Tenant who is relocating without a job but lots of savings

6 Replies

I have an application from someone who is relocating from out of state. He doesn't currently have a job (a couple jobs pending), but he has 3-6 months living expenses in savings. Anyone ever rent to tenants in similar situations? Maybe require 3 months rent up front?

Originally posted by @Aaron Francis :

I have an application from someone who is relocating from out of state. He doesn't currently have a job (a couple jobs pending), but he has 3-6 months living expenses in savings. Anyone ever rent to tenants in similar situations? Maybe require 3 months rent up front?

 If all other checks look good (credit, criminal, eviction, landlords, etc.) then it might be worth taking them as a month to month tenant only.  I'd also ask for the max deposit allowed by law.

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Not worth the risk, reject and move on to the next applicant.

Being able to pay rent is only one requirement of screening. You also need to be able to collect when they don't pay. No job means you can not collect.

@Aaron Francis all financial advisors always recommend having 6 months living expenses saved that is the gold standard. Now for someone who is relocating and does not have a job waiting for him he should not be moving until he has atleast 12 months living expenses saved.

@Aaron Francis If your applicant standards allow for a person with no form of income to pay the rent, then I see no problem with this.

If your standards do not allow for this,  never deviate for any reason.