Will you move into your first apartment this summer? Are you searching for a new home in Austin? The process isn’t too complicated, but there are a few things to consider as you navigate the waters of apartment hunting, application submissions, and moving.
Can You Rent an Apartment With Less Than Optimal Income?
It’s no secret that rent is expensive in many areas of the country, and the number of people paying a little too much each month for their rent has increased over the past decade. The best option for renting an apartment will always be to consider a residence you can afford, and that will cost no more than a third of your income.
The three-to-one ratio of income to rent is a measurement that many apartment communities use as the minimum income requirement for renting an apartment. For example, if you make $3,000 a month, your apartment community will approve your application to rent an apartment that costs $1,000 a month.
In rare cases, you may wish to rent an apartment even if the amount might exceed that ideal 3:1 ratio. You may be able to get around the income requirement by providing evidence of a savings account that features at least sixth months worth of rent. So, you’d want a savings account with at least $6,000 in it if you were interested in renting an apartment with a $1,000 monthly rent.
However, most financial experts suggest renting an apartment that’s too expensive can cause you to experience some difficulties a few months after you move into your apartment. Since your apartment lease is a legally binding contract, it’s imperative to make sure your rental payment won’t overburden your bank account each month.
Don’t Apply to Every Apartment You Find
You may already know that applying for an apartment will include a credit check. While your credit report may appear rosy in every way, a credit check may impact your credit negatively, and applying to too many apartments may cause your credit score to sink. However, you don’t need to worry about the applications if they all occur within a single month.
Credit Karma shares:
“FICO gives you a 30-day grace period before certain loan inquiries are reflected in your FICO® credit scores. And FICO may record multiple inquiries for the same type of loan as a single inquiry as long as they’re made within a certain window. For FICO scores calculated from older versions of the scoring formula, this window is 14 days; for FICO scores calculated from the newest versions of the scoring formula, it’s 45 days.”
If you can gain approval for one of the first few apartments to which you apply, you might not have to worry, but it’s important to choose an apartment carefully before applying for a place at the community.
Consider Living at Still Waters This Summer in Austin
Are you searching for a luxury apartment community in Austin? Still Waters at Southpark Meadows is waiting to offer you a memorable residential experience. Our apartment homes come with tons of amenities, and it’s easy to feel at home in one of our exceptional residences. Contact our leasing office today to arrange a visit or with any questions you might have about living at Still Waters.