How to Determine Income Level to Qualify for an Apartment

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By Jennifer Glennon
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When it comes to qualifying for am apartment lease, there are a lot of factors that an apartment complex will look at. One such piece of the equation to qualify for an apartment is income level. Most apartment complexes have very strict guidelines as to what you monthly income needs to be to qualify for an apartment. Check with the apartment complex that you will be applying for a lease with to get the exact amount that you must make.

Difficulty: Moderately Easy

Instructions

Step 1

Take the amount of your weekly paycheck and multiply it by 4 to get your monthly salary to begin to determine your income level to qualify for an apartment. You will use the pre-tax and deductions amount to determine your monthly salary. If you have more then one job, do this for each job and then add the monthly totals together. The apartment complex will want to see pay stubs to prove income to qualify for an apartment.
Step 2

Add any additional money that you have coming into you every month to your monthly work salary. There are many other forms of income that an apartment complex will include when it comes to your income to qualify for an apartment. You can include child support, disability, unemployment and financial assistance to name a few.
Step 3

Take this amount and divide the amount of the monthly rent for the apartment that you are looking at. The number that you come up with should be 3 or greater. Most apartment complexes want you to make three times the rent monthly to qualify for an apartment lease. If you do not qualify with your own math, you can try to find additional income or get someone to cosign the apartment lease for you.

Comments

insidestory said

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on 1/18/2009 Good tips and very detailed, thank you for the info.

cadence said

on 1/16/2009 Great tips! If your housing is too expensive, you won't be able to afford things that you need.

From-the-Heart said

on 1/16/2009 Very informative ! Good to follow if you are trying to qualify for an apartment that has a fixed income level.

Gardengates said

on 1/16/2009 Ah, nothing's simple any more. Not even qualifying to rent or lease an apartment! Thanks for the tip on how to calculate the income level needed.