The ongoing shortage of affordable housing has some people who planned on buying a home considering renting instead—at least temporarily. And while there are some real estate markets where buying is now actually cheaper than renting, the rest of the country is seeing high levels of competition for reasonably priced rentals.
While renting doesn’t involve the same level of paperwork as buying a home, in most cases, you do have to go through an application process—and if it’s your first time doing that, it could get a little confusing. Here are a few mistakes to avoid when applying to rent an apartment.
Looking out of your price range
It’s always good to include some wiggle room in your rental budget, but save everyone some time and only apply for apartments where you meet the income and other requirements.
According to Realtor.com, most landlords or property management companies will want renters to show proof of income amounting to about three times the rent, and/or a minimum credit score of 650. If the math doesn’t work out in your favor, you’re not getting the place.
Not having your application documents prepared
If you’re looking to rent an apartment or house somewhere where the demand for affordable housing far outweighs the number of available units, and you spot a place within your budget, you have to act fast. There’s a good chance that other people saw the same listing and are on their way to see the place, or even start the paperwork.
In situations like that, it comes down to being prepared, because the person who applies with all the required documentation and payments first often is the one who gets the apartment.
The application requirements are typically included in the property listing, but generally speaking, tend to include:
The completed rental applicationDriver’s licenseBank statementsPaystubsSocial Security number (and possibly card)Documentation of your credit scoreRental historyReferencesJob historySpecific information about your petsInitial payments (usually some combination of your first and last month’s rent, a security deposit and/or a broker’s fee)Leaving your prepared paperwork and payments at home
If you’re actively searching for an apartment, don’t leave home without the documents and payments described above. You never know when you’ll come across a listing with potential, and running home to pick up what you need could mean someone gets there—and starts the application process—before you.
Giving up if you know another person has applied
Seeing someone else in the realtor’s or property management company’s office applying for the same apartment can be disheartening, but keep in mind that unlike you, they may not have everything they need to complete the process. And even if they do, they may not qualify for the apartment.
