Apartment Anxiety

posted 3 years ago in The Lounge
Post # 3
1902 posts
Buzzing bee
  • Wedding: April 2012

Typically if you don’t qualify, you can get your parents to co-sign the lease.

Post # 4
5697 posts
Bee Keeper
  • Wedding: August 2012

You’re borrowing a lot of worry and trouble without even submitting any paper work! Just submit what they are asking for, and submit more than one months pay if that makes you feel better.


But I have to ask, with utilities and other bills etc how is 1400.00 going to cover living expenses if rent alone is almost 60% of his income? I’m not sure your fiance HAS the income level that any land lord would be looking for consistently. And it’s a liability for them that his last month’s take home was only 900.00. How would you guys pay your rent and other bills if that happens again?


Post # 7
764 posts
Busy bee
  • Wedding: January 2014

@ElayneRunner:  Typically apartments require your monthly salary to be three times the amount of rent. That means he would need his monthly salary to be at least $2550. The apartments might just ask you guys to come back once you have your job in May, or have a co-signer. 

Post # 8
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

@ElayneRunner:  Asking for all the financial information is very standard. Are your parents willing to co-sign? That’s what I’ve always done…

If they won’t, then you’ll just have to hope for the best.  If you don’t get approved, you’ll unfortunaately just have to find a more affordable place to live.  It’s incredibly difficult to evict someone, so that is why they are so strict about the income requirements.

Post # 9
2118 posts
Buzzing bee
  • Wedding: June 2015

@ElayneRunner:  It’s very standard to require financial information and accompanying documentation. In competitive rental markets like where I live, landlords aren’t going to take a chance on a tenant when they don’t have to – there’s always someone reliable waiting in line. 

Also, your budget seems crazy. You guys only have an income of about $1400 and you’re going to spend $850 of that on rent? That isn’t smart. It’s not usually advisable to spend much more than 30% of your income on rent/living expenses. I know you said you’re graduating in May, but unless you have a job secured right now, it’s a huge risk.

You said your mom won’t cosign, but what about your FI’s parents? FI has always had to have his dad co-sign because he’s in school. That’s very standard where we live.

Why do you need a 2 bedroom apartment? If it’s just you and your FI, a 1 bedroom is just fine and is usually much more affordable.

Honestly, if I was the landlord, I probably wouldn’t accept your application – it seems too risky.

Post # 10
6985 posts
Busy Beekeeper
  • Wedding: August 2012

Honestly I think you’ll probably need a cosigner.

Post # 11
364 posts
Helper bee
  • Wedding: November 2013

@annb9:  I agree with you.  My husband and I are landlords of the property that I owned prior to meeting him and I really don’t think I would allow renters to move in if I knew that they were paying over 60% of their monthly income on rent.  I would be too afraid that I wouldn’t get my rent every month. 

OP – Are you sure that you are not cutting yourself short with other expenses that you have?  When we went through marriage counseling, our counselers mentioned that the average couple spends $125/wk just on groceries!  There are many ways to cut down that cost down, but factoring in food, gas, electric, gas for the car, cell phones, etc. – $550 a month seems like a very low amount to cover all of those items.  I am not saying you woldn’t be able to do it as I don’t know your expenses, but I really think you would be cutting it close!

Post # 12
2675 posts
Sugar bee
  • Wedding: May 2014 - Madison, WI

I agree that everyone I know in a tough financial spot had to get a co-signer. It does not have to be a parent, so in case it comes up I would try and think of someone you might be able to ask. My Dad cosigned on my cousin’s apartment while she’s getting her PhD. FBIL had his uncle cosign for him too. FBIL lives in a very competitive market and needed to have a six figure salary minnimun to even be considered for his apartment without a cosigner.

ETA: I have never been asked to provide more than my salary, employers name, phone number. Or when moving to start a new job I needed a letter to verify my employment which included my start date and salary. But I think it really depends on the rental market you’re in at the time.

Post # 13
2565 posts
Sugar bee
  • Wedding: October 2014

For apartments I have been in as a student, they did not ask financial information.  Now that I’m working full time, the apartments have only asked for monthly salary but did not ask to see pay stubs or anything.  They required your gross salary to be more than 3x the monthly rent.  I agree with PPs that you guys will be stretched very thin to live in this apartment on his income alone, if they even approve you as tennants.

Post # 15
7997 posts
Bumble Beekeeper
  • Wedding: December 2013

You’re way overanalyzing this. Just submit the paperwork that’s needed, cross your fingers, and don’t worry about it.

If this one doesn’t work out, another one will.

Geez, in my city you would not find a nice 2-bedroom for that price!!

Post # 16
273 posts
Helper bee
  • Wedding: August 2013

I can’t belive the price for the two bedroom!  We have a small one bedroom and it’s 1500 a month, were on a waiting list for a two bedroom and the standard here is 2,300. So crazy!   

However I was just thinking if it was possible to wait until you had a job to move.  It would save you a lot of stress I think.  Once your FI gets settled into his new job and you get settled into a job I think it would be easier.  I obviously don’t know the situation you are in now,  but it could be beneficial if you could wait it out another month or so.  

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