Apartment Rental Tips For Those Who Have Bad Credit
If your employer is relocating you to a new state for an extended period of time, then you may be worried that your low credit score could prevent you from renting an apartment in your new city. Thankfully, people with low credit ratings successfully rent apartments every day, and using these time-tested tips, you can be one of them:
Skip the Large Apartment Complexes with Professional Property Managers
While you may have visions of yourself basking in the sun next to the large pool at your new apartment complex, it is always better to have more realistic expectations for your new apartment. Since professional property managers who work at large apartment complexes tend to only look at your past credit history as their criteria of whether or not to rent to you, it's always best to skip the larger complexes and instead find a smaller, more personal rental environment where you can explain when led to your financial problems and how you have rectified any past issues. Skipping the larger complexes will make your apartment hunt less frustrating and lead to quicker success.
Choose Lower Vacancy Areas with More Apartment Inventory Available
It will be harder for you to find an apartment to rent with bad credit in an area with few available rentals and a lot of competition from people with better credit ratings. You can improve your chances by looking for a new apartment in an area that has a higher level of vacant properties. When properties sit empty for a few months, then their owners will be much more likely to give you a chance by renting to you.
Sweeten the Deal with More Cash, or a Co-Signer with Excellent Credit
Finally, if you are still struggling to find an apartment to rent, you can always try to sweeten the deal by offering a:
- large security deposit
- prepayment of rent
- qualified co-signer
A larger security deposit gives the landlord the peace of mind that they are holding money that belongs to you and could be used to cover unpaid rent. Additionally, prepaying months worth of rent shows landlords that you have both improved your financial position and that you take renting a new place very seriously. If you do not have cash available, then offering a co-signer with excellent credit will typically secure you an apartment because your co-signer is agreeing to pay your rent if you do not do so as promised.