I haven’t heard about this “3x payment per month.” Back in the 80’s, I had to come up with first & last and a security deposit equal to one month’s to get in, so 3x for the first payment, but that was only one time and it covered… the first and last months and we got the security deposit back when we moved out because we’re didn’t trash the place.
3x payment per month just sounds like they’re charging 3x the rent they’re advertising.
It’s to keep the landlord from renting to housing-stressed tenants. Spending >30% of a household’s monthly income on rent is housing stress. 3x is just easier to say.
I haven’t heard about this “3x payment per month.” Back in the 80’s, I had to come up with first & last and a security deposit equal to one month’s to get in, so 3x for the first payment, but that was only one time and it covered… the first and last months and we got the security deposit back when we moved out because we’re didn’t trash the place.
3x payment per month just sounds like they’re charging 3x the rent they’re advertising.
I think they mean a ‘debt servicing’ type thing, where you need an income of 3x the rent per month?
Oh. Yeah, that makes more sense.
It’s to keep the landlord from renting to housing-stressed tenants. Spending >30% of a household’s monthly income on rent is housing stress. 3x is just easier to say.