Mdtryhht

My wife and I will be moving to a new (major) city soon, and will be renting an apartment. For the first 18 months, we will both be in graduate programs and our income will be rather low, although not unlivable.

However, after she graduates we will have a healthily average income for the area. One reason we are considering this scheme is so we don't have to move after 18 months, and can find an apartment that fits our budget in two years.

We anticipated this, and have saved up what amounts to a good amount more than two year's worth of rent for the apartments we're looking at in this new city. We are mostly looking at smaller units where I expect we'll be able to talk to the owner personally, but a few larger complexes.

We would like to be able to go to a landlord and say basically, we don't have three times the income (or whatever they ask for), but look, we have enough money to pay you for at least a year's lease without working (even though we will be).

We both have good credit, 750+.

What is the best way to prove this to a landlord? Is it a good suggestion to try? I'd even be willing to consider prepaying some amount of rent or a large deposit, but I don't know how landlords will feel about that.

Landlords vary wildly on policy, some are more rigid than others on income requirements. In a college town it will be more common for potential tenants to not meet income requirements. For students some landlords will request that parents co-sign, but others will recognize your savings as adequate proof of ability to pay. This is sometimes a concern for retirees as well. You won't know how landlords will react until you talk them.

Personally, when I have been approached by potential tenants in a situation like yours I run my standard background/credit check and in lieu of (or in addition to) income verification through their employer I request a few months of bank statements and the last couple tax returns to evaluate their financial situation. I respond best to those who simply clearly state their situation and their concern about income requirements up front. I normally do first month's rent and a damage deposit at the beginning of a lease, but in a situation like yours I might also collect last month's rent at lease start.

Assuming you otherwise check out as a decent tenant I don't think you'll have a problem finding a willing landlord. You'll have to shop around to see what responses you get, but you'll save a bit of time by inquiring about the rigidity of their income policy and explaining your situation up front.

you could offer to pay 6 months rent up front and then move to paying monthly.

I did that when I moved to a new country with savings but no job and had no problem getting people to accept the deal. You will miss out on a bit of interest but it should make the process nice and easy