Can Anybody Be Approved for Renting an Apartment for the First Time?

Searching for a new apartment to fit your budget takes planning and research. If you are getting an apartment for the first time, it can be challenging. Narrow your search by considering only units you can comfortably afford. Anyone can be approved for an apartment as long as they meet general renting requirements.

Employment

    Employment is a requirement for most apartment complexes. Property managers use your employment information to verify your income and ensure that you can afford to pay the monthly rent. Documentation in the form of pay stubs is usually acceptable. However, if you are self-employed, copies of your most recent tax returns and bank statements may be required instead. Students have a different income verification process than other renters.

    Students can use scholarship or loan funds to pay the cost of renting instead of employment income. Landlords generally get verification from the organization issuing the funds that your award amount can be applied toward the cost of housing. Students receiving financial support from parents can use a parent as a co-signer on the rental application. The parent's income and employment and credit history is then verified.

Deposit

    Getting approved for an apartment is also contingent upon your ability to pay a deposit. The amount you pay varies by apartment complex but can equal as much as the first month's rent. The apartment complex reserves the right to waive the fee for certain renters, such as Section 8 tenants. Save enough to cover first month's rent, the deposit, and application and administrative fees charged by the apartment complex.

Commitment

    If you are unable to commit to a lease, you won't be able to qualify for most apartment complexes. Apartments that offer month-to-month tenancies do exist, but they are difficult to find and often more expensive than conventional apartments. Lease terms can range anywhere from 3 months to 24 months. The longer your lease term, likely the lower your monthly payments. An apartment lease is a legally binding contract. If you move out of the apartment before the end of your lease, you are subject to penalties, including the remaining sum on your lease.

Good Credit/References

    Credit checks are standard when you apply for an apartment. Good credit can reduce your security deposit and increase your chances of being approved. However, if you have no credit history or poor credit history, references may be used in place of your credit score. References from previous landlords are ideal. In some cases, apartment complexes have stringent credit requirements and will not rent to anyone with poor credit. In this case, a co-signer with good credit may improve your chances of approval.



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