Income Requirement For Renters - Combined Amongst Tenants or Not?
Hi everyone,
I'm pretty much a newbie when it comes to tenant screening. I have "book smarts" on the topic, but no "street smarts". In finding a new tenant for a unit in my duplex, I've come across a few questions. I follow the standard rule that a prospective tenant's gross income must equal 3 times the rent plus utilities. Now, say there are 3 applicants over 18. According to your standards, does each applicant have to earn 3x the monthly rent plus utilities? Or does the combined total of the 3 applicants have to be 3x the rent plus utilities?
Also, do you pick the first qualified applicant (is this PA state law?) or do you set a deadline, and review all applicants after that deadline and choose the best one?
Thanks!