Rent to income ratio for roommates/couples?

Question

I know 3:1 income to rent is the general rule, but what rule do you use for roommates or couples? If there are 2 roommates do you just require 3:1 total or do you require that they each make half of the ratio (1.5:1)? Does this change for married couples since they are legally 1 entity?

Brian C. · Answer

Interesting, thanks guys. Do you require applications and credit checks from both people if they're married?

Mike H. · Answer

You're asking about married couples? For married couples, I don't require each of their incomes to cover 1.5 times the rent. I combine their income and make sure they get to 3 times the rent.

If they weren't married, I might look to see more since its easier for one of them to move on. Same with roommates. I'm very hesitant to do 3 to 1 for roommates. They're much bigger risk for having one move out.

Typically, I look to see if one of them can cover the rent by themselves (3 to 1). If not, I pass. I just haven't liked the odds of getting a long term tenant from roommates based on a couple of the experiences I've had. One year has been pretty typical. I had one that made it two. They just don't last and then if they can't afford the place on their own, they move.

David A. · Answer

for roomates yes looking at the amount they are each responsible for

IE:

1000 rent each is responsible for 500 so would need 1500 income EACH

For a couple some people take just 1 of the incomes to make sure they can cover it with the 1/3 rule.

Rent to income ratio for roommates/couples?

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