you have a limit of what you will qualify for to rent just like in a mortgage...that is why I was asking, as I have never rented( except for in college eons ago) and have no idea if the same rule of thumb applies. I would imagine it is difficult to implement,as someone may have a ton sitting in the bank and if they are making rent, who cares what their income is...but again, the way things change overnight with credit, etc., I was hoping others would have current info. I am helping someone on a fixed income, so I was trying to prevent any headaches of seeking out places that would have limitations due to income requirements.

 

[The Mystery Machine]

I know about credit checks, no worries on that, but I was just wondering if like a house, you have a limit of what you will qualify for to rent just like in a mortgage...that is why I was asking, as I have never rented( except for in college eons ago) and have no idea if the same rule of thumb applies. I would imagine it is difficult to implement,as someone may have a ton sitting in the bank and if they are making rent, who cares what their income is...but again, the way things change overnight with credit, etc., I was hoping others would have current info. I am helping someone on a fixed income, so I was trying to prevent any headaches of seeking out places that would have limitations due to income requirements.

Depends on the landlord, company, etc.

Now you can look into places that have low income requirements. Those do exist out there. My mom wanted to get into a certain place and could not because her income was too high.

 

[*pixie*dust*]

In must vary state to state. At the financial institution I work for we get verrification of assets form for renters quite frequently.

 

[Mickey'snewestfan]

Here it's common. If you call an apartment community and ask what the required income is they'll tell you. A common formula is that your salary must be 35 times the monthly rent.

 

[ginna74]

We are renters and I have never heard of that either. They did do a credit check AND background (criminal)check here. Every place that I looked at when we were moving did BOTH.

 

[golfgal]

If you are applying for rental assistance from the state/county, etc., yes, there will be a limit as to how much you will get and can spend. If you are just a regular old renter, no unless the management company puts some restrictions in place.

Keep in mind that everyone is on a fixed income .