Austin Apartments and Your Income
I can't verify my income because I'm paid in cash or tips!
For the most part this is not that big of a problem in some Austin apartments. A letter from your employer stating what you earn and the number of hours you work will usually do the trick. The letter must be on company stationary or letterhead. Most properties are very strict about this and a few don't include wages from tips. If you work in the bar or restaurant business you need to know this.
I'm self employed!
You will need to prove your income through bank records, check stubs or tax statements. Income is a very important criteria that Austin apartments use to evaluate you. Most apartments in Austin will expect you to earn three times the amount of the rent. That's gross, not net. Since you own the company a letter from your employer will not work. Independent contractors usually have check stubs or can get a letter. If your self employed let me know in advance so we can help you.
I'm between jobs but have money in my savings account!
Properties will still work with you if you can prove that you have money in a savings account. A typical amount may be 6 or 7 times the amount of the rent in a savings account or money market fund.
I get social security income or child support!
You will need to verify the amount you receive in SSI or child support. With SSI it's usually through direct deposit or bank statements. In the case of child support your court ordered papers will work. Most Austin apartments will still expect you to make 3 times the rent in income. Often times people with SSI also have part-time jobs and there are quite a number of properties that will work with two or 2.5 times the rent.
They told me I didn't make enough money!
Apartments in Austin, TX typically want you to make 3 times the amount of the rent. That's gross income not, your take-home.We have properties that that will work with 2.5 times and others that will work with just two times the rent. Definitely call me, because the vast majority of properties will expect you to make three times the rent and they are often very strict about this. Remember SSI and child support count as income. Be sure and put that on the application if that applies to you.
I can't work and my income is low! What do I do?
In this situation I can't help you. Luckily there are places to go. Research for low income related sites.They will help low income AustInite find affordable housing. Or better yet, call us and use our knowledge and resources to find apartments that will work with you.
I'm starting my new job next week!
Ideally, properties like to see at least six months employment history at the same job. But they will still work with you if, you can supply a letter from your new employer (on company stationary) stating what you earn and how many hours you work. Most properties want three times the amount of the rent, some will work with 2.5 times and a very few will work with two times the rent.
The math is pretty simple. Take your gross income and divide it by three or 2.5 and that's what you qualify for. If you're paid in cash, you'll need a letter from your employer. Income is one of the four qualifying criteria properties use, and there pretty strict about it.