You found an apartment you love! Next comes the tricky part — the apartment application process. Landlords ask potential renters to complete an application process in order to prove that they are not a credit risk and will be a welcome asset to the property. Preparing your apartment application can sometimes take a while, but if you’re well prepared the process will be much smoother.
Here are the important documents to prepare and steps to complete before receiving approval for an apartment.
Application and Processing Fees
Before you apply for an apartment, you should evaluate and make sure it’s a place you want to live. The average processing fee for an apartment application is $100 and is non-refundable, so you need to be sure the apartment is worth applying for in the first place. Some application fees cover background and credit checks, but sometimes these fees are separate. Ask the landlord for clarification about these fees before beginning the process.
What information do I need to rent an apartment?
All potential renters must first fill out an apartment application — a form with supporting documents that landlords use to screen applicants. Each apartment application is unique to a management company or landlord, so you must carefully read the application and be sure there is nothing unexpected that you need to provide. In general, here are the documents to prepare:
- Personal contact information
- Photo ID (driver’s license, passport, credit card, etc.)
- Social Security number
- Vehicle information
- Emergency contacts
- Documents that provide proof of income
- Recommendations and personal references
- Pet information (if necessary)
Prepare for a Credit and Background Check
You will have to give permission to the landlord to check your credit and run a background check. Checking your credit is how landlords judge how financially responsible you are and if you will pay your rent on time. Bad credit decreases your chances of getting approved, whereas new credit is easier to explain. You may want to disclose your bad or new credit before the landlord runs the check and think of other ways to prove that you will be a reliable property renter.
Background checks are also helpful to see how dependable and trustworthy a renter is. Pending charges or previous convictions may result in a landlord denying a renter. Again, it is better for you to get ahead of the background check and explain to the landlord about your past before they request the background check.
Provide Proof of Income
Having an adequate income is the best way to prove you can pay your rent. Usually, landlords want to verify that your monthly income is at least three times the monthly rent. You can prove this by providing pay stubs, bank statements, or tax returns. If you recently started a new job, you may want to ask your employer to write a proof of income letter confirming your income. Landlords may even call your employer with questions about your salary and current position in the company.
Provide Personal References
The best proof you can give to a landlord to demonstrate that you are reliable and respectful is a personal recommendation from a previous landlord. It’s good to show that no previous landlords have evicted you, and this is especially helpful if you have low credit. If you have little to no rental history, you can provide personal references. Provide a sample letter to previous employers, teachers, or colleagues and ask them to describe your character traits and general demeanor. This will help explain what makes you an outstanding candidate.
Get a Guarantor
Even if you provide all the necessary information, it still may not be enough to persuade the landlord that you are ready to rent an apartment. If this happens, a guarantor may be the answer. A guarantor is someone who legally takes responsibility for paying the rent in case something causes you to default on the payment. In order to be a guarantor, they must provide financial documents such as tax returns or pay stubs to prove that they have a steady income and will be able to assist you if you are unable to pay. This is clearly a big responsibility, so many people look to family and friends to be their guarantor.
How to Rent an Apartment with Poor or No Credit
First-time renters may not have a credit history yet, but there are a few other ways you can get approval for a first apartment. As previously mentioned, a guarantor is a good way to get around renting an apartment with little to no credit. Another option is to start out with a month-to-month rental agreement. By signing a short lease, the landlord can decide not to renew if you are unable to make on-time payments. It can also be helpful to pay one or two months’ rent upfront to prove to provide the landlord with some peace of mind.
Renters with poor credit can offer their own version of credit through income, savings balance, and references. If you can prove that your income is stable and will cover the rent, or if you have a high savings balance, a landlord may accept this as proof that you will be able to cover the rent. d
Getting approved for an apartment may seem like a lot of work, but once you have all these documents ready, you can bring them to each apartment showing, whether it’s virtual or in-person. Landlords who are clear about what they expect and renters who carefully prepare their documents should reach the approval stage in no time.
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