Apartments for Low Income

Questions and Answers

Your Questions About Renting An Apartment At 18

May 17, 2013

Joseph asks…

Renting at 18 with a 17 year old?

Hey! I am currently 18 years old (turning 19 in March) and I am looking to rent an apartment. I discovered today, that I am in need of a roommate. I have a friend who is interested in living with me, but she is 17. If I signed for an apartment, do you think the person who rents the apartment to me will have a problem with her living with me, and paying half the rent and everything?

Administrator answers:

She couldn’t be listed on the lease as a responsible party, because a minor cannot enter into a contract. You could list her as a resident and they might have to do a background check on her. But, be careful because if she is not able to pay her half of the rent or she damages the apartment you would be held financially responsible. Plus, by allowing her to live with you, legally you might be accepting the responisblities of a parent or gaurdian, meaning you could be held legally responsible for supervising her. So, think very carefully before you enter into this agreement!

Nancy asks…

Is renting an apartment with 2 or 3 roommates (all age 18) in CT possible?

About 5 months from now, in June, we will all be graduating and moving out, and we want to all share an apartment together rather than spend a ton of money dorming at colleges. We will all have jobs and one of us will have a full-time job because they’re not going to college. We will obviously be equally splitting the rent up between the 3 or 4 of us.

I know there are many factors counting against us since we’re 18, such as the fact that we have no credit, etc. Will most places require that co-sign agreement thing? We found a few apartment complexes that have cheap(ish) rates for 2 bedroom apartments.

In your opinion and based on your knowledge and own experiences, do you believe it’s possible that we could actually do this?

Administrator answers:

Stay away from complexes and try private landlords who may not be so picky. If I were the landlord I would want ALL the parents to co-sign the lease and I’d be watching you like a hawk for any monkey business, including having alcohol in the place.

Donna asks…

buying an apartment/ age 18?

I noticed that apartments are currently runnning at about 45k for 2 or 3 bedrooms in my area. If i can save about 8-10k for a down payment can i buy this apartment and is it a good idea. I was looking into renting but rent is like 1400 and a mortgage is only going to run me like $300. I know i have to add in insurance, utilities, etc, but i still think it would be cheaper than 1400 and i would eventally own it. I only gross about 14k a year and im in college on scholarships so i would have to rent out the other 2 rooms. I already have potential renters. I have had a credit card for about a year and my credit score is all ready 710 (i pay it off every month). Please tell me if you think ill get approved for a mortgage and share your thoughts!
just to clarify. i currently have no debt and i am a college student living with my parents. If I rented i would want a joint lease with my 2 best friends. If i owned they would rent from me. I did forget about association fees but even if it did cost me 1400 in the end, wouldn’t it still be better than renting, because i would own it in 15 or 30 years.

Administrator answers:

You have overlooked association fees. Those are significant MONTHLY costs which must be paid and which increase each year. You did not say where you live but here in California those fees run around $300 to $400 a month in medium value condo’s or associations.

I you factor that into your payment schedule along with TAXES (which you also forgot) I think you are rapidly closing in on the $1400 a month.

If you are only GROSSING $14k a month you are only NETTING about $11k or $900 per month. How the hell can you even afford $1400 per month in rent. As a prudent guideline your rent should max out at about 1/3 of your income..?? If you rent out part of it and then your renters bail on you or worse.. STAY there but stop paying, you will quickly move into default.

Lastly.. You will not get a mortgage based upon that income for anything like you are describing unless you can show the potential to rent it. If you do that, then you will pay a higher mortgage because it is a commercial use.

Its a good idea, but slightly ahead of its time. Rent a place for a few more years (at a cheaper rate) and save up for a small house.. Not a condo.

.

Maria asks…

Renting an Apartment at 17?

I just got kicked out of my house on Monday. I’ve been staying with my aunt all week. My step-brother is still at my original home, but is in a bad situation there and wants to leave as well (And he’ll probably be kicked out soon anyways…). He is not completely welcome at my aunt’s house though, so he’ll need a place to stay. I don’t really want to mooch off my aunt too long either, she has a lot going on in her life now. Me and my step-brother are both seventeen, so getting an apartment is not exactly going to be easy (or maybe even possible). I turn 18 in three months, him in six. Can we get the apartment co-signed by someone (we have people who are willing, but is it legal and everything?) Also the place we’re looking at is $800 per month including all utilities. We’re in Alaska if that changes things. So please, is there anyway we can make this work???

Administrator answers:

Though there could be laws preventing you from renting at 17 in Alaska…you’ll have to check into that. But what I can tell you is that my daughters (twins) were exactly your age when they moved into an apartment together a couple years ago. We did not have to sign for them, we were not even called or anything. I did have to put their utilities in my name because the utility companies required them to be 19 and the utilities were not included in their rent. You will most likely come across that factor too….however, if the place you rent includes those things then there is no problem As long as you have the needed money, act in a mature and responsible fashion and can provide some kind of references…such as an employer, teachers, advisor for any volunteer work you’ve done, I think you will have no problem. Good Luck, I’m sorry things are bad at home for you.

Lizzie asks…

Renting An Apartment At 16?

Is there anyway a 16 year old can somehow get their own place in Toronto?
What if a friend who was 18 signed the lease or what ever and then I would just pay rent and etc.?
Don’t worry about money and all of that
But would this plan be possible?

Administrator answers:

Yeah its possible im underage im 17
and im going to get an apartment with three other guys for college
and they are all 18
and it says three adults and i was counted as a child
but the only thing you might is one of your parents to be your co-signer i think just in case you cant pay your parents will have to
im not really sure about that
but the answer to your question is yes you can
just ask for more information where ever youre going to stay

Powered by Yahoo! Answers

Related posts:

  1. Your Questions About Renting An Apartment Vs Renting A House
  2. Your Questions About Renting An Apartment Vs Renting A House
  3. Your Questions About Renting An Apartment Vs Renting A House
  4. Your Questions About Renting An Apartment With Bad Credit
  5. Your Questions About Renting An Apartment In Nyc