Renting a place of your own is an exciting experience. But the same can’t be said if you have bad credit history (or not even having a credit history to begin with) as securing an apartment to live in can be challenging in this case.
So if you find yourself being denied with your rental application because you were either evicted in your previous apartment or had a record of late payments, then it’s a must that you keep on reading as we are going to share tips on how to get an apt with bad rental history in today’s article and help you solve your renting issues once and for all.
Showcase Your High Salary To Divert The Attention From Your Bad Rental History
If you’re earning well with your job, then use it to your advantage to secure a place to live in. In short, make use of your high income to impress landlords to the point that they will disregard your low credit score.
The way we see it, the type of income that can make any landlord overlook your poor credit history should be at least forty times (40) more than the amount of the monthly rent. For example, if the apartment costs $1,200 every month, then you must earn at least $48,000 a year to entice the landlord to overlook your bad rental history.
And since the landlord is making his decision based on your income, you have to be ready to show papers and other supporting documents to prove your capacity to pay the stated monthly rent.
Cite Reputable Character References
In some cases, landlords hold more value on a person’s rental history than income. And that’s because having a good record of payment shows a renter’s ability to pay in good faith, which makes the landlord at ease when they decide to accept them as a tenant in their apartment complex.
But given the fact that you have a bad rental history to begin with, there is still a chance to let the hands of fate work in your favor and that is by providing reliable character references such as a former landlord with whom you have a great relationship with or a family or friend who has a respectable job like a teacher, lawyer, bank manager, etc. This way, they can vouch for your financial reliability as a renter who can pay regularly and convince the landlord to accept your rental application.
And if you’re still in the process of looking for an apartment to rent with, then you can also start building a good rental record by staying at your friend’s house or someone’s house, paying them for your duration of stay and asking for a receipt, and then asking them to be references. This can really help you secure a good apartment to stay in for the long-term.
Continue Building Your Savings
A bad rental record will definitely make an apartment owner doubt your reliability as a tenant, but having strong savings in your bank account can change their mind.
So make use of your bank statements to show your financial reserves and prove your potential as a good renter. And if possible, it’s recommended to have a savings and checking account as well as plenty of money to cover several months of rent to help the landlord feel more confident having you as one of his apartment renters.
Offer To Pay In Advance And Possibly Set Up Automatic Payments
Landlords will be more convinced to accept you as a renter if you will pay in advance. Of course, you are expected to pay for the first month plus security deposit. But if you can pay at least for 2 months or even for 3 months in advance, they will be more persuaded to overlook your previous record of bad rental payments.
And if you can arrange an automatic payment system where the monthly rent will be automatically deducted from your bank account, this will definitely boost your chances of securing that apartment since this will demonstrate your capacity to pay on time.
Use A Co-Signer
And if all means of convincing the landlord has been exhausted, then you can still snag that apartment you’ve always wanted by asking someone to be a co-signer. Just make sure this person is someone you trust, and trust you, since they are supposed to cover you if in case you missed out on a rental payment.
A parent, sibling, or close friend may qualify to be your co-signer. But just make sure to be updated with your monthly obligations so you won’t be having conflicts with your loved ones.
And there you have it, the things you need to do to get an apartment with a bad rental history.