Don’t Make These Mistakes When Applying for an Apartment

Due to the ongoing shortage of affordable housing, some people who were planning to buy a home have considered renting it – at least temporarily. And while there are some real estate markets where buying is now actually cheaper than renting , there is a high level of competition in the rest of the country to rent at reasonable prices.

While renting doesn’t require the same level of paperwork as buying a home, in most cases you’ll need to go through an application process, and if you’re doing it for the first time, it can get a little confusing. Here are a few mistakes to avoid when applying for an apartment rental.

Looking beyond your price range

It’s always a good idea to include some leeway in your rental budget, but save everyone time and only apply for apartments that meet your income and other requirements.

According to Realtor.com , most landlords or property managers want tenants to show proof of income of about three times the rent and/or a minimum credit score of 650. If the math doesn’t work in your favor, you don’t get a spot.

Unprepared application documents

If you’re looking to rent an apartment or house somewhere where the demand for affordable housing far outstrips the number of apartments available, and you’ve found accommodation within your budget, you need to act quickly. There is a good chance that other people have seen the same ad and are going to check out the place or even start the paperwork.

In such situations, it all comes down to preparation, because often the one who first handles all the necessary documents and payments gets the apartment.

Application requirements are usually included in the property listing, but will usually include:

• Completed rental application
• Driver’s license
• Bank statements
• Payment receipts
• Social Security number (and possibly a card)
• Documentation of your credit score
• Lease History
• Recommendations
• Work history
• Specific information about your pets
• Down payments (usually some combination of first and last month’s rent, deposit and/or broker’s commission)

Leave completed documents and payments at home

If you are actively looking for an apartment, do not leave home without the documents and payments described above. You never know when you’ll come across an ad with potential, and running home to pick up what you need could mean someone will get there and start the application process before you do.

Opting out if you know someone else has applied

Seeing someone else in the realtor’s or management company’s office applying for the same apartment can be discouraging, but be aware 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.