Renting without income

[Anonymous]

I am getting divorced and moving to a new city with my children across the country from where we currently live. I have been a stay at home mom and do not have income. I will of course be finding work once we are settled.

I have $100,000 savings to my name, 780 credit score, and a clean rental history. I have no debts or loans. I am receiving child support and spousal support that will fully cover rent and utilities.

I am still afraid that I won’t be a desirable candidate because I don’t have income. Because I am relocating I can’t get a job first and then find housing.

My parents are willing to co-sign if needed (but they don’t have income other than pension as retired). My STBXH also said he would co-apply for the lease if he had to as he has income. We could just say he would be a tenant if need be and then I could eventually take him off the lease once I have FT work. Neither of us desires that arrangement but it may be what makes sense.

Any input from rental managers or landlords on here? TIA.

[Anonymous]

Offer to pay 6 months of the lease now. I don’t think you want your ex’s name on the lease.

[Anonymous]

Agree that putting down 6 months will likely solve the issue. Do you plan to get a job? If you have court-ordered spousal support, you can claim that as your income.

[Anonymous]

Anonymous wrote:Agree that putting down 6 months will likely solve the issue. Do you plan to get a job? If you have court-ordered spousal support, you can claim that as your income.

Yes, I plan to become employed once we settle. And good idea about paying up front. I’d gladly pay a year if needed. The spousal support is considered income but it’s not enough to cover rent on its own.

[Anonymous]

The move sounds like a bad idea without a job.

[Anonymous]

If you offer to pay a year up front, they will be happy to rent to you. Don't let your ex co-sign.

[Anonymous]

Why are you moving and what sort of job will you be getting after SAH. If you are moving to be closer to your parents I suggest moving in with them until you find a job. What you don't want to do it use your limited funds and tank your credit score before you even have a job.

[Anonymous]

You can rent without income. Usually a statement from the bank saying you have over $70k savings helps here. This is how some immigrants without jobs in US get rental apts.

[Anonymous]

Same. Just show them your bank statement. Worked for me.

[Anonymous]

Anonymous wrote:The move sounds like a bad idea without a job.

Maybe that's where OP's parents and other family lives--and it would be a worse idea to stay put (with no family support) and have to find a local rental without a job.

[Anonymous]

Anonymous wrote:Why are you moving and what sort of job will you be getting after SAH. If you are moving to be closer to your parents I suggest moving in with them until you find a job. What you don't want to do it use your limited funds and tank your credit score before you even have a job.

How do you know OP's parents have a house big enough to house OP and her kids? Maybe they live in an assisted living community. Or maybe one of those 55+ HOAs, where you can't have visitors under the age of 18 for more than 90 days out of the year?

[Anonymous]

Most small landlords are more open to it.

[Anonymous]

Thanks from OP. I am moving to a city where I have some support (friends, a relative, prior work colleagues). I have to move because our lease is coming due at the same time our divorce will finalize and my children and I need a home to sleep in. I am moving before I have a job because of this. I can’t get a job and then have them say “great, start in two weeks” and then move myself, kids and pets across the country without a rental or daycare in place.

Thanks to those who gave input. I am hopeful I can find a landlord who is amenable to paying up front or having my parents co-sign if needed.

[Anonymous]

Anonymous wrote:Most small landlords are more open to it.

Pay upfront, yes it will work.
Just show bank statements, no, doesn’t work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:The move sounds like a bad idea without a job.

Maybe that's where OP's parents and other family lives--and it would be a worse idea to stay put (with no family support) and have to find a local rental without a job.

She has family support. The kids dad.