Cost for Additional Tenants or Renting to Married Couples
What is the standard approach when renting to an unmarried vs married couple? My thought was that if it's an unmarried couple, they must individually qualify to be a tenant or else their name cannot go on the lease as opposed to a married couple where their combined income is treated as single income and therefore would only need to qualify together. (Side note: is it ok to ask the married couple to provide a copy of their marriage certificate as proof?)
When you are renting to a couple, whether they are married or not, what is the rule when raising rent? If rent is usually $700 per month, how much can you raise the rent for additional person such as a spouse, partner, or child? I read somewhere that you can increase rent by 10% but I don't know if that applies for Philly as well.
Lastly, I have a clause in my lease that says if a person not listed on the lease is found to be occupying the residence as a long term guest that there will be a $100 fee charged for each month. I also specify that anyone who spends more than 15 days/nights at the residence per month or has "tenant privileges" (such as a key to the unit) is considered a long term guest and will incur the fee. Is there a rule for how much of a fee I can charge? I make the fee high to detract tenants from moving in any deadbeat friends/boyfriends, etc (I've learned from experience).
My rental is in Philadelphia so I am specifically looking for tips and info related to that market.
Most Popular Reply
Jessica
Stop whatever you are doing... log off of bigger pockets and go get a copy of the Fair Hosing Act.
Read it about 10 times.
Familial Status (Children) are a protected class.
Good luck. Be careful