Hey everyone. I am looking into living off campus next year, probably at least thirty minutes away from campus because living on campus is actually really expensive. I have found some really nice apartments that are within 45 minutes to school by our rapid transit system, and they are really affordable (around $500 to $700 a month). I will be having a roommate, too, so splitting the cost would not put me over $1000 a month of just paying rent, bills, groceries, and hopefully any minor emergencies. I am a sophomore in college working minimum wage, and one of my parents sends me money every month (around $250 to $350). I have 2 years of credit history, and my credit score varies between 730 to 735 in the past few months. I have two questions:
1. Do landlords/apartment managers want certain minimum incomes for their tenants?
2. Can the money that my parent sends me every month count as income?
Thanks 
@Anonymous wrote:Hey everyone. I am looking into living off campus next year, probably at least thirty minutes away from campus because living on campus is actually really expensive. I have found some really nice apartments that are within 45 minutes to school by our rapid transit system, and they are really affordable (around $500 to $700 a month). I will be having a roommate, too, so splitting the cost would not put me over $1000 a month of just paying rent, bills, groceries, and hopefully any minor emergencies. I am a sophomore in college working minimum wage, and one of my parents sends me money every month (around $250 to $350). I have 2 years of credit history, and my credit score varies between 730 to 735 in the past few months. I have two questions:
1. Do landlords/apartment managers want certain minimum incomes for their tenants?
2. Can the money that my parent sends me every month count as income?
Thanks
1. Depends on the apartment complex - some do, some don't. Best to call and see. My current apartment wanted a pre-paid approval of 1 and a half months rent OR a signed guarantor (basically a co-signer). In this case, they didn't care if I made $1/year or my current ~35k/year. My last apartment verified my income with theworknumber.
2. Are you 21+? If not, and I'm guessing you're 19-20, I don't think so. If you were, then yes for sure. Someone else might be able to better answer this one.
1. Yes; generally landlords look at your most recent pay stubs. Depending on the landlord, gross monthly income requirements can be that you make 2.5 times(sometimes 3X) the monthly rent. Since you will have a roommate, both your incomes will be combined for this requirement.
2. Yes; only if your parent is willing to cosign for the apartment. But then your parent would be liable for you AND your roommate.
I moved into my first apartment when I was a sophomore in college, also. I was in a studio by myself. You probably already know this, but having an apartment doesn't help your credit score AT ALL. The reason dorm rooms, and living on campus is expensive is do to convenience. 30-45 minutes away doesn't sound bad, but you may take a while to get accustomed to it. Plus you have to account for your commute to work. I'm assuming your two years of credit history are from student loans in deferment. If they are, sometimes they are ignored when an apartment complex pulls your credit score. They may ask for your tax return, from the previous year.
Now the worst part are DEPOSITS. Of course the deposit for the apartment(last month's rent), and your first month's rent. But ALSO
Power Company Deposit
- I live in Alabama. Alabama Power does a hard pull on your credit report to determine how much of deposit you will pay. Not the first month's bill, an EXTRA deposit.
Gas Company Deposit(if the apartment uses natural gas)
- Same as the power company
Utilities Deposit( most are through your apartment complex, so you may not have this)
-Same as power company
Renters Insurance Deposit
- Most of the time, it is a soft pull. Some apartments REQUIRE $100,000 liability coverage
Be careful. Choose a roommate you TRUST and has steady employment. You both will be liable for the rent, and ANY bill or utility account with YOUR name on it. Depending on your situation, you may both be listed on policies and accounts. The account don't help you; they only hurt you, if you fall behind on payments.
Entertainment
-Cable companies hard pull your credit, and it's an extra bill
-Month to month Internet services don't check your credit, just an installment fee, equipment rental fee
.......................And what about your furniture?Now listen, I slept on the floor until I got an air mattress. From air Mattress to futon, from futon to mattress/box spring(you get the picture). If you want to skip my struggle,your going to need to finance bedroom and living room furniture.......that's right! HARD PULL, and more monthly payments.
Your credit is going to pulled a couple of times. if you just have student loans, it may not help you.
DON'T fall in love with any apartment. Treat it like HEAT, be willing to walk away in 30 seconds or less. You will find the cheapest rates, during the winter time. Most move when it is hot, and the sun is out. It takes a real curmudgeon to move, in the winter like I did 
........ but it is worth it. Plan everything out, before you do anything. The more things you own, the more burden it will be on you. If you buy a chair/table set, you'll be stuck with it. you'll have to move it. you'll have to store it, you'll have to sell it, if you decide to go back to the dorm.
