Finding that perfect apartment can be hard, but applying for it is another story altogether. Most apartment complexes and their property managers have a set standard for tenants. With rental rates and housing costs rising on a national level, it helps to be on the safe side when you are applying to rent an apartment.

Why are there So Many Qualifications for Renting an Apartment?

Before any potential tenant can rent an apartment, they have to prove that they are a good fit for the apartment complex or community. We are assuming that you want a decent apartment in a good neighborhood, which means you have to prove yourself as well.

Since 2012, occupancy rates for apartment complexes have been quite high. People of all age groups and demographics – college students, growing families, young professionals, and retirees, are competing for any available prosperity. To select the perfect tenants, a property manager needs to have their credit report, reliable references, and several other assurances.

Before applying for anything, you may have to find out what credit score you need to rent an apartment in your desired area. Your credit history and employment history will also influence a landlord’s decision, but these are just a couple of the major factors.

How to Qualify for an Apartment

So, are you wondering how to make your application the most outstanding one for any property manager? While the exact requirements may vary from one rental property to another, you should take care of the following factors above all:

1. A Decent Credit History and Score

Whether you are dealing directly with a property owner or going through a property management company, they will need your credit record to proceed. For this, you will have to give them permission to run a credit report. Your social security number is also required for this matter.

What if Your Credit Score is Low?

If you are aware that your credit score is not up to the mark, you can still up your chances by agreeing to pay a larger security deposit than usual.

At times, an individual landlord might be sympathetic to your low credit score if you have a good enough reason for it. For instance, someone might have huge medical bills pending that adversely affect the credit score. This would not be the tenant’s fault, especially if the bills were due to an accident or serious illness. Private or family-owned apartments for rent may be more forgiving in this case, however corporations usually are not so.

2. A Positive Rental History

Any landlord or company would like to know that you will not give them trouble as a tenant. It is not just about paying the security deposit and monthly rent, but also about how you (and your family, if any) conduct yourself in the rental property.

Why is Rental History So Important?

A previous landlord can confirm that you have been able to pay rent on a regular basis, which backs up your proof of income as well. We recommend that you openly provide any names and contact info for your past landlords. Ideally, you may want to give them a heads-up about getting calls from your potential new landlords.

Prices of Previous Homes

If you are applying to rent a more expensive place, you may have to explain how such a jump was possible. You can also sweeten the pot here by asking the landlord for a long lease. Most property owners, companies, and individual landlords would be happier with a long-term tenant given that they can pay rent without hassle. Again, if you have a rental history of sticking to one place for some time, there is a better chance of qualifying.

3. Provide Substantial Proof of a Stable Monthly Income

To easily qualify for an apartment, it is best if you have a steady and documented flow of income. With proper traditional employment, you have documents such as recent pay stubs, paychecks, bank statements, and income tax returns to show the landlord. You may also include a list of your monthly expenses. While filling out the rental application, make sure to mention job longevity if any.

Why Does a Landlord Need Proof of Monthly Income?

The first and foremost concern of landlords is whether their tenants can pay their monthly rent, security deposit, and other small expenses, i.e. apartment move-in fees. If you have enough take home pay to afford an apartment easily, you are more likely to qualify for it.

What is the Income Requirement for Qualifying?

The rental rates and security deposits for apartments vary according to their location, amenities, and floor plan. However, the general rule of thumb is that your take home pay should be at least three times your monthly rent. Remember this; your gross pay might be a handsome one, but the take home pay is what will get you that lease agreement.

What About Self-Employed Individuals?

Many people are now making a living with their own startup or freelancing gigs. If you are one of them, you may ask whether it is possible to rent an apartment while being self-employed.

The short answer is, “yes,” but you would have to rely on other methods of proving that there is enough income coming in. There will be no recent pay stubs to verify your gross income. So, you may want to look at references, bank statements, and other options.

Once you have submitted that application, there will be some waiting to do. Find out how long it takes for an apartment application to get approved before moving on.

4. Get Supportive References

You can also flesh out your rental application by providing references of previous landlords, professional contacts, and anyone you have known for a long time. These people can help out by writing and signing references to go with the application. These are the folks who can confirm whether it is safe to let you borrow money or whether you are good for the first month’s rent.

It may also help to give your current employer as a reference. Make sure to inform them and get permission ahead of time. You never know when a potential landlord will call them up to confirm gross pay or take home pay.

5. Have No Pets, Do No Smoking

With the matter of gross pay and other numbers out of the way, we also need to consider what the perfect tenant is like. If you ask the landlords, most of them will probably agree that it would be a non-smoker who also had no pets.

The Risk of Pets

Pets are a great joy in life, but they are also messy and cause damage no matter where you are living. Even with a friendly apartment pet policy, there is no denying that an animal does increase the risk of damage to an apartment. A dog or cat will shed hair and scratch the furniture; even a fish tank can leak without warning. All in all, it is a much safer bet for landlords to get tenants who have no pets whatsoever.

The Risk of Smoking

A smoker may not think they are causing any damage, but the tobacco buildup gets more significant over time. Smoking is hazardous to the health of the smoker and everyone around them. Even if you don’t smoke indoors, the smoke and smell is likely to seep into your clothes and transfer to the furniture.

If you are smoke-free and pet-free, keep in mind that this could be a great boost for your qualifications. Make sure to include these advantages in the rental application and also mention them to the potential landlord in any interview. Your age might also matter – some landlords may prefer safe, older tenants and be uncomfortable with energetic, young folks in their units. At this point, you may want to read up on what age you can get an apartment.

6. Have All the Required Documents

Every landlord you approach might have their own process and set of requirements. You may want to call ahead and ask what kind of documents they are expecting. This step will save you a lot of hassle and time, as you will not be short of any important documents before the viewing. If you want to start preparing beforehand, here are the documents to tick off your list first:

• Some form of photo ID (a driver’s license, identity card, passport, etc.)
• An official letter of employment
• Copies or original forms of your three latest bank statements (four to be on the safe side)
• The last two years’ tax returns
• Proof of income with the last two months’ pay stubs
• Last two years’ W-2 forms
• Contact information, such as previous addresses, social security number, current employer’s number, etc.
• Any asset documents, such as for stocks and real estate
• Pet information (if any)
• Vehicle information
• Reference from past landlords and personal contacts

The Takeaway

The process of applying for an apartment can take some time, but the tips above will help to speed things up. Try to provide the relevant documents and references as quickly as possible, along with getting your finances in order. You might be able to apply for a certain unit online, but many leasing offices still require an application process in person. Before officially applying for any kind of home, do have a look at this ultimate guide to apartment lease options.