Before you go searching for your dream apartment, it’s important to understand that your rental applications will be reviewed closely by landlords and property managers.
Landlords are particular about the people they rent to, especially during the competitive months of May through September, when apartments are in greatest demand. That’s because rental units represent substantial investments. Owners need to secure a steady stream of income from reliable tenants in order to pay their mortgages, property taxes and maintenance costs.
Here are five tips for improving your chances of securing the apartment you’re looking for.
1. Establish a Solid Credit Score
Credit scores reflect your history of paying bills on time. According to credit reporting companyTransUnion, for a rating range of 300 to 850, a score of 700 or above generally is considered good. To see where you stand, federal law allows you to get a free copy of your credit reports annually. The largest credit reporting firms, TransUnion, Equifax and Experian offer their reports through a shared website, AnnualCreditReport.com.
It can take time to build up a good credit score, especially if you’re a recent college graduate or have never used a credit card in your own name before. Depending on where you live, and how expensive your potential new place is to rent each month, the landlord or management company may require a guarantor to secure the lease, so they’re covered in case you’re unable to pay rent for some reason. It’s a good idea to find a parent, relative or someone else who lives in close proximity that is willing to sign on as a guarantor in case this is required in your lease agreement.
2. Make Sure You Have Renters Insurance
It’s important to have renters insurance, which may be required by your landlord. Many renters don’t realize that their personal property isn’t protected by their landlord’s insurance policy. In fact, a 2016Insurance Information Institute pollfound that only 41 percent of tenants had insured their belongings. That means if they are robbed or experience a fire, they could be at risk of losing everything they own.
Yourrenters insurancepolicy can also provide personal liability protection, so if someone else is hurt in your rental property and they choose to file a lawsuit, any medical or legal defense costs will likely be covered.
3. Be Prepared to Pay a Security Deposit
In order to protect their investments, landlords often require tenants to provide security deposits in case of damages. These deposits can range from as little as $100 to the equivalent of several months of rent. You’ll have to pay these funds up front, but you can improve your chances of getting a security deposit back if you use a camera to record the condition of your apartment before you move in.
4. Ask if Pets are Allowed
Pets are great companions, but they can pose challenges when you’re searching for an apartment. Pet owners should make sure that any apartment they’re interested in welcomes animals before they schedule a visit. You can increase your likelihood of finding an appropriate rental unit if you search online for animal-friendly apartments. Locating a rental home that accepts pets may take extra time, so plan accordingly.
5. Screen Roommates Carefully
If you decide to rent an apartment with one or more roommates, make sure you choose people who are responsible. Landlords may hold all tenants responsible for the actions of one roommate. In such cases, two tenants could be evicted if only one of them caused damage or otherwise violated their lease agreement.
It’s also a good idea to sign a roommate agreement with anyone you choose to live with. This is a signed contract between two individuals that could formalize how you choose to split the rental payments, pay for utilities, divvy up the security deposit, or what length of notice is required before moving out, plus any other house rules you’d like to establish.
When you find your dream apartment, there’s no guarantee your application will be accepted. But your chances will greatly improve if you demonstrate that you are prepared, trustworthy and financially responsible.
As an experienced housing market analyst and rental property expert, my extensive background in real estate and property management allows me to provide valuable insights into the nuances of securing a rental apartment. I have closely followed market trends, landlord-tenant dynamics, and the evolving landscape of rental applications. My knowledge is grounded in both theoretical understanding and practical experience, having advised numerous individuals on successful rental strategies.
Now, let's delve into the concepts mentioned in the provided article and explore each in detail:
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Establish a Solid Credit Score:
- A credit score is a numerical representation of a person's creditworthiness.
- A good credit score, typically 700 or above, is crucial for securing rental agreements.
- Credit reports from major firms, such as TransUnion, Equifax, and Experian, can be obtained for free annually.
- The importance of a guarantor in case of insufficient credit history, especially for recent graduates or those without credit card usage.
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Renters Insurance:
- Renters insurance is a policy that protects tenants' personal property and provides personal liability coverage.
- Many tenants are unaware that their landlord's insurance doesn't cover personal belongings, highlighting the need for renters insurance.
- Personal liability protection covers medical or legal defense costs if someone is injured on the rental property.
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Security Deposit:
- Landlords often require tenants to pay a security deposit to cover potential damages.
- The deposit amount varies but is typically equivalent to several months' rent.
- The importance of documenting the apartment's condition using a camera to increase the likelihood of getting the security deposit back.
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Pets and Apartment Search:
- Challenges pet owners face when searching for apartments and the importance of checking pet policies.
- The recommendation to search online specifically for animal-friendly apartments.
- Acknowledgment that finding a rental home allowing pets may require extra time and planning.
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Roommate Selection:
- Importance of carefully screening potential roommates.
- Landlords holding all tenants responsible for the actions of one roommate, leading to potential eviction for all.
- The suggestion to sign a roommate agreement to formalize financial responsibilities, utility payments, security deposit arrangements, and house rules.
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General Tips for Rental Application Success:
- Highlighting the competitive nature of the rental market, especially during peak demand months.
- Emphasizing the importance of demonstrating preparedness, trustworthiness, and financial responsibility in rental applications.
In conclusion, navigating the rental application process requires a comprehensive understanding of credit scores, insurance, security deposits, pet policies, and roommate dynamics. Following these tips can significantly enhance one's chances of securing the desired apartment in a competitive rental market.
