how do you qualify for an apartment

How early should I start looking for an apartment?

Your guide to apartment searching

• Understand how to decide if you really should move. ...
• Make a wants-and-needs list. ...
• Set your budget. ...
• Start saving up for move-in costs. ...
• Make the roommate decision. ...
• Determine when to start looking seriously. ...
• Decide what neighborhood is best for you. ...
• Start your search. ...
• Schedule and go on viewings. ...

What are the general qualifications to rent an apartment?

Apartment rental qualifications vary, depending on the type of rental and a landlord's requirements. Many landlords require proof of income and a credit report to provide a history of your creditworthiness. You many also have to provide personal and/or business references and pay a security deposit.

How do I know if I can afford an apartment?

• I would ask any friends if I could sleep on their couch, and then look for work. ...
• I would sleep in my car. Try to park at different places every night though. One needs to keep under the radar. I would ask to use a friend`s address. ...
• Look at want ads. Libraries have internet. Perhaps I could get a `live-in` position taki

What are the qualifications to get a low income apartment?

• With or without children.
• Where at least one individual is over the age of 62.
• Where one or more individuals in the household have a disability.
• Has been displaced from their home. ...
• A tenant who remains in a unit after all other members of his or her family have left the unit. ...
• A single person who does not meet any of the above criteria. ...

What income do most apartments require?

In most cases, landlords require that tenants have a combined monthly income of at least three times the monthly rent. This means that if the rent is, for example, $2,000 per month, the tenant should manage at least $6,000 per month in income.

What factors go into getting approved for an apartment?

Although each process varies, there are some tips you can follow in order to make sure you receive the apartment you want:If you are in college, have your parents co-sign the lease. ... Make sure your income is three times your rent. ... Have a good credit score. ... Appear to be an honest and responsible person.More items...•

What credit score is needed for an apartment?

620 or higherWhen you apply to rent an apartment, you can expect nearly all landlords to run a credit check. As a general rule, you'll want a credit score of 620 or higher to secure a rental. But there's no hard and fast number: it varies by landlord, and it's only one factor in your rental application.

How do you get income requirements for an apartment?

How to Get a Rental Without Meeting the Income RequirementAsk First. No sense in wasting your time falling in love with a place, when you know you can't have it. ... Get a Guarantor. ... Look for Listings at Smaller Places. ... Look for Already-Occupied Shares. ... Network, Network, Network. ... Purchase Lease Guarantee Insurance.

How do I rent an apartment for the first time?

First Time Apartment Renter's Guide - 18 Step ChecklistDetermine Your Budget. ... Choose Your Neighborhood. ... Decide if You Need a Roommate. ... Consider the Parking Situation. ... Think about the Amenities. ... Consider Which Floor You Want to Live on. ... Know the Best Time to Look for an Apartment. ... Give Yourself Time to Search.More items...•

Do you need a good credit score to rent?

There's no set credit score necessary to rent an apartment or house; the criteria for approval will vary depending on the property, location, landlord and other factors. However, knowing your credit score before you start apartment-hunting can help you zero in on properties you may qualify to rent.

What is the lowest credit score to rent an apartment?

620What Credit Score Do You Need To Rent an Apartment? While a FICO credit score from 580-669 is considered fair credit, 620 is often the minimum credit score you'll need to rent an apartment. If your score is lower than 620, it could be more difficult to rent an apartment.

How can I get a apartment at 18 with no credit?

7 Tips for Getting an Apartment Without CreditRent from an individual owner. ... Offer to move in right away. ... Prove income or savings balance. ... Pay a few months' rent upfront as a security deposit. ... Provide reference letters. ... Offer to start out month-to-month. ... If all else fails, get a co-signer.

Can you get an apartment with a credit score of 500?

In short, yes! A credit score of 500 is low, but it's not insurmountable. It would be best if you planned some extra time for your apartment hunt with scores this low, but you can still rent an apartment. It will take some extra planning, though.

What does 3 times the rent mean?

The 3x rent rule is a general guideline that many landlords follow, which says that the ideal income level of a potential tenant is 3 times the amount of rent. So if the rent is $2,000 per month, you should earn at least $6,000 each month to qualify for the apartment.

What does 2.5 times the rent mean?

The multiplier used in this calculator demonstrates that the tenant makes enough income to afford your rent. If you want a tenant to make at least 2.5 times the monthly rent, you will use the 2.5 multiplier, and so on.

How much is my monthly income?

Multiply your hourly wage by how many hours a week you work, then multiply this number by 52. Divide that number by 12 to get your gross monthly income.

What does it mean to qualify for a rental?

Qualifying means you can pay the monthly rent and put down the required security deposit. Find out what these are during a phone conversation or the first showing to prevent wasting time on a place that is out of your price range.

How to deal with landlords who don't have credit?

If you don't have perfect credit, prepare a letter about any damaging items and why you experienced issues with debt. Explain what you have done to rectify the problem. Honesty can go a long way toward mitigating a landlord's concerns.

What's the typical rental application process?

Every unit has an apartment application that's required for tenants to fill out. Online rental applications are becoming more common but a leasing office still might ask for the application process to take place at their office location.

What do property managers look for in a rental lease application?

Don't let your first choice apartment get swept out from under you. On the apartment application, you should include all of your personal information. Contact information should include details such as your Social Security number, driver's license number and previous residential addresses, along with employment information and monthly income.

How much is the renter's application fee?

The rental application process time is the first step for the landlord or management company to assess whether they think you'll be a good tenant. Along with the rental application, you'll most likely need to pay a non-refundable apartment application fee for the rental property. This fee covers background and credit checks.

Documents for the apartment application process

Every landlord has their own unique form, so be sure to check with the management company or landlord in advance of the viewing to see if there are any unexpected documents, a particular legal document or specific forms you need to bring. This will help speed up the process. Here's what you can expect to prepare as part of the rental application:

What to include on a renter's application

Although your renter's application form will be slightly different with each apartment to which you apply, they'll generally involve these steps.

How long does approval take?

For the most part, applications will take 24 to 72 hours to process but check with the landlord or management company for how long it usually takes. It's always a good idea to ask how long you should expect to wait for a reply.

If you're approved, it's time to sign the lease

When your rental application gets approved, now what happens? If you still want to rent the apartment, you'll sign the lease.

How much does an apartment application cost?

This is called an application fee and is usually between $30-$50.

How long does it take to get approved for an apartment?

So how long does it take to get approved for an apartment? Typically, the waiting time for an apartment application approval is 24 to 72 hours. In some cases, you can be approved the same day you applied.

What to do after touring an apartment?

After touring apartments, you'll want to act quickly. That same apartment you've fallen in love with can be gone the next day! If you're interetested in renting an apartment, you'll need to formally apply. When it comes to your apartment application, there's certain information the landlord will need from you.

What to do if your credit score is not high enough to secure an apartment?

In case your credit score or income is not high enough for you to secure the apartment, consider asking a trusted person to be your cosigner. A cosigner is someone who signs the lease with you and agrees to pay your rent and fees in case you fail to do so. Having a cosigner is a legal way to increase your landlord’s trust in you.

How long does it take to pay a security deposit for an apartment?

Paying a security deposit usually comes next. Prepare to pay between 1-3 month's rent for your deposit. Take great care of your apartment and you'll get your security deposit refunded when moving out.

What information do you need to get a parking spot?

If you are looking to apply for a parking spot, you will need to provide details about your car. Have the make and model, year, and license plate number information all on hand. The property manager may also ask for the car’s insurance information.

Who is Angelina from Apartment List?

Angelina is a Marketing Specialist at Apartment List where she writes content on rental lifestyle. Angelina previously worked as a Russian and German language specialist at Facebook and Google, and has a BA in Applied Linguistics from UCLA. Read More

How to get a rental apartment?

1. Fill out a rental application. Let’s start with the basics: the apartment application itself. If you are interested in a property, the next step is to reach out to property management by filling out a rental application. If you have a co-signer or plan on having roommates, they will also need to do the same.

What do landlords ask for when applying for a rental?

Most landlords will ask for copies of tax returns, recent pay stubs or other forms of receipts from an employer.

What is a cosigner in an apartment?

A co-signer is a person with good credit who acts as a willing guarantor. If you have bad credit or insufficient credit history, they take the legal responsibility of paying your rent in case you won’t.

Can I apply for a lease in person?

Essentially, every person planning to move in needs to fill out a separate lease application form. Most properties have online application forms, but you can also apply in person. It’s best to have the necessary information easily available as soon as you take the very first steps to renting an apartment.

Do you need a background check for a rental?

Expect credit and background checks. The rental application process means you will most likely be asked to agree to background and credit checks. Apartment background checks may go as far back in the past as a landlord deems necessary and they will usually focus on criminal history.

How to find an apartment when you have no proof of income?

Another way you can find an apartment when you just got a job and have no proof of income is by moving into an already-occupied rental. If you move in with another tenant who has already been living in the apartment for a while, it will be in the middle of their lease.

What documents do landlords need to provide to a guarantor?

Documentation that a landlord will require a guarantor to provide include: A pay stub – This is a piece of paper that indicates the amount of money that an employee, in this case, the guarantor, earns, as well as the deducted amount for insurance costs, taxes, and any other costs.

What does it mean to draw up a rent agreement?

This means that you can come up with a deal that suits you both, instead of directly dealing with the landlord. In most cases, tenants are usually looking for a trustworthy person, so even if you have no income yet, you can draw up an agreement that shows you’ll contribute to future rent payment.

How to get a letter of employment?

Here are a few guidelines on how you what you should do to obtain a letter of employment: Contact your employer and explain that you require a letter of employment in order to rent an apartment. Provide your employer with a sample letter to adapt and use. If he/she already has one, you are in luck!

Do landlords take credit into consideration?

More often than not, landlords will take into consideration your credit rating as a potential tenant. Having a great credit rating will show your landlord that you are responsible with how you spend money and that they can count on you to be a trustworthy tenant.

Can a rental agency take your case into consideration?

When it comes to situations such as lacking proof of income, rental agencies will probably not be too willing to take your case into consideration. On the other hand, a living space that is owned by an individual may allow you the opportunity to explain your situation and possibly result in coming to an alternate agreement of how you can pay rent.

Is an apartment in high demand?

The apartment you like might be in high demand, which means that there is probably going to be a considerable number of potential tenants who tick more required boxes than you do. This significantly reduces your chances of getting such an apartment so it may be best to avoid these situations.

What are the types of affordable housing?

There are three main types of affordable rental housing that are supported by HUD: Privately owned, subsidized housing in which landlords are paid by the government to offer reduced rents to low-income tenants. Search for an apartment and apply directly at the rental management office.

How to find a HUD approved housing counselor?

Find a HUD-approved housing counselor in your area online or call 1-800-569-4287 to find a local housing counseling agency Housing Counseling Agency: an organization with experts who provide advice on buying a home, renting, avoiding mortgage default (missing a payment) and foreclosure, and credit issues. .

What is a low income person?

People with low income Low Income: a total family income that’s no more than the Section 8 low-income limit established by HUD. Individuals are considered one-person families. , seniors Senior: for housing benefit eligibility purposes, a person who is 62 or older. , and people with disabilities Person with a Disability: a person whose physical or mental impairment substantially limits one or more major life activities, such as eating or walking. may qualify for help from the U.S. Department of Housing and Urban Development (HUD) to get affordable rental housing. HUD doesn't own rental property. It gives money to states and building owners, who in turn provide low-income housing opportunities.

What is public housing?

Public housing is state-owned, affordable rental houses or apartments. It's intended for families with low incomes, seniors, and people with disabilities. Found nationwide, public housing comes in all sizes and types, from single-family houses to high rise apartments.

What is Section 8 housing voucher?

The Housing Choice Voucher Program (formerly known as Section 8) is a program from the Department of Housing and Urban Development (HUD). It helps families with a low income, seniors, and people with disabilities pay for rental housing.

How to complain about subsidized housing?

For complaints about subsidized housing, call the Multifamily Housing Complaint Line at 1-800-MULTI-70 ( 1-800-685-8470 ). Public Housing provides affordable rental houses or apartments for low-income families, people who are elderly, and people with disabilities. To apply, contact a public housing agency in your state.

What does the government do for low income people?

Public housing agencies use federal funds to run housing programs locally, working with building owners to subsidize rent for eligible people. The government gives some property owners money to provide low-rent apartments.

How Does the Rent Calculator Work?

Our rent calculator is designed to help renters calculate how much rent they can afford. To find out a renter’s ideal rent price, we consider three factors:

What Percentage of Income Should Go To Rent?

As mentioned above, our rent calculator uses the 30% rule as a starting point to calculate your ideal rent. The percentage of your income going towards rent will largely depend on your situation. Here are a few things to consider:

How Much Rent Can I Afford On My Salary?

Need a quick and easy look into how much rent you can afford? Here’s an idea of the ideal rent for various salaries, based on the 30% rule.

What Lease Length is Best For Me?

Debating between a traditional 12-month lease or a short-term lease? While a short-term or month-to-month lease offers more flexibility, they’ll typically be much more expensive than a year lease.