So you want to rent this Silver Spring, MD home listed at $2,150/month but your take home pay is only $2,600? Excuse me, but how would you pay your bills?
There has been no shortage of inquiries and showings on my rental listing in Silver Spring, MD. It's been a steady stream of prospective tenants and most like it a lot. So much so that I've received multiple applications.
What appears to be lacking, however, is income and good credit. One applicant's take home pay was only a little more than the monthly rent, with foreclosure filings and active HOA liens showing on the credit report. Excuse me, but how would you pay your bills? Or do you not do that?
When you want to rent a Silver Spring, MD home there are a few qualifying criteria that you should be aware of before submitting an application:
- decent credit (good would be great, excellent preferred)
- no recent late payments
- a montly income of at least 3 times the amount of rent or a total debt-to-income ratio not to exceed 40% (that includes the rent amount)
- and enough cash to cover the first month rent, any prorated amount (if your lease starts after the 1st of the month) and a security deposit equal to one month rent
I understand that you are tired of apartment living and a private rental feels much more like a home. I get that and I also get that sometimes life happens. But you have to understand that this is a big investment for the landlord. They put their trust in you to treat their house like a home. They want to need to know that you have the ability to pay the rent and your bills comfortably.
Excuse me, but how would you pay your bills?
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