When you move into an apartment on your own or with your spouse, the income requirements are pretty simple. You just show the landlord your bank statements and your pay stubs, as well as the same for your spouse, and they will figure out if you are able to afford the apartment. But there is an added layer of complexity if you move into the apartment with a roommate. The landlord will be able to determine how to handle this when it happens.
The good news here is that when there is a minimum income requirement, it is often a per-unit measurement, not per person. If you are married, cohabitating, or moving in with a roommate, you can split the minimum income and not have to worry as much. You can combine that income and still meet the minimum, even though both of you are only paying half the rent. This can make it worth your time to look into having a roommate in the apartment as well.
With a second person, each income level of the each tenant only has to be half of the requirement. If the property requires income based on the 43% rule, each occupant will only need to exceed the 21.5% threshold for it to work. And if you have more than one roommate who is helping to pay for the rent, then this number will be even lower, helping you to keep more of your income in your own pocket.
Having a roommate or a partner, or several, will help reduce the risk of taking on an apartment by half, and your landlord is going to appreciate that as well. However, if you do not decide to put the roommate on the lease at the same time as you, then the landlord may only include the primary leaseholder towards the final rent amount. It will be up to the landlord how to handle this, so take the time to ask and figure out how income is calculated and who needs to be on the lease when you sign to help you save some money.
When you are looking for the perfect location to call your new home, then come and check out some of our Ocean Blvd. apartments. You will be blown away by the area and al it has to offer, with many great amenities and more to entice you to come and take a look. The units are spacious and with affordable rent, you will be ready to make them your own in no time. Come and take a look at some of our units and see if they are right for you!
