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Updated over 3 years ago on . Most recent reply

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Fili Aguirre
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Do they have to sign if they're 18+?

Fili Aguirre
Posted

I know that everyone 18+ has to submit a separate application to rent a property. But do each person who will live in the property who's 18+ also have to sign the rental agreement? /and submit a background check?Like for example mom and dad and their son who's 18 years old

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied
Quote from @Fili Aguirre:

@Nathan G. Thanks for answering, Does each applicants gross monthly income must equal three times or more the monthly rent?

I combine income for two people. For three or more unrelated by blood or marriage, I require each individual to make 2x the monthly rent. This prevents five 18-year-olds from pooling their McDonalds paychecks and renting a nice house. And if one roommate leaves, I want the rental to be affordable for remaining people, which is important because roommate situations fall apart all the time.

Fir example, five people wanted to rent a 5bed/3bath home. Plenty of room and affordable based in combined income.. But when I looked more closely, I discovered One of the applicants made 2x the rent, two of the applicants each made 1x the rent, And two of the applicants did not have any income. Combined they made 4x the rent. But if the highest earner were to ever leave, the remaining four people would only make 2x The rent and it would be unaffordable..

Make sense?

  • Nathan Gesner
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