Buzz
With the current lack of affordable housing, some individuals who initially planned to buy a home are now considering renting, at least for the time being. While certain real estate markets have made purchasing a home cheaper than renting, many areas are still experiencing intense competition for reasonably priced rental properties.
Although renting typically doesn’t require the same level of documentation as buying a home, most of the time, you'll still need to go through an application process. If this is your first experience with it, things might feel a bit overwhelming. Here are some common mistakes to steer clear of when applying to rent an apartment.
Considering Apartments Beyond Your Budget
It's a good idea to leave some flexibility in your rental budget, but to save time for everyone involved, only apply for apartments where you meet the income and other necessary criteria.
As per Realtor.com, most landlords or property management companies will require renters to prove they earn about three times the rent amount and/or have a minimum credit score of 650. If you don’t meet these requirements, chances are you won’t get the apartment.
Failing to have your application documents ready
If you're searching for a rental property in an area where affordable housing is in high demand and you come across an apartment within your budget, you need to act quickly. There’s a strong possibility that other potential renters have seen the same listing and are already scheduling viewings or even starting their paperwork.
In such cases, being prepared is crucial because the person who submits their application along with all required documents and payments first is often the one who secures the apartment.
The application requirements are usually included in the property listing, but generally, you can expect the following items to be necessary:
The completed rental application
Driver’s license
Bank statements
Pay stubs
Social Security number (and possibly the card)
Proof of your credit score
Rental history
References
Employment history
Details about your pets
Initial payments (usually a combination of first and last month’s rent, a security deposit, and/or a broker’s fee)
Forgetting to bring your required documents and payments
If you're actively searching for an apartment, make sure not to leave without the required paperwork and payments. You never know when you might find a great listing, and having to return home to get what you need could mean someone else gets there first and begins the application process before you.
Giving up just because someone else has already applied
It can be discouraging to see someone else at the realtor’s or property management office applying for the same apartment as you, but remember, unlike you, they might not have everything they need to complete the application process. Even if they do, they might still not meet the qualifications for the apartment.
