In the financial world we live in, a credit history is everything. If you don’t have a credit history or not enough credit history, you will have a lot of trouble buying major appliances, furniture, and renting a place to call home. However, there is still a way to rent even if you have a small credit history and don’t have the option of a co-signer.
Proving an Income
The most important thing when renting an apartment with an unestablished credit history is proving your income. It is best to find an apartment that the rent is less than one third of your monthly income; this way you will not need to scrimp as save as much each month. Besides an established credit history, a landlord mostly cares if you can pay the rent every month. Landlords are also more likely to rent to you if you are able to pay a few months’ rent upfront so they don’t see a risk of renting to you. You should make sure that if you do pay a couple of months’ rent upfront that it is well documented to prevent any future rental trouble.
Renting from an Individual Owner
An individual owner is more likely to rent to you without doing a credit check unlike apartment complexes and management companies that are required to do one. As long as you have proof of a stable income, an individual owner is likely to rent to you. You should also offer to move in as soon as possible since an empty room costs the individual owner their own money to manage. The individual is most likely paying the mortgage of the building along with all the utilities so rent is their only form of reimbursement. They will be more than happy to rent to you especially if the room has been empty for a while.
Offering a Short Lease
If your renter is still hesitant to rent to you, you can offer to start with a short lease. During the short lease, you will prove your character to your landlord and show that you are a reliable tenant that pays every month on time. The short term lease will give your landlord peace of mind that if you are a bad tenant, of course you’re not going to be, that they can opt out of renewing your lease.
You can also strengthen your character as a tenant by proving your landlord with reference letters. Reference letters from past employers and educators can show that you are responsible in your job and school work. Your past responsibility will show that you are responsible enough to pay rent on time every month.
Renting without an established or with little credit history can be near impossible if not done correctly. You deserve to live in your own apartment while also building your credit history. By following the tips above, you can find an apartment that you can rent as soon as today without any trouble at all.