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Hi I'm here today with chip Parker he's the manager over at apartment experts North here in Austin, and he's been in the apartment location industry for over 18 years chips going to educate us on the process that apartments undertake when they are screening applicants called qualifying and I think I'd like to start chip with answering the question of why do apartments actually have to screen their applicants well apartment managers want to screen their applicants primarily as a means of risk assessment real estate and an apartment units are very expensive and there's a lot of potential for damage to a property or a hurt you know we might have been collecting your rents that kind of thing that would be quite damaging to your business okay well you've mentioned to me in the past that there are four components and those include checking your employment and income your credit rental history I'm sorry your credit history and then your rental history and your criminal background, so we're going to take each of those in a different post, but today why don't we start with employment and income what can you tell me about the qualifying process in regard to verifying your employment and your income okay yeah pretty much that there's a common part of the application process apartment communities want to make sickly be assured that there's enough income to pay for the property that one's renting, and typically they're going to use ratios of perhaps like a three to one where they're anticipating that the income would be at least three times the rental amount of the unit that you're willing to lease there are some variations in that where some properties actually would require maybe four times the rent and there's some there even a little more lenient that we go at two times the have okay and so if what will the apartment actually require you to bring in to verify that you can make that one or two or three times rent that they are generally a just a paycheck stub would work, or you know a couple of paychecks that's perhaps if somebody doesn't actually have a pay stub what else can they use to verify their income okay they could use a bank statement to verify income also sometimes employers may not you might not been on the job long enough accumulate paycheck stubs so quite often a letter from an employer would work or like or an account balance that would show uh enough money in deposit to pay the lease off and tax returns can they use tax returns also yes self-employed people quite would often use two years of tax returns okay great what about students the students quite often are challenged to have enough income to qualify but generally the easiest way for a student to qualify would be to have a cosigner generally one of their parents okay all right well thank you for answering some of our questions about how apartments qualify income and employment and next time we're going to talk about the credit history qualifications all right thanks
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