What Do You Need to Qualify for a Rental Home or an Apartment?

Mom and daughter applying to qualify for a rental homeWhether you are new to renting an apartment or you are an experienced renter, there are some requirements in order to qualify for a rental. Keep in mind that these requirements may differ from where you are located and may also be according to your new landlord’s discretion.

  1. All landlords require identification. Your new landlord needs your complete name so he could place this in your rental contract. Some landlords may ask for your full name, age, your social security number and your phone number/cell phone number.
  2. Some landlords require a good credit history. Certainly landlords want renters that could pay the lease/rent on time. Be sure to order your credit report before you hunt for suitable properties. Credit score requirements vary but most landlords that require this consider 680 or higher as a good credit score. Remember that even if landlords require credit reports, they are not obliged to report to credit bureaus when you pay rent on time. Therefore your credit report will not reflect your rental agreement, only prompt credit card payment and auto loan payments will be able to improve your credit score.
  3. Some landlords may require a co-signer or a joint applicant to sign the apartment contract. Having multiple people to sign a lease helps tenants qualify since the landlord considers the income and the credit score of all the co-signers. Usually, first-time renters may have their parents or their roommates sign the lease.
  4. Before you finally settle in your apartment you should secure renter’s insurance. This kind of insurance will protect you and your belongings in case of a natural disaster or fire. You simply cannot take chances when these happen especially your landlord’s insurance many not be enough or may not cover your personal belongings. You may be able to get renters’ insurance from a local insurance rep. usually monthly premiums are cheaper and about $50,000 coverage could only cost $25 a month.
  5. Be sure to find information about the community where the apartment unit is by visiting the area during different times of the day and by interviewing other tenants or homeowners in the area. You should be able to feel safe even during night time and the neighborhood should be quiet and peaceful. You may also visit community centers and police headquarters in the area for more information about the crime rate here.
  6. All landlords expect that tenants should pay an advance payment as well as a rental deposit for the property and this is usually settled before tenants are allowed to move in.
  7. Finally, you should never forget that there are a few landlord requirements for instance some landlords may not allow pets in the property while some may not allow parties. You should ask about these before you even sign your rental contract.