Out of state rental applicant

[Shawna Vicenti]

Just put my first rental on the market and need some advice. Rent is $2695/mo with a deposit of $2695. My requirement is household income of at least 3x rent.

Potential tenant is being relocated from another state and is moving here with her brother and boyfriend. Net income of $5,800/mo. Good credit.

Brother doesn’t have a job but plans to work for same company as sister. He sent a bank statement showing 26k from fathers life insurance. No credit.

Boyfriend’s current take home pay is $3,800/mo but he plans on quitting his job to move and finding another one once they get here. No credit.

Their current monthly income exceeds the minimum of 3x rent but this won’t be true once they move bc her boyfriend will have quit his job.

Would you rent to them? Should I ask for an extra deposit until all three are employed?

[John Teachout]

We don't allow combined income for non family members. So the girl and her boyfriend would each need to have the requisite income. We do it this way so that if one person leaves, the other can stay and pay the rent. We rented to "the Three Musketeers" once 2 guys and girl. During their lease, each of them moved out at one time or another and then later moved back in. These types of situations are volatile and have a high risk of turnovers if they need to combine income to make rent.