If you’re looking for the answer to this question, you’ve come to the right place! We’ll discuss whether making 3x the rent is required and other things you should know about the three times the rent rule. There’s a lot to cover, so let’s dive right in!
Although some apartments have a hard requirement on this rule, you don’t need to make three times the rent to find an apartment for yourself. There is no hard and fast rule that states you need to make three times the rent to get an apartment.
The rent rule came into existence because of the Section 8 program. The standard ensures that renters can:
- Pay rent monthly on a reliable basis
- Have enough to pay on time
- Avoid eviction if payments can’t be met
The rule benefits both the landlord and the tenant, keeping one in business and one inside a home.
If you don’t make three times the rent, there are a few things you can do to prove your reliability to the landlord. We’ll talk about these techniques next so you can be prepared if you don’t make the income you need.
If you don’t make three times the rent, there are a few things you can do to attempt to get the apartment. Let’s go over a few of the best strategies you can utilize to argue your case.
If you don’t make three times the rent and have fallen in love with an apartment, you can:
- Search for more flexible renting situations: Look for a landlord that is only renting one unit. They might be more flexible than a landlord in charge of an entire building.
- Provide a better security deposit: If you can’t afford three times the rent, offer a higher security deposit the landlord can count on.
- Get a co-signer: Find someone to vouch for you when you speak to the landlord.
- Look for a roommate: Hunt for an empty room available for rent in an apartment building. The main renter likely has an income three times the rent.
- Give your bank statement: Provide a bank statement to prove that you have a trustworthy financial history.
- Prove you’re free of debt: Being debt-free is a big deal! Prove you’re debt-free to ensure your reliability with payments.
These may not work, but they are your best course of action if you don’t make quite enough.
Of course, there are exceptions in the world. Do all apartments require three times the rent, or are there spaces that choose to ignore this rule?
Not every apartment stays true to the three times the rent rule. However, most do. If the answer to this question is unclear, you can talk to the landlord to see their thoughts on the requirement.
Some apartments require three times the rent, and others don’t. Communicating with the landlord is the best way to ensure you’re in the clear throughout the entire rent process.
It might seem like this rent rule doesn’t matter, but there is a reason why it came into existence. Even though it’s not necessary for every apartment situation, there are some valid reasons behind its existence. Let’s talk about a few of them so you can feel more comfortable with this rule.
Making three times the rent on an apartment can make your life easier because:
- You can feel confident in your ability to pay rent for months to come
- You can reduce stress around money with the knowledge that you can always pay
- You can prepare for the future and set up savings in case something goes wrong with your job or health
Three times the rent benefits you just as much as it does the owner of the property. You get to live in the space, and they get paid for the area they’re offering.
You don’t need to make three times the rent to get a quality apartment. There are plenty of ways to communicate with a landlord to work around the general guideline. However, it does provide a level of security for both you and the landlord. If you don’t make three times the rent, don’t worry! Just ensure you’re on top of your spending and saving.