New Graduate Room Renting without Job Yet - Advise?

Question

Hi BPs,

I am quite new to room rental and I would like some advise for a potential tenant who is a recent graduate, but without solid income due to not having a job yet.  Would you recommend co-signing from his/her parents and review the parents' bank stmts for adequate reserves?  What other steps and safe-guards would you recommend so that I can avoid the dreaded "E"-word?  I am in s. California and my rental is month-to-month rental, not long term lease.

Thank you all,

AW

Jennifer Rysdam · Answer

Is this a high school graduate or college graduate? How long ago did they graduate? I wouldn't rent an apartment to someone without a job, but since it's just a room then maybe ask for 1st, last, and deposit. That way if they don't get a job right away you aren't out money if you have to ask them to leave. Maybe ask for bank statements to see how much money they currently have. If you aren't desperate to rent it out then just go with someone else. Sometimes it just isn't worth all of the hassle. Good luck!

Nathan Lombard · Answer

It's not as much about how long they've been employed, but whether or not they have a job that can support monthly rent payments.

Tony Wang · Answer

Thanks Nathan, how many months of employment, at the minimum, would you say is sufficient?  6 mos? 1 yr?

Nathan Lombard · Answer

Other steps and safeguards? Not renting to them in the first place.

They clearly don't meet your income requirements. What if it takes them months to find a job? How much are the parents willing to pay in that case?

If you do go forward with this, having the parents co-sign would be the minimum. But I would think you could find more qualified applicants if you kept looking.