Renter Qualification - Income Requirement

[Stephanie Gledhill]

My rental is posted for $3,900 per month. 3x income is $11,700 per month or $140,000 per year.

I have an applicant who has a 787 credit score. He just finished his radiology residency at UT and made $70,000 per year. He starts his real dr job 7/15. He has provided his employment agreement for $450,000 per year as a radiologist. Everything is clean.

Would you do this and ask for 2x deposit with half returned after showing first pay stub?

I have others interested he just seems easy to work with. He’s going to buy in the area so he won’t be a long term renter unfortunately. I do have others interested.

[Richard F.]

Aloha,

At that price point, I would want someone that intends to remain for a long period...unless this one is talking about buying "in a few years". I would still offer a normal one year term, with the understanding that at renewal time, IF they have a target date, you can work with it and renew for 4 -6 whatever months. Don't just rent it M-T-M for his convenience. You do not want him suddenly moving out at a slow time of the year; and you will likely need to do a certain amount of freshening up before you can attract a new, quality, tenant.