Anyone here rent properties?

CoryWM · #1 (**permalink**) 07-24-2007, 08:49 PM

I filled out an application for a duplex today, and the guy made note that I made the base salary to live there. Being 2500. Rent was 1000. Said generally you need to make 3x as much as the rent to live there. Now I know financially, you wonna spend 20-25% on housing. But I was imagining most of america paying alot more than that for their rentals.

Thoughts?

DebbieL · #2 (**permalink**) 07-25-2007, 11:36 AM

I think you will find things very tight if you make 2500 and pay 1000 rent. Is that what you actually make, or was that just the minimum you could make to get accepted? If you make $2500 I would seriously look for a cheaper rental.

boefixepa · #3 (**permalink**) 07-25-2007, 01:17 PM

List all of your expenses, you utilitiess etc and see where you fall. I agree that you will have a hard time making ends meet.

CoryWM · #4 (**permalink**) 07-25-2007, 05:57 PM

Cell Phone=45
Insurance=93
Car Payment=195
Gas and Food= 250

And My girlfriend would be paying half. So I only pay 500 in rent.

Also, I lived off 500 dollars a month with my parents from a part time job, so even if I did pay 1000 a month + my 500 dollar a month expenses i'd have money left over.

Our combined income is 5500+

Gruntina · #5 (**permalink**) 07-25-2007, 06:48 PM

Is this in a high cost of living area? I am from the Bay Area and very familiar with expensive rental. the cheapest you can get for a studio here is min of 1000 per month!!!! It is common for people to put more than half away for rent or they need to move out of the Bay Area.

CoryWM · #6 (**permalink**) 07-25-2007, 07:00 PM

Well it's the largest city next to seattle. If you wonna live in a cardboard box, sharing it with a bum, in the worst of the slums, the cheapest I could find was 675 + utilities. for 1 bedroom etc.

For 1k I get 2 bedroom duplex, with everything but electricity paid. With a garage and parking for 2!

CoryWM · #7 (**permalink**) 07-25-2007, 07:02 PM

My initial question was more of a, is 3x the rent for wages normal? Or is this landlord just extra picky?

humandraydel · #8 (**permalink**) 07-26-2007, 04:52 AM

3x rent is normal. Landlords want to make sure people can afford the rent. It's really no different than a bank making sure you make enough for a mortgage.

scrava · #9 (**permalink**) 07-26-2007, 10:34 AM

If you are only paying 1/2 = $500 I think you will be fine!