When I Retire, Will It Be Hard to Rent an Apartment Without a Job?
Alex from California asks: "I plan on being an apartment renter when I retire. Do you think I'll have any problem getting landlords to rent to me? When I retire, my sources of income will be Social Security and my investment income. I'm estimating that the total will be about $50,000 a year after taxes. Will landlords hassle me If I say I have that kind of income with no job? And is there a workaround for this?"
Clark‘s Take on Whether Landlords Have a Problem With a Tenant’s Income Source
Clark says: "No, they're not going to hassle you at all because they know that that Social Security check comes every month, whereas a paycheck — as we've found out this year — can stop at any time for any reason."
If you’re thinking about renting an apartment, Clark says the most important factor besides a steady income is making sure you have sound credit.
He says your credit record will affect “what kind of security deposit requirements you may face and whether or not a landlord looks at you as a good risk to rent.”
Learn more about what a good credit score is and how to improve yours.
To hear Clark’s answer on this question and many more, listen to the full podcast episode here:
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More Resources From Clark.com:
- 8 Money-Saving Tips for Renters
- 4 Things to Know Before You Buy Renters Insurance
- When Is the Best Time to Take Social Security?