December 5, 2011

Rent to Pay Ratio for First Time Renter

What rent to pay ratio is best for a first time renter?

Generally when you are buying a home it is always a moving target based on how much debt you have and how much money you make and how good your credit is. For a tenant it is going to be based very much on the same type of things, it is not as much of a science as it is in the lending world. But generally a property manager such as Landmark Group is going to look for an income at less three times what your rent is going to be. So if the property rent is $1,000 a month you are going to have to make at least $3,000 a month. This is going to be offset by other factors like how long you been on job and what type of landlord reference you have. Obviously the bigger the risk you are the more the property manager is going to ask of you in return for renting the property. So as a rule of thumb if you have excellent Landlord reference and long time employment and you make 3 times, you are pretty safe with that obtain rental with Landmark Group.

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