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Locating affordable housing
Q: I am currently seeking a place of my own, but my income is in the moderate-to-low income bracket. When searching for an apartment, how do I let the property management company know I need a lower rental rate? Is there such a thing?
A: Let me answer your question by relaying a similar story…
I was out the other day shopping, and my car’s almost ready to cross the 100,000 mile mark. So, I stopped in the local BMW dealership. Everyone’s driving one these days, I thought.
I was admiring a beautiful sleek black Z3 with a 3.0 liter engine when a friendly, almost grandfatherly, older salesman approached. When he asked if he could help, I told him I’d been admiring the Z3 for months now. “I’d really love to buy one,” I said, my eyes gazing longingly at the curves on the car.
But, I told him, as I looked at the sticker price, I’ll need the lower purchase price. I’m a newer attorney and I’ve only recently started my own practice. Well, he said, as he kindly chuckled to himself, they have those across the street.
My pulse quickened at the thought of owning my very own BMW. It is, after all, the ultimate driving machine. I looked up, following his eyes to the neighboring Daewoo dealer, and my heart suddenly sank as the old guy walked away.
Yes, fellow renters, I really did get this question! And, I laughed--- but only until I remembered that, sometimes, there is a lower rental rate. It is, however, somewhat rare and very much in demand. Many cities, especially in areas with higher living costs, require residential developers to set aside a certain number or a certain percentage of units as “affordable housing.” Property owners must rent these units only depend somewhat upon the area.
If you do happen to locate an apartment complex that offers these “affordable housing” units, be prepared to prove your financial standing. This means that the property management company or property owner may ask you to submit copies of your taxes, pay stubs, bank statements and other financial records to prove that you qualify for these lower rental prices. This will be in addition to the normal paperwork required for the rental application process (credit check, references, employment information, etc.).
So, if you’re looking at a particular rental complex, ask if they have any “affordable housing” units. If this approach is not working, you may also want to look into housing assistance programs available in your area. And remember, the only stupid question is a question you don’t ask. |
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About Phil Rhodes
Phil Rhodes is an experienced commercial credit attorney in Northern California with his own practice, emphasizing bankruptcy, real estate finance, and other consumer and small business credit issues. Phil is also a happy renter, now on his sixth successful landlord-tenant relationship. |
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Disclaimer
Information provided by Phil or Greg should not be construed as real estate or legal advice. State and local laws may vary, so please consult legal counsel in your area with respect to your individual situation.
The RENTNETR and Homestore.comTM family make no representation as to the accuracy or completeness of the statements made herein. Please see our Terms of Use for more information.
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