How much monthly earning, above the monthly rent rate, is considered acceptable/normal when applying

cashmonger

I know that they ask for x times the monthly rent and having done so for y months. Well I can't do either of those currently since my income has only just improved but is set to continue to do so from here on out but I wanna move now as I absolutely hate where I am living.

If a rent is up to say £500 per month, if I am earning £800-900 per month is that ok for them to consider me a worthy applicant?

I plan to offer a guarantor as well as X amount of months upfront to try and get around the other stuff but I wanted to know, besides those issues, is that enough to be earning, above the rent rate, to be considered?

Slithery

The rule of thumb that's usually used is that your yearly income should be at least 30x the monthly rent. So for a £500 rental you need to be earning £15k or more a year which is £1250 a month.

Simby

Op are you looking to rent as a lodger ( room in house with landlord living in house), a hmo , or a normal tenancy.

The last you may struggle through an agency... the former if you can show consistent history of rent payment etc a landlord may consider you.

AdrianC

There is no hard and fast rule, just generalisations.

You need to convince the landlord that you're their best candidate to take the property on.

cashmonger

Simby wrote: »

Op are you looking to rent as a lodger ( room in house with landlord living in house), a hmo ,

No chance!

Bossypants

cashmonger wrote: »

I know that they ask for x times the monthly rent and having done so for y months. Well I can't do either of those currently since my income has only just improved but is set to continue to do so from here on out but I wanna move now as I absolutely hate where I am living.

If a rent is up to say £500 per month, if I am earning £800-900 per month is that ok for them to consider me a worthy applicant?

I plan to offer a guarantor as well as X amount of months upfront to try and get around the other stuff but I wanted to know, besides those issues, is that enough to be earning, above the rent rate, to be considered?

Your best bet is to speak directly to landlords if you can, e.g. through Gumtree or similar, and give them a breakdown of what you expect your expenses to be. To be honest, though, if I were your prospective landlord, I'd be concerned about you only having £300-400 to cover council tax, utilities, groceries, transport and other basics (even if you are really frugal, presumably you occasionally need new shoes, maybe a haircut, to buy your mother flowers for her birthday, etc).