Retired prospective tenants

[Anurag Pulla]

Hi everyone,

I was hoping I could find some advice here on renting to prospective retired tenants in their 70s. The prospects have great credit score and savings but don’t have a monthly 3x. I am not sure how to consider this application, maybe take more deposit? . Any tips would be greatly appreciated. Thanks in advance 🙏

- Anurag 

[Richard F.]

Aloha,

You state they have "great"...savings, so what is the issue? Do they have major debt too? It doesn't sound like it, so what IS their monthly income? 2X? I look at savings based on the total amount. If it is under $5 or $10 K it is usually meaningless, but If they have the equivalent of a year of rent, on top of reasonable income for day to day, I might consider, and if they have major savings/IRA there is no issue. Make sure you have the "joint and several" clause, often older couples are not married for tax purposes... You really cannot charge additional deposit as that could easily turn into a Fair Housing issue. Asking them to prove additional assets to offset lower income is better. Most applicants have low income and NO other assets/savings.