I have a 63 year old retiree with a service animal. Only income is SSI which amounts to a bit over $ 2000 a month. This is for a studio apartment which is going for 1050 plus utilities. She says her credit score is 700. Current rent is 1365 a month. This is all from the pre-screener and I still need to verify credit score, rent payments and any debt service. Her being a retiree is attractive but at 2 times the income gives me pause. In the rooming house, I take folks like this all day even at 2 times income. In apartments, I generally stick with the traditional ratio. This retiree would likely do what was needed to keep a roof over her head.

Do you flex the income standards and if you so, under what circumstances?

Exceptions are rarely made by me. My income screening is that after rent,utilities, and all debt service are paid, $1500 + in discretionary income is remaining. Also, the bank statements clearly reflect a person in control of their finances.

I sometimes will "flex" if utilities are included or they are "close" to my minimum.

2x is a no for me. I've been getting some claiming they are at or barely above 1x and a few that aren't even getting half of the rent in income.

Does she have additional savings or 401k, etc. for extra funds when it is needed?

I second what Tim said.

Gman,

Yes we flex on the percentages.

#1 We do not accept SSI as sole income because we cannot garnish...EXCEPT when renting a tiny studio/one bedroom apt. Those do not attract people with solid jobs.

The 3 or 4 times rent formula is based on the applicant having 60-70% of their income for supporting a FAMILY of 5 - enough after the rent for things like groceries for 5 people, 2 car payments, gas, heating bills, big screen tv payments...

We will go 50% because they have only ONE mouth to feed, no kids to support, no school book fees, no car, so no ins or fuel costs, (maybe an old cheap car but the don't go anywhere), using food pantries, a $20/mo cellphone, no internet or cable tv, medicare/medicaid for prescriptions and medical care, have the Trustee assistance caseworker on speed dial...

AND Sec8.

BRAD

Not a good long-term prospect. This person needs to be looking for a $700 month rental. One step away from disaster...and yes, she absolutely will think nothing of spending all the rent money for the next 6 months on her dog it if gets sick. It's a service animal, which by definition means she HAS to have it. It's almost like food in terms of a budget category.

One damage bill to the unit and her income is toast. You won't be able to ever recover any $ from a judgment as SSI cannot be garnished.

And I'm also with NE on this one. I get it that "life happens" to people, and while I don't judge them individually, neither am I excited to rent to them. People to whom "life happens" tend to have "life happening" events frequently, which is why they never manage to get a solid financial foundation. You'll be getting excuses every couple of months why rent will be late, or partial payments, or you'll be ignored.

I would find someone else.

Only flex criteria when there's an advantage to you. Right now, I'm not hearing any advantages.

I probably wouldn't take her, but a few considerations. She is looking for a big drop in rent and has she been able to pay that higher rent on month on time every month?

Utilities are not included, is the utility bill for that unit usually high? Does she get food stamps to help with the grocery bill?

Income is not garnishable but she is 63 and if she has really managed to keep her credit score above 700, she is in the habit of paying her bills

What do the current and prior landlord say about her.

What is this service animal? If she really has a service animal, she has a disability of some kind. How does that affect her living there? Don't consider this out loud and don't put it in writing.

Is the service animal well behaved and well cared for?

I learned that poor people often have better money management skills than "regular" applicants. They KNOW how to make Lincoln cry from being squeezed.

Credit scores are about BANK LOANS, not rent payment history.

Many are NOW poor, not due to bad decisions but from life - illness, death of a spouse, employer bought out in a corporate takeover, lost all retirement invested with Enron, Merrill Lynch...

Just watched a news article about people over 50 who were let go during the Scamdemic who are now un-employable. Nobody wants a 50+ year old employee. $200k executives now working at Planet Fitness for $12/hour.

I would consider hiring a 50 year old for $12/hr.

It is legal for you flex your standards from unit to unit, in as long as the standards are applied evenly to all who apply for that unit.