butterfingers2010 Posted June 28, 2012 Share Posted June 28, 2012 I'm moving to a big city in the fall, where I will be attending graduate school. I will be living almost exclusively off of student loans and am nervous about qualifying to rent an apartment. I took out a little less in loans than I could have, due to the fact that I have money in savings and I'm also fairly frugal, not to mention that I do not want to pay more back in interest someday than is necesary. The apartments I'm interested in are in the $600 a month range, give or take. By my calculations and the "you have to have three times the amount of rent in income" rule that most landlords go by, I have about $500 to spend on an apartment per month. It's just me and I don't plan on getting a roommate, as I like quiet and privacy and have had a traumatizing experience in the past living with a roommate I didn't know beforehand. I do not have any concerns about my ability to pay the rent, as I currently spend about half of my take-home pay on rent and am still able to pay all my other bills (like I said, I'm pretty frugal). This is not by choice-I don't make much money and it was the cheapest apartment I could find, but I do fine. I have excellent credit and a solid rental history, so I'm hoping those factors will help me. I also plan on ditching my car in favor of public transportation, and will be receiving a free public transport pass from my school. This should cut down on my expenses by a couple hundred dollars per month. Now, how hard and fast is this "minimum income" rule? Are landlords more forgiving if they know you are a student? My parents are both willing to co-sign for me, if requested (they both also have great credit as well as a solid income). As mentioned, I also have some money in the bank and my parents have said they will help me out financially if I'm in a tight spot. I will probably also get a part-time job, although I have no way of knowing how much income that will be, since I plan to wait until after I move to start looking. Does anyone have some insight? I have already looked into student housing, which is sadly more expensive than off-campus housing. Please don't say "get a roommate" because this is simply not an option for me. I don't know anyone in the city looking for a roommate and, due to past experiences, refuse to live with people I don't know. Link to comment Share on other sites More sharing options...
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