If you’re wondering how to get approved for an apartment, you’ve come to the right place. Getting approved for an apartment doesn’t have to be impossible.
From your security deposit to your lease terms, this guide has everything you need to know to help your chances of getting approved. Whether you’re self-employed or have less than perfect credit, we’ve rounded up some easy things you can start doing today.
1Provide Proof of Income
When you’re applying for an apartment, you’ll need to show proof of income. If you are self-employed, you can create a paystub easily online. Your landlord will use these to verify your employment.
Your income will help determine how much rent you qualify for. Your landlord will need to make sure you earn enough to make your rent payments on time.
To help your chances of getting approved for an apartment, keep your rent well within your budget. The lower your rent, the better your chances of qualifying.
2Credit Score To Get Approved for an Apartment
The credit score you’ll need to qualify for an apartment will vary. The higher your score, the better your chances. You can pull your own score for free through the Federal Trade Commission.
Check your own credit to see where you can make improvements. Pay your bills on time and pay down as much of your credit card debt as possible before you apply. These steps will help boost your score and your chances of qualifying.
3Pay Your Security Deposit
To hold your apartment, you’ll need to pay a security deposit. This also acts as insurance in case you fail to pay rent or damage the property. Paying a security deposit will help show the landlord you’re serious about living there.
4Take a Longer Lease Term
To help make your application more attractive, you can offer to rent your apartment for longer than a year. A two-year lease helps the landlord with turnover. You may beat out another candidate if you offer a longer lease.
5Use a Co-Borrower or Get a Roommate
Getting approved for an apartment can be easier with a co-borrower or a roommate. With either of these options, you’re able to increase your chances of qualifying. Look for a co-borrow with great credit.
To help you qualify for a more expensive apartment, get a roommate to offset costs. You can also split utilities, groceries, and other income expenses to save money.
When you apply with a roommate, the landlord will combine your income. Your landlord will also look at your roommates’ credit. If they have a higher score, this will boost your chances of getting approved.
Getting Approved for an Apartment
Getting approved for an apartment can be a confusing process. Thankfully, there are a few easy things you can do to help you qualify.
Whether it’s improving your credit score or proving your income, these simple steps will help your chances of getting that dream apartment. For more real estate and finance ideas, head to the blog section for more great resources.