Retired And Applying To Rent An Apartment?

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ClassicRockr

ClassicRockr

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When a couple is retired, but can only rely on SS as an income and Savings in the bank, wonder how that is looked at when renting an apartment?

I mean, when we moved to Colorado, then to North Carolina, then to here, neither of us had a job when we arrived, but was still able to apply and get an apartment. I'm sure there are those that move to a city that don't have a job when they move and still are able to rent an apartment. When Seniors retire, whether or not they have a retirement income, other than SS, they will still need someplace to live. Guess the apartment complex goes by retirement income and Savings in the bank.

However, we do have a credit card from a small photography business that we use to have a license for. We still have business cards from it as well.

Obviously, apartment complexes want to make sure the people have an income, or savings, to cover the rent each and every month.

Anyone know anything about this?
 
Most landlords I've known require a SS # to check for your credit rating and also an income. Unless there is some state welfare involved, that's been my experience.
 
I would encourage you to start your search on the internet.

Take a look at subsidized senior citizen and unsubsidized apartment complexes in the area that you are interested in and when you see something that interests you contact them and find out what they require.

Good credit, no record of charge-offs or evictions and minimal debt are all plus factors that a landlord may use to stretch the income requirements.

A big plus factor is that SS is a guaranteed source of income without all of the traditional withholding and minimal income tax compared to earned income.

More important is making sure that the monthly rent is reasonable enough for you to absorb future increases and also to be able to enjoy other aspects of retirement.

When we are employed we have the benefit of pay increases and promotions that allow us to stretch a little and grow into our monthly expenses but in retirement that is not likely to happen.

Good luck!
 
A couple of things we have going for us:

We will have lived in our current apartment in this complex for 10 1/2 years at the time we intend to move.

Our credit seems to be awfully good. We have just gotten two descent credit card raises on two different credit cards.
 
I'm not a landlord, but most would not consider savings because a person can withdraw it at anytime. Also, if someone offers a few months rent in advance that can be a red flag, and they might think that gives them carte blanche to do whatever they want...violate the lease and expect special treatment.

SS is guaranteed - no worries about a layoff, firing, reduction in hours.

Checking a credit report is fine, but a good landlord will want to see proof of income. A credit report might reveal whether a person pays their bills on time and verify where the person lived, but it's not necessarily an indicator of a good tenant. Landlords also should do criminal check and police report check. Someone with perfect credit might be a domestic violence problem, throw loud/noisy parties, or deal drugs.

Someone who has lived in the same apt for several yrs is a better prospect than someone who has moved frequently.
 
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Aunt Bea said:
I would encourage you to start your search on the internet.

Take a look at subsidized senior citizen and unsubsidized apartment complexes in the area that you are interested in and when you see something that interests you contact them and find out what they require.

Good credit, no record of charge-offs or evictions and minimal debt are all plus factors that a landlord may use to stretch the income requirements.

A big plus factor is that SS is a guaranteed source of income without all of the traditional withholding and minimal income tax compared to earned income.

More important is making sure that the monthly rent is reasonable enough for you to absorb future increases and also to be able to enjoy other aspects of retirement.

When we are employed we have the benefit of pay increases and promotions that allow us to stretch a little and grow into our monthly expenses but in retirement that is not likely to happen.

Good luck!
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I agree with the above. The only way to find out what a landlord requires is to ask them.

I am sure that each landlord makes his/her/their rules about what they will accept or reject as and income threshold for renters. However, I believe that most landlords around here use a 33.3% rent to income ratio, which means that they will rent only to people for whom the rent does not exceed 1/3 of a renter's income. So,for instance, if the rent is $1,000 a month, you would have to have an income of $3,000 a month to qualify.

I don't think, at least around here, that most landlords care much about your savings, because that could be withdrawn and used by you at any time.
 
ClassicRockr said:
A couple of things we have going for us:

We will have lived in our current apartment in this complex for 10 1/2 years at the time we intend to move.

Our credit seems to be awfully good. We have just gotten two descent credit card raises on two different credit cards.
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I've had a job where I had to qualify people for a 48-unit apartment building. If your landlord gives you a good recommendation, I see no problem.
 
Also, I approved a person who had absolutely no credit report and who had taken care of his parents and lived with them for many years and then inherited property from them and had a good bank account because of it. I took a chance and he turned out to be one of the best tenants ever. A lot of it has to do with intuition about a person. But then I thought I had good intuitions and they turned to have problems, not so much in paying rent, but in personal lives with who they lived with and domestic and personal issues. But overall decisions turned out well. The thing is that an owner can't just think about their own selves and their incomes but also the other tenants and their welfare. That's how we always thought about it. Talking about multi-tenant buildings, that is.
 
I have to wonder what one does for references from a previous landlord when one hasn't rented for more than 40 years. I've been a homeowner for that long and then sold my last house and moved into the Spousal Equivalent's house. I'd have absolutely no references. I'd have to live in a large cardboard box somewhere.
 
jujube said:
I have to wonder what one does for references from a previous landlord when one hasn't rented for more than 40 years. I've been a homeowner for that long and then sold my last house and moved into the Spousal Equivalent's house. I'd have absolutely no references. I'd have to live in a large cardboard box somewhere.
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I will give u references, even co-sign for a shipping container, they make great tiny houses.
 
applecruncher said:
A problem tenant can cause turnover, which can be expensive. Instead of complaining about certain things some people will simply move.
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It depends on how good a landlord you have and how responsive they are about complaints. I know I've had to deal with that kind of thing and mostly you can prevent it with a good background check. Believe me, as a owner's representative, I've lived that.
 
Olivia said:
It depends on how good a landlord you have and how responsive they are about complaints. I know I've had to deal with that kind of thing and mostly you can prevent it with a good background check. Believe me, as a owner's representative, I've lived that.
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But some things don't show up in background checks:

Nosiness
Overly friendly, gossip
Arguing which doesn't reach level of calling police
Tenant who allows someone to couch surf "until they get on their feet"
 
Good ideas in my Thread.

We do have a credit card from a small photography business we use to have. It didn’t go very far and we canceled the city license for it, but still have the credit card and business card.

So we could write down “semi-retired” instead of “retired”. I was the photographer and my wife was my Assistant.

It’s a tough call when SS is the only income, other than a part-time job (if that can be found at a Seniors age and health status).
 
ClassicRockr said:
A couple of things we have going for us:

We will have lived in our current apartment in this complex for 10 1/2 years at the time we intend to move.

Our credit seems to be awfully good. We have just gotten two descent credit card raises on two different credit cards.
Click to expand...

With all of the free credit report companies a click away these days, how do you not know what your credit score is?
 
I would encourage you to stick with the truth and not puff up your rental application with phony sources of nonexistent income, it speaks to your character and could work against you if it is discovered by the property manager.

Millions of Americans live on Social Security and they all manage to find a place to live.

Good luck!
 
ClassicRockr said:
Good ideas in my Thread.

We do have a credit card from a small photography business we use to have. It didn’t go very far and we canceled the city license for it, but still have the credit card and business card.

So we could write down “semi-retired” instead of “retired”. I was the photographer and my wife was my Assistant.

It’s a tough call when SS is the only income, other than a part-time job (if that can be found at a Seniors age and health status).
Click to expand...

What good will that do when you can't show any proof of income? Don't lie, more often than not it will come back to bite you in the arse.
 
For the apartment we rented in Colorado, my wife listed a part-time job she was no longer working and we got the apartment. Used the same job to get an apartment in North Carolina and here, with no problem. Guess she put down the income she was (past tense) making.

Not for this thread, but I’ve lied on an employment application (dates) with no problem. A company can’t check when the company is closed-shut down.

Our credit has to be good, since we still get offers for more credit cards, but don’t take them. An increase in credit, means a person has good credit.
 
ClassicRockr said:
For the apartment we rented in Colorado, my wife listed a part-time job she was no longer working and we got the apartment. Used the same job to get an apartment in North Carolina and here, with no problem. Guess she put down the income she was (past tense) making.

Not for this thread, but I’ve lied on an employment application (dates) with no problem. A company can’t check when the company is closed-shut down.

Our credit has to be good, since we still get offers for more credit cards, but don’t take them. An increase in credit, means a person has good credit.
Click to expand...

:holymoly:
 
Sometimes it’s a necessity to take a step out of the truth.

We got the apartments and I got job offers, that I took with nothing happening later.
 
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