Do you require both applicants have x3 income to rent?

[John Matarazzo]

Hi, rookie question here. I've been trying to rent out my unit (first time, had inherited tenant before), I have an applicant who makes 5x the rent, but far best income of all applicants so far. However, it is an unmarried couple that is applying, the other person is hardly making more than one month's rent. Obviously I can't ask personal questions about their relationship but based on their applications I can see that they were not living together previously. So if this relationship doesn't work out at some point and the high income earner leaves obviously I'm in a bad situation.

What have you all done, have you accepted these kinds of tenants? What have you done to hedge against the above scenario? Should one make the lease only with the one who meets the qualifications so in case they move out the tenancy ends for all? Thanks for any input.

[Erin Dreher]

If the lease is in both of their names they are both financially responsible. I would make sure they understand that the lease is a legally binding contract. Make sure your lease defines what happens if the lease should be broken. 

 Also make sure you have ID/SSN # of both people in case anything goes to collections.