Landlords- would you approve this app?

[Deleted]

Our current tenants are vacating our property and we just got an applications for a couple that wants to move in right when the other lease is over. We have had multiple showings but this is the first application.

They are 25 and 27, good rental history and have steady jobs. They also passed their background and credit checks. Neither one of them has a lot of credit but what little they have is good. Together they make more than enough to qualify but separately it would be a stretch for either of them.

Would you be concerned about things not working out between them once they move in together? Is it discrimination to even think that way? I'm only concerned because I know neither of them can probably afford to live there on their own. They have each lived alone since 2008 and currently pay significantly less in rent than our payment would be. This morning when I was looking over their materials I was fine with it but now I am questioning myself.

[vanillacourage]

I require my tenants to EACH make 2.5-3x the rental amount each month, for precisely this reason. In your state, is each tenant responsible for the lease both jointly and severally?

[heygrey]

since you have no other options at this point for tenants, i'd go with them.

what's the worst that happens? they break up, can't afford the lease, break the lease early, forfeit their deposit, and you have to find new renters? i know that's annoying, but it seems like a better gamble than having no renters.

[heygrey]

Sept 7, 2012 16:29:49 GMT -5 vanillacourage said:

I require my tenants to EACH make 2.5-3x the rental amount each month, for precisely this reason. In your state, is each tenant responsible for the lease both jointly and severally?

i'm really glad none of our landlords operated like this. i would be homeless still.

i get why you have that rule, but it still sucks for renters with extenuating circumstances.

[Deleted]

To clarify, the current lease is not over until October so I am not rushed.

[jewel]

I probably would, but my on-paper standards are low. Gut feeling is #1.

One of my rentals is currently filled by excellent tenants. They pay early every month, fix things in their own, and have been there 2.5 years so far. The guy was in jail when his wife and child first moved in

[EmilieMadison]

Sept 7, 2012 16:29:49 GMT -5 vanillacourage said:

I require my tenants to EACH make 2.5-3x the rental amount each month, for precisely this reason. In your state, is each tenant responsible for the lease both jointly and severally?

This is what we do as well, for exactly the same reason: each tenant is responsible for the entire lease amount in the case of the the other not paying for whatever reason.
I realize this is not how it's done in many places, but it's very common in mine.

[Deleted]

Sept 7, 2012 16:33:22 GMT -5 heygrey said:

Sept 7, 2012 16:29:49 GMT -5 vanillacourage said:

I require my tenants to EACH make 2.5-3x the rental amount each month, for precisely this reason. In your state, is each tenant responsible for the lease both jointly and severally?

i'm really glad none of our landlords operated like this. i would be homeless still.

i get why you have that rule, but it still sucks for renters with extenuating circumstances.

Having a landlord that hangs out on MM is one of my nightmares. lol

[Deleted]

I probably would. I rent my 3bedroom to 3 girls...they are all on the lease, if one wants to get out she has to find a sublet or the other 2 have to cover. If they don't pay, they all get the hefty late fees, etc. Basically each & every one on the lease is responsible for the total lease. In my lease I require 1 check so no saying...well I paid my part, but I don't know where my roommates money is. That being said, each girl pays $500-600/mo & each make $40K or more.

[Deleted]

Thanks for the perspective. DH and I are still talking about it.

[ellipses84]

Is it more than 1 bedroom? If so, and one of them moved out, they could get a roommate. I have been in their situation and I was always a fantastic renter If my bf had moved out, I would have prioritized my rent and made sure it was paid.

[Deleted]

Sept 7, 2012 21:40:25 GMT -5 ellipses84 said:

Is it more than 1 bedroom? If so, and one of them moved out, they could get a roommate. I have been in their situation and I was always a fantastic renter If my bf had moved out, I would have prioritized my rent and made sure it was paid.

Yes, it's 4 bedroom.

[mkesweetie]

Whatever you standards are, you need to decide and hold firm to them. You get in to dangerous territory when you start taking things in to account (like age) for one set of applicants but not for another set of applicants.

[steph96]

Since it is a 4 bedroom, do you think that they will have anyone else moving in with them?

[thegooser]

I would rent to them. They have more than enough options if things go wrong in a 4-bedroom house. They could move into separate bedrooms or get a roommate. Just make sure it's written in the lease that you only get one check and both parties are responsible if the rent isn't paid.

Not everyone plans to get married, ever. And married couples divorce. I think it would be unreasonable to expect that they can each afford it separately.

[Deleted]

Sept 8, 2012 9:24:53 GMT -5 steph96 said:

Since it is a 4 bedroom, do you think that they will have anyone else moving in with them?

Anyone living in the house that's not a child is supposed to fill out an application and be on the lease, so they better not

I think the main reason they are interested is because she has a dog and the house has a fenced-in back yard.

[M]

On their own do they make less than rent? When I was in my first 2 years of college, I worked part time making $1200/mo and paid $800 between rent and utilities. I paid every month on time or early. If that landlord hadn't given me a chance, I would have been homeless. Just kidding, I probably would've had to ask my parents for help cosigning. I hate asking them for help

I think you can ask them to provide bank statements to see if they have an emergency fund. We just rented a vacation home where they asked us to provide it and I think our current place asked for it too. I'd do that with any tenant anyways. Married or not, making a big income or not, anything could happen like one or both can lose their jobs then not be able to afford rent. So as long as they have an efund, I think it'd be ok to rent to them.

[kershnic]

I'd go with your gut feeling, but nothing screams no to me. The idea if each person qualifying individually is nuts to me. DW and I each make 3-4x what we did when we moved in here (way before marriage) and we still don't meet that criteria. Another poster who is glad my landlord doesn't read this board. My LL totally picked us over others based on gut feeling since we were grad students and she didn't even know we were a couple....but we're good tenants so she picked well on us.