Renting Apartments Based on Income

Answer 1

For the low-income worker, renting an apartment where the rent is based on income may be the ideal solution. However, there are a few drawbacks. Here are some issues you should be aware of before renting apartments based on income.

First of all, when you rent one of these apartments, there is more paperwork to do when you apply. In addition to stating your income, which is required for most tenants regardless of the type of housing, you must also provide proof. For most people, this is not an issue. Just provide a couple of pay stubs and you’re done. However, for those who are self-employed, this can be a real headache.

Besides the added paperwork, there is an issue of privacy. In some other apartment complexes, you may be able to get away with just proving you have income by providing your employer’s name and phone number. In income-based apartments, you have to lay out your income to the manager, which for some people seems invasive. There is no way around this, though, if you want to live in apartments based on income.

One of the biggest drawbacks to living in apartments based on income is that everyone who knows you live there will assume that you are poor. After all, why would you live there if you weren’t? This is more of an issue for some people than others because some are more proud than others. Living in income-based housing requires a level of humility that some people just can’t muster.

Your neighbors are also an issue when living in apartments based on income. They are all poor people too. There is nothing wrong with being poor, but often you will find that the crime rate is higher in neighborhoods where most of the people have lower incomes.

While renting an apartment based on income can be a great solution for those with limited resources, it can also backfire when you start improving your financial situation. If you get a better job, you are usually required to report it, and your rent will go up as a result. If your income gets high enough, you may even find that your income-based apartment has become more expensive than comparable rental properties in the area.