Whether you are moving out of your childhood home or downsizing from house to apartment, the facts remain the same. In order to rent your first apartment, you need to prove that you will be a reliable tenant. For someone with no renting history, this is harder to do. Where do you begin? Here is everything you need to know about filling out your first apartment application successfully.
Make Sure the Apartment is Within Your Budget.
The general consensus is that rent should be 30% or less of your monthly income. Many landlords will not rent to tenants if they cannot prove that their monthly income is sufficient to pay for rent and other expenses.
However, if your monthly income is not high enough to cover rent, there are a couple of options for you. If you have a savings account, bring a bank statement to your meeting. If the apartment has more than one bedroom, consider adding a roommate or two to split the rent. And, if you know someone, perhaps a close relative with cash reserves, they can act as a lease guarantor for you. A lease guarantor assumes legal responsibility for the rent if you can’t pay it on time.
Keep in mind that moving into an apartment will cost much more than the first month’s rent. There will be a security deposit, which is typically equal to or slightly more than one month’s rent. If you have pets, there will be a pet deposit. And, lastly, there is the application fee.
What You Need to Fill Out an Application Successfully.
- Your social security number. Apartment managers will use this number to perform a credit check. If you have no credit or poor credit, a lease guarantor or proof of income can help assure the property manager that you will pay rent on time.
- Your driver’s license or passport.
- A checkbook. Besides paying the application fee, which can range from $0 to over $100, some apartment buildings allow applicants to pay a fee that takes the applied-for-apartment off market. This is useful if you want to make sure no one swoops in and steals your dream home while your application is being processed.
- Your car insurance and registration. If the apartment community has a designated lot, they will often monitor it to make sure no one is parked there illegally.
- If you have pets, make sure the apartment will allow your species/breed; discuss this with the leasing agent before filling out the application. Additionally, you will likely have to pay a non-refundable pet deposit before you move in.
- Pay stubs, either electronic or paper, can serve as proof of your monthly income. If you have a longer work history, W2s and W9s can provide evidence of your income stream.
- A resume. It can’t hurt, and will demonstrate to the property manager that you’re professional.
- References, references, references. Usually, landlords will want references of your past landlords, your current or most recent employers, and perhaps a personal reference or two. But, because this is your first apartment, you will not likely have any previous landlords who can serve as a reference. To fill this information gap, provide a few personal references, preferably past employers, professors, or coaches.
- The contact information of your current employer to verify your income stream and past employers to verify your recent employment history.
This should cover everything you need to know about filing out your first apartment application. The next step, if your apartment application is accepted, is to read the lease carefully and sign it. Interested in learning more about our Habitat Apartments? Contact us today for information on our spacious apartment homes!