<p>Hello, I am a college whose financial aid was recently denied due to having bad grades. Meanwhile, I am planning to go to a community college to earn my credits to regain the financial aid and renting an apartment with a few friends.However, I am required to submit a proof of income in order to sign a lease with the apartment. I am currently getting support from my parents and planning to get a job soon, but I don't know what I should submit as proof of income. Can I submit a letter from my parents saying they are going to be financially supporting me?</p>
<p>The landlord will probably want your parents to sign the lease as a guarantee that they will get their rent ( they will usually ask that a guarantor makes 80x the rent). Are your parents willing to sign for you?</p>
<p>80x the rent? Sybbie, that seems unlikely.</p>
<p>Actually…80 times $500 is only $40,000. 80 times $1000 is $80,000. That doesn’t seem like unreasonable income expectations at all. Remember…the landlord wants to guarantee that the student’s rent can be paid…and knows this would be in addition to the family living expenses.</p>
<p>Where I live its 20x the rent, it’s probably different depending on the OP’s location.</p>
<p>20 times $500 is only $10,000, right? How would a landlord be assured that a family could guarantee $500 a month, when their income per month is less than $1000?</p>
<p>Ask the landlord what is needed. Get the paperwork and fill it out the best you can. Likely a parent guarantor is required. </p>
<p>i guess it depends on what is being compared monthly rent vs monthly income or monthly rent vs annual income… If rent is $500 a month, that is $6000 a year. If asking for X times the rent, around here that means the monthly rent vs monthly income…not monthly rent vs annual income. </p>
<p>I know, there is nYC and the rest of the world. Many landlords require salary be 40X the rent( guarantors must make 80X rent)</p>
<p>Sybbie…is that 80 times the monthly rent? Or as mom2 thinks…80 times the annual rent?</p>
<p>^ I think Sybbie must mean 80 times the monthly rent…but I’ve just never seen it that way. With my kids the comparison was monthly rent to monthly income.</p>
<p>In NYC a guarantor’s annual income has to be 80-90x the monthly rent. OP, realtors generally have a separate document for guarantors to sign stating that if you fail to make rent payments, they will cover the rent. It’s pretty standard for students, so it should be a pretty straightforward process</p>
<p>Ah alright, thank you! I live in California so it will probably be less, my parents are willing to sign it. Thanks for all the help :)</p>