Tips For Renting an Apartment

Are you considering renting your first apartment? Without a doubt, it is an exciting time in one's life when venturing out on your own. Once you have found your perfect apartment, you have to complete the rental application process.

Applying to rent an apartment involves supplying a lot of information and passing various checks. The due diligence phase is not uncommon whether you are renting an apartment or a house.

If you haven’t been through the process before, it can be quite daunting. Let's take a look at the things you need to do when applying for an apartment for the first time. You will love the advice to put you in a prime position to be successful.

What to Know About Rental Applications

In order to rent an apartment, you need to get the rental application from the property management, real estate company or fill out the form online. If you are going to share the apartment with roommates or use a co-signer to apply, they also need to fill out a rental application.

There isn't a standard rental application form, but you can expect to have to supply information about current and previous addresses, employment, contact information, as well as your name, of course. You will also need to supply references, including personal and professional recommendations.

Understand Application Fees

The application process when renting an apartment requires you to pay a fee. This fee will cover the cost of background and credit checks that will show you are a suitable renter. The landlord, of course, would like to see that you have a good credit score.

The screening costs when you apply can also include a processing fee. The overall cost you have to pay can vary greatly depending on your location and the landlord.

Even if you fail the pass the application process, you may not get this fee back; check with the management before applying. Most of the time, the application fee will not be refunded. Consider it part of your expenses for finding a suitable apartment.

Expect Screening Checks

When applying to rent an apartment, the landlord wants to make sure you can pay the rent. Their background checks will discover a criminal history if you have one, so you need to be upfront about details like this if you have them.

Their credit checks will find out if you are a financially responsible person. They will look at your credit score, which can reveal a history of late payments. If you have a less than perfect financial history, mention it to them. A co-signer can help you if your credit isn’t the best.

The last thing a landlord wants is someone who is not trustworthy. You will be much better off being honest with the landlord than trying to hide something negative from them. The landlord will likely reject your rental application outright if they discover you have tried to fool them.

Help From a Co-Signer

If a friend or family member is willing to guarantee your lease, they can become your co-signer. They will need to have great credit themselves to make up for your less than ideal credit history. It will become their responsibility to pay the rent should you not be able to.

A co-signer can assist when renting an apartment for the first time and you don’t have much credit history. It can also be necessary if your income isn’t three times the cost of rent each month.

If you aren’t confident your application will be approved, a co-signer can boost your chances. A co-signer can be like another reference for your application.

In times where it's not possible to find a co-signer, quite often, you'll need to find a no credit check apartment. These are harder to come by for obvious reasons. Most people want to rent to those who are financially stable, whether it is a house or an apartment.

Expect Income Proof

One of the most important things the landlord is interested in is your ability to pay the rent. You need to prove your income using pay stubs or tax returns. They could also ask for bank statements, W-2 forms, or even client contracts depending on your income source.

Don't be surprised at the request for this information at the time of your rental application.

You'll Be Providing References

When you rent an apartment for the first time, you can benefit from some great personal references. This should show that you are going to be a responsible and reliable tenant.

If you have rented before, a previous landlord's reference can improve the likelihood that your application will be successful. It will show that you aren’t likely to cause problems and reduce the risk for the landlord.

Landlords are looking for stability, not trouble makers. If you can show you've been a valuable tenant previously this can go a long way with your likelihood of approval.

Being Approved For The Apartment

Typically, credit and employment checks can take business 3 days, but it can vary, so ask beforehand if you are concerned. If things go your way, you will be told you have successfully passed the application process.

There will then be some money to pay for the security deposit, and any other fees the property management company might demand. A deposit is normally regulated by the state, for your protection. Make sure you have enough money, as you will likely have to find 2 months’ rent. This will protect the landlord should you fail to pay or damage the apartment.

You will need to do a walkthrough of the apartment to check for damage, and you can use the opportunity to ask any remaining questions you might have. Then it is time to sign the lease contract after you have carefully read it of course, and collect the keys.

Final Thoughts on Rental Applications

The process of renting an apartment for the first time will be a much easier one when you are well prepared beforehand. Getting all your ducks in a row will go a long way towards being successful.

Hopefully, you have found these tips for renting your first apartment and filling out an application to be useful. If things don't go as planned, you might want to consider having a real estate agent help finding a rental. Quite often a real estate firm will have access and knowledge about rentals that the general public does not. Best of luck!