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If you are renting an apartment for the first time, there are probably many questions swirling around in your mind.
You may be wondering how much money you should be spending on rent. You may be curious about possible additional costs beyond rent. Maybe you’re worried about getting approved for the apartment you want to call home.
When it comes to getting an apartment approved, don’t let your lack of previous rental status stop you from starting the process. There are many things you can do to prove yourself as a reliable tent and help you get approved quickly.
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Find below tips on how to get an apartment approved and other important apartment search factors to consider.
- How to get approved for housing as a first-time renter
- What should I ask before signing a lease?
- How much should I spend on rent?
If you’re looking for apartments as a first-time renter, there are many things you can do to help ensure you get approved. (Stock)
1. How to get approved for housing as a first-time renter
One of the most painful things to do when hiring for the first time is to present yourself as a reliable employer without any previous employment.
Typically, in the apartment application process, potential tenants interested in the property are asked to submit one or more proposals from previous landlords.
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If you are required to send references but have no employment history, there are ways to solve this problem.
“Without any rental history it may be a challenge, but there are other ways to convince landlords, such as providing personal references, proof of income, increasing the security deposit, offering to pay more rent in advance, or finding a roommate with a good rental history or co-signer,” Jiayi said. Xu, an economist at Realtor.com, told Fox Business in an email.
Another difficult aspect that can come up in the application process is credit scores.
After searching for apartments online, visiting someone you like in person can give you a better idea of whether or not it’s a good fit. (Stock)
To get approved to rent, a credit score of 650 or higher is usually where you want to be, Xu advises, since 650 is usually the minimum score landlords require from tenants.
It usually takes a long time to build a good credit score. That said, making sure that bills are paid on time and keeping your credit balances low can help improve your score, according to Xu.
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2. What should I ask before signing a lease?
Before you sign the lease, the first step is to visit the apartments, if you have time.
Pictures can be deceiving. Also, factors like sound level and overall cleanliness are not things you can see through the screen.
Going to visit apartments in person can give you a better idea of what to expect and will make you feel more confident about signing a lease.
Don’t leave any questions unanswered before signing the lease. (Stock)
While visiting apartments, there are several important questions to ask. Xu highlighted questions such as “Is there free parking?” and “Who is responsible for covering services?” as worthy of questioning.
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Fees like these can quickly add up to all of your monthly expenses.
Xu also recommends asking about the services offered. Many apartments have fitness centers, pools and community rooms for guests to take advantage of. If this is something important to you in your new home, it’s worth asking about it.
You can also ask about whether there are additional fees for using the facilities, as some places charge for those extra features.
Many apartment buildings that allow pets charge a fee to have one on the property. (Stock)
Xu said to ask if there are any restrictions on visitors and who should be contacted if there is a maintenance issue.
If you have pets, be sure to ask about the pet policy, Xu said, and ask about any potential costs of owning a pet.
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There are also important hidden costs to ask about and consider, such as “rental insurance, late fees, cleaning costs when you move out, and renewal fees when the lease ends,” according to Xu.
3. How much should I spend on rent?
One common rule of thumb for how much to spend on rent is the 30% rule.
“Another way to measure affordability is the 30% rule of thumb,” Xu explained.
“According to this law, a family must not spend more than 30% of their income on housing costs,” continued Xu. “The US Department of Housing and Urban Development uses this method. HUD defines low-income households as those paying more than 30% of their household income (including utilities) and struggling families as those paying more than 50% of their mortgage. for rent (including utilities).
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