Becoming a first-time renter is a huge step to maturity. After all, you’ll need to learn how to pay bills, manage a household, and manage your time prudently. Being independent means you’ll need to be watchful with money and pay rent in a timely manner.
The process of becoming a renter can also be intimidating because lease signing could tie you contractually for a year or more to a residence.
When applying for a rental, managers and property owners want to ensure they’re renting to somebody who’ll make timely payments and maintain the unit. Therefore, you’ll need to prove that you’re a responsible renter by bringing the following during application.
Income Proof
Generally, you must prove that you can afford the unit before you can rent it. As such, it’s advisable you maintain numerous months’ worth of stubs when filling out the application. The pay stubs must show your base pay and the amount you take home.
In a number of competitive markets, it’s advisable to demonstrate that your revenue has been stable over numerous years, so take copies of your current bank statements in the event that you have to demonstrate proof of adequate resources.
Application Fee
Generally, an application for an apartment comes with varying fees- refundable and non-refundable. Depending on the building and property owner, you’ll need to pay a processing fee, application fee, and at times, a security deposit.
You can expect to spend as much as $100 or more to apply for rentals in some areas. While the security deposit will probably succeed the application, it could be a huge cost, costing some portion of the rent.
Rental History
Since property owners seek a positive history before leasing to new renters, you should obtain a reference letter from your present landlord. You’ll want to prove that you’re not the kind of renter who skips on rent or leave the apartment damaged.
The letter must incorporate the period during which you rented the unit, the amount you paid on rent, and signify that you made timely payments, and respected the lease. A reference letter will give the new landlord an opportunity to contact your previous landlord for additional information or have a particular form that needs filling out.
In the event that you’re renting for the first time and lack a rental history, be ready to provide other references that could attest to your character.
Credit and Background Check
When applying for a rental, you’ll need to grant the property owner permission to examine your credit. Checking your degree of financial responsibility will reveal whether you pay in a timely manner.
If you have new or bad credit, it will be hard to convince the prospective landlord that you’re responsible. Nevertheless, don’t hide it. Instead, mention it during your application so you know whether you require a co-signer or rely on your roommate’s credit.
Similar to the credit check, this reveals your reliability and personality. The application will include space where you’ll enable authorization to perform a background check and somewhere to elucidate anything on your record. If you need to reveal anything about your past, you’d rather do it sooner rather than have the landlord find out later.
Final Thoughts
Moving into your own place can be very exciting because of the freedom it comes with. However, with freedom come responsibilities. Therefore, you must be prepared to adjust accordingly. If you’re new to renting, this guide reveals what you need to bring during application.
For more information on what you need to apply for an apartment, contact us at Apartment Agents or leave a message.