Most Houston Apartment Complexes these days are requiring that your total monthly gross income (before taxes) to be anywhere between 3 to 4 times more than the monthly rent of the apartment unit you’re applying for. (With the most typically being 3.5 times).
As an example: If the apartment in Houston is asking for 3.5 x income and the unit you want to rent is $900 per month, then to qualify financially, your gross income (from all sources combined) must be at least $3,150 per month.
The main reason why apartments require this is simply because they want to make sure their tenants can afford to pay rent comfortablyeach month. They use this formula to account for other common expenses tenants might have such as car payments, insurance,gas,food,entertainment, etc… The last thing anyone wants to see is someone get in over their head, can’t pay rent and thus turns into their breaking the lease or worse, an eviction (neither of which is good for future home leasing).
*Note* Always remember to include all sources of income (primary job,2nd job,alimony,child support,pensions,tips,oil well royalties…etc.)
On occasion, complexes might make exceptions if you were to fall slightly short by asking for a higher deposit, paying two months rent up front or possibly getting a cosigner. Never hurts to ask if they fail to offer.
If you’re not sure if you’ll qualify, call a good apartment locator in Houston
In my next blog post for Qualifying For Renting A Houston Apartment, I’ll discuss credit scores and previous rental history.