Gross Pay Must Equal 3 Times
the Monthly Rent
Early Morning Coffee Thoughts
In the past it was easier to lease a home. A client would complete and submit an application. A credit check would be processed and if approved the client would be offered a lease contract to lease the home.
These days it is not so easy. You must now pass the Criminal check and Gross Pay hurtle.
I can understand why a home owner would not want a person with a criminal back ground living in their home especially if they went to prison.
However, I wonder about someone who may have been charged with an offense years ago and done a little county time or was granted probation.
Lets say said person had a ding back in 1999 and nothing since. Has gotten his life back together, married and has children and a job. Should he be allowed to lease a home? How long must a person like this wait to be recognized that he has paid his dues and is now flying the course in the right manner?
Question number 2.
When did a person wanting to lease a home have to gross three times the monthly rental rate in order to lease a home begin? I can see the need in this. If the person doesn't make enough money to feed his family or pay utilities he should make more so as not to default in lease payments.
I recently started (once more) working the rental market. It certainly is a lot more more work, time and effort. Some of the issues are rental companies. Know that there are some great ones out there and then there are the ones that never call you or acknowledge you. It is so hard to work with those. Maybe these type of rental companies are trying to squeeze out agents somehow? Probably not, maybe they are burned out.
In any case I am rethinking working the rental part of the housing market.
What say you?