Renting to 3 non related individuals

[Kathy Villagomez]

Curious, when you have 3 non related individuals renting a home together, do you have them all apply separately and have separate leases. They are choosing to be roommates and rent the house together.  Any information would be helpful. 

Thank you

Kathy

[Nathan Gesner]

I have increased requirements for three or more unrelated individuals.

If people are related by blood or marriage, they are far less likely to separate or have problems that roommates experience. When a husband/wife apply, they both apply separately, but their applications are lumped together as one for approval.

When three or more unrelated individuals apply, they apply separately and each one must make at least 2x the monthly rent and have a credit score of 650. If three people apply to rent a house and one of them leaves, the remaining two will still make a combined income of 4x the rent and can easily afford it.

I started this years ago because I had so many problems with roommates pooling their resources, then one (or more) would inevitably want to move out and the remaining tenants couldn't afford the rent without adding another renter, which introduces a new set of potential problems. I had a group of five applying for a 5bed/3bath house, 3000 square feet and plenty of space for them. Rent was $1,600. One individual made 3x the rent, two individuals made $900 each, and two individuals didn't work at all. The could qualify if I combined their score, but what would happen if the primary earner decided to walk away? The remaining four would only make 1x the rent and would probably struggle just paying the utility bill.

Do a Google search for "Fort Collins You Plus Two" and read about their policy. These type of policies have been around for decades and withstood lawsuits. If you PM me, I can share mine.