Friday, July 17, 2009

GENERAL INFORMATION: Income Qualification for your next apartment




This X, to your Apartment Locator, is very important.

To us, it means the income qualification for an apartment. You must have more income to qualify for a 3x apartment than a 2x apartment.

For example, if the Rent is $600 a month on a 1 Bedroom apartment and the apartment is a 3x apartment - it means you need to earn 3 times the rent or $1800 to qualify for the apartment. The $1800 is gross, or pre-tax earnings.

Most apartments are 2.5x or 3x and some are even 3.5 or 4x. As the X goes up, it is harder to qualify for the apartment - a 4x apartment would require that you make double the earnings of a 2x apartment.

That explains why the rent could be the same at two different complexes, but you might not qualify for one but not the other - simply because they have two different income qualification guidelines.

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