WinterBorn
Diamond Member
You can think whatever you wish, but you cannot deny REALITY. In the Tampa, FL area, the 3X rent rule is widespread. This is FACT, not opinion. And as I stated in the title of the OP, the landlords are NOT smart.It has become the rule for apartment complexes to require an income of 3 times the monthly rent, to rent an apartment.
I don't think thats true. Any smart landlord will make his own decisions based on many factors to determine if someone will have the ability going forward to pay their rent.
Because rent is not the only bill a resident will have.
If rent is $600, and they average $150 in utilities, $50 a week in groceries ($200 per month), $350 on a car (car payment, insurance, gasoline, and maint) their bills will total $1,300 per month. So they are already $200 in the hole if they make $1,100 per month. And that does not include the ever increasing cost of medications, which cause more out-of-pocket costs even with Medicare/Medicaid.
$1,100.00 per month is only $13,200.00 per year.