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Updated almost 4 years ago on . Most recent reply

Can you ask for financial obligations on application?
My husband and I are renting our townhouse for the first time and are really struggling picking the right tenant - we've had a lot of interest. We have it narrowed down to 3-4 people, who all seem like great fits. One application did not list out their financial obligations, which we're using to determine their debt to income ratio. Can I press them to list that information?
Also - 3 out of the 4 are non-married couples...do you guys find it higher risk of one person leaving in those situations during the lease, especially if the couple has not lived together before?
Most Popular Reply

- Real Estate Broker
- Cody, WY
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Eric is completely wrong. He's a renter, not a Landlord.
The applicant's debts are absolutely pertinent! I had a tenant that applied for a $700 apartment. His income was $2,500 which was more than 3x the monthly rent. However, he had a truck that was costing him $700 a month in payments and insurance! It was a gas guzzler so you could easily add another $200+ to his monthly expenses. Credit cards and student debt rounded it out. After considering his existing debt, his rent to income ratio was closer to 50%.
It doesn't matter how much you make; it matters how much you have available to spend.
- Nathan Gesner
