Does the income 3 times rent requirement apply in all markets?

[Negar P.]

Hi all,

My rental property is located in Orange County, CA. It is a 2 bed 2.5 bath that would go for $3100 per month in this market. This is the first time I am trying to rent it out though and I am finding it hard to find a tenant/family whose income is 3 times the rent. That would mean the renter should make $9300 per month in net pay, right? For example, right now I have an application from a single mom with two kids. She makes a little more than $6000 per month. She is a nurse at a local hospital with 703 credit score. So I guess other than the income she would make a good tenant.

I wonder if the "income 3 times rent" is true for markets like Southern California? Also would appreciate any other tips you may have for a first time landlord in this market

[Alex Olson]

Originally posted by @Negar P.:

Hi all,

My rental property is located in Orange County, CA. It is a 2 bed 2.5 bath that would go for $3100 per month in this market. This is the first time I am trying to rent it out though and I am finding it hard to find a tenant/family whose income is 3 times the rent. That would mean the renter should make $9300 per month in net pay, right? For example, right now I have an application from a single mom with two kids. She makes a little more than $6000 per month. She is a nurse at a local hospital with 703 credit score. So I guess other than the income she would make a good tenant.

I wonder if the "income 3 times rent" is true for markets like Southern California? Also would appreciate any other tips you may have for a first time landlord in this market

 It is not always perfect but it is a really safe bet. It helps ensure that you will get paid. Call around to PMs in your area and see what they require.