Suggesting Finance
No Result
View All Result
  • Login
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto
Subscribe For Alerts
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto
No Result
View All Result
Suggesting Finance
No Result
View All Result
Home Credit Cards

Get approved for apartment as first-time renter with these tips

News Room by News Room
November 15, 2024
Reading Time: 4 mins read
0
Get approved for apartment as first-time renter with these tips

If you are renting an apartment for the first time, there are likely many questions swirling in your mind. 

You may be wondering how much you should be spending on rent. You could be curious about the potential extra costs beyond rent. Perhaps you’re worried about being approved for the apartment you want to call home. 

When it comes to being approved for an apartment, don’t let your lack of prior rental status deter you from beginning the process. There are plenty of things you can do to prove yourself as a reliable tenent and help you quickly get approved.

RENTAL PRICES MAY BE LOWER IN WINTER BUT BEWARE THAT OPTIONS MAY BE LIMITED, EXPERT SAYS

Find tips below on how to get approved for an apartment and other key aspects of the apartment search to be mindful of. 

  1. How to get approved for an apartment as a first-time renter
  2. What should I ask before signing a lease?
  3. How much should I spend on rent?

1. How to get approved for an apartment as a first-time renter

One of the biggest hurtles to get over when renting for the first time is displaying yourself as a reliable tenant without any prior renting experience. 

Typically, in the application process for an apartment, potential tenants interested in the property are asked to submit one or more recommendations from past landlords. 

THESE 5 CITIES HAVE HIGHEST RENT FOR 1-BEDROOM APARTMENTS

If you are required to submit references but don’t have any rental history, there are ways to get around this issue. 

“Without any rental history it could be a bit challenging, but there are other ways that can convince the landlords, such as providing more personal references, proof of income, increasing the security deposit, offering to pay more rent in advance, or finding a roommate with good rental history or a co-signer,” Jiayi Xu, economist with Realtor.com, told Fox Business in an email. 

Another troublesome aspect that could come up in the application process is credit score.

Woman working on her laptop at home

To get approved for a rental, a credit score of 650 or higher is generally where you want to be, Xu advised, as 650 is typically the minimum score that landlords require of tenants.

It often takes a long time to build a good credit score. That said, making sure bills are paid on time and keeping your credit balances low can help to improve your score, according to Xu.

TO RENT OR TO BUY? WHAT TO CONSIDER WHEN DECIDING BETWEEN A HOUSE OR APARTMENT

2. What should I ask before signing a lease?

Before you sign a lease, the first step is to tour apartments, if you have the time. 

Pictures can be deceiving. Plus, factors like noise level and overall cleanliness aren’t things you can spot through a screen.

Going in person to tour apartments can give you a much better idea of what you should expect and will make you feel more confident in signing the lease.

People signing a lease

While you are touring apartments, there are several key questions you should ask. Xu highlighted questions like “Is there free parking?” and “Who is responsible for covering utilities?” as ones worth asking. 

VET POTENTIAL TENANTS WHO HAVE APPLIED TO LIVE IN YOUR RENTAL PROPERTY WITH THESE TIPS

Fees like this can quickly add on to your overall monthly costs.

Xu also recommended asking about the amenities that are offered. Many apartments have fitness centers, pools and community rooms for guests to take advantage of. If this is something that is important to you in your new home, it’s absolutely worth asking about. 

You can also inquire about whether there are any additional fees to use the amenities, as some places do charge for those extra features.

A woman walking her dog

Xu said to ask if there are any restrictions on guests as well as who should be contacted in the event of a maintenance concern. 

If you have pets, make sure you ask about the pet policy, Xu said, and ask about any potential fees for having a pet.

 

There are also some hidden costs that are important to ask about and keep in consideration, like “renter insurance, late fees, cleaning fees when moving out, and renewal fees when the lease ends,” according to Xu.

3. How much should I spend on rent?

One common method for how much should be spent on rent is the 30% rule.

“One approach to measuring rental affordability is the 30% rule of thumb,” Xu explained.

“According to this rule, a household should spend no more than 30% of its gross income on housing costs,” Xu continued. “The U.S. Department of Housing and Urban Development uses this approach. HUD defines cost-burdened households as those paying more than 30% of gross income on housing (including utilities) and severely cost-burdened households as those paying more than 50% of their income on rent (including utilities).”

Read the full article here

ShareTweetSendSend

Related Posts

American Express takes further control of restaurant reservations
Credit Cards

American Express set to unveil game-changing update to its elite Platinum cards

June 17, 2025
Travel experts break down the top credit cards to maximize summer vacation savings
Credit Cards

Travel experts break down the top credit cards to maximize summer vacation savings

May 16, 2025
Gen X, boomers among student loan borrowers who owe the most: report
Credit Cards

Student loan delinquencies surge, sending credit scores plunging for borrowers

May 15, 2025
Products such as Credit Karma and NerdWallet benefit consumers, do not harm them: report
Credit Cards

Products such as Credit Karma and NerdWallet benefit consumers, do not harm them: report

May 11, 2025
Student loan payments may be to blame for a spike in credit card delinquencies
Credit Cards

Judge tosses Biden-era credit card late fee rule: What to know

April 17, 2025
Josh Hawley, Bernie Sanders propose capping credit card interest rates at 10%
Credit Cards

Credit card rewards are about to vanish, and guess who’s to blame?

April 5, 2025

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Suggesting Finance

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Visit our landing page to see all features & demos.

LEARN MORE »

Recent Posts

  • Fed official calls July jobs report 'concerning' as economy hits potential turning point
  • 'Buy now, pay later' services are dangerous trap for young Americans, financial expert warns
  • Arizona city defeats massive data center project over water, energy concerns

Categories

  • Banking
  • Business
  • Credit Cards
  • Crypto
  • Economy
  • Finance
  • Investing
  • Loans
  • Markets
  • Mortgage
  • Real Estate
  • Saving
  • Taxes
  • Uncategorized
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact

© 2023 Suggesting Finance. All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Finance
  • Mortgage
  • Banking
  • Credit Cards
  • Investing
  • Loans
  • Saving
  • Taxes
  • More
    • Markets
    • Economy
    • Real Estate
    • Crypto

© 2023 Suggesting Finance. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.