If you have bad credit and are looking for an apartment to rent, you may encounter problems getting your application approved. Landlords look at a variety of different factors when they review applications, and credit is one of these. Having bad credit may make it harder to find an apartment, but it will not be impossible. Here are some tips to help you get approved for an apartment, even if you have credit that is bad.
Look for an independent landlord
There are many types of landlords around. Some are large companies that manage hundreds or thousands of rental units, while others may only own a few properties. Companies that are really large tend to have thorough screening processes in place. Because of this, it might be harder to get approved for an apartment if you choose a company that is large.
Smaller, independent landlords may not use a lot of screening tools for applicants. They may also be more willing to listen to your explanation of why your credit is bad. For these reasons, choosing an independent landlord that has very few properties might give you a better chance of getting approved.
Look at apartment buildings that have a lot of vacancies
The second thing to consider is looking for an apartment building that has vacancies. If there are a lot of vacancies in a building, the manager might be willing to accept applicants that do not necessarily meet the normal standards and requirements. Landlords will often reduce their requirements when they cannot find tenants for their units. They do this because they are losing money each month a unit is unoccupied.
Offer to put extra money down
If you look into the first two options and are still having problems finding an apartment to rent, you might want to consider talking to the landlord of a unit about paying extra. If you agree to pay for three or four months of rent in advance, the landlord might view you as less of a risk to rent to. This is a great incentive for landlords, and it could be the only option you have if you cannot get approved for any of the apartments you applied for.
Renting an apartment can be hard if you have bad credit, but it is still possible. If you would like to learn more about apartments for rent, contact a residential property management firm in your area.