Can I rent an apartment with x3 rule with my financial situation?
Hello everyone,
My partner (22) and I (27) are looking to rent an apartment of $1995 in Los Angeles. I currently have a contractor job with W-2 that pays me $42 an hour, excluding holidays. In the past biweekly pay period, I earned $3,360 as gross earnings before deductions from insurance and taxes (roughly $6720 in the past month). My partner graduated college this year and just completed his 3-month internship, which earned him $25/hr and constantly have a part-time job that he works for 5-10 hours a week with $17/hr.
My credit score is 750-770 and his credit score is 700-750.
The management company makes it a requirement that each occupant apply separately to our credits and that combined income be x3 the rent. They also do not allow cosigners. The management did tell us that it's okay if only one of the occupants have the ability to pay for rent.
I'm not sure if this matters, but I wanted to apply before September because I'm also planning to resign from my job by September to make a career transition, so I most likely won't have my job by then. Could that affect my application if I apply before I resign? I have enough money in my savings to support my monthly rent and other expenses and for my partner, his parents will help him pay for the rent.
We don't want to spend our money for the application before we are sure that we will be accepted. Do you think we will have some problems with getting accepted?