Tenant application requirements? What would you do?

4 Replies

So I have two brothers that submitted an application for a property: one of them qualifies based on the requirement, the other does not, he makes about $1000 net a month when the minimum is somewhere around $2400 net monthly income, but combined they bring in enough to meet the minimum.

My question is, can the other brother who is qualified be a "co-signer" even if he is going to be living in the same place? Maybe I'm using the co-signer thing wrong here but what would you do and what are your recommendations? 

the required monthly income is generally the combination of the legal adults on the lease 

I agree with @Matthew Paul The combined income needs to meet your requirements as they are going to be both liable together for paying rent.

I don't see any issues based on what you posted.

If you were qualifying a couple you would combine the income and use that as your qualification standard.  The same should be done here.

Yes, they both need to be on the lease and responsible for the rent.

A co-signer is usually someone who takes responsibility for the rent even though they don't live in the apartment.

If the brother who makes more money wasn't going to live in the apartment then he could co-sign for his brother.  This way the brother who makes more money would be responsible for paying the rent if his other brother couldn't pay.  

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