How Can I Rent an Apartment with No Rental History?
Rental history is a record of a person’s past rental experiences. This includes how long they have lived in a property, whether they have paid their rent on time, and any issues or violations that occurred during their tenancy. This information is used by landlords, property managers or even a real estate agent to assess potential tenants and decide whether or not to approve their application.
So what should you do if you’re looking for an apartment to rent but don’t have a good credit history, credit report, or rental history?
After discovering different ways to find apartments for rent, the next step is to know how to rent an apartment without rental history.
Is it possible to rent an apartment without a rental history?
Renting an apartment without a credit or rental history is a common problem for first apartment tenants, but it makes sense from the owners’ point of view. Indeed, checking the rental history of their tenants can help them assess their financial strength before letting them sign the rental agreement.
It’s worth trying
The good news is that you can still be optimistic about signing a rental agreement with a landlord, property manager, or real estate agent without having a rental history. The trick is to build credibility, but you’ll need to do some preparation beforehand.
How can I rent an apartment without rental history?
There is always a first time for anyone looking to rent an apartment. In addition to knowing the best time to rent an apartment, there are some tips you can follow to make the process easier.
Show your financial documents
Owners are primarily interested in knowing your financial stability. This is when your financial records (including personal finance records) and other similar documents can help you the most. Since you currently have no rental history, you will need to show the property manager realistic proof that you are a responsible person who will pay the rent promptly.
Collect everything financial
In order to qualify for an apartment, you will need to start collecting financial documents, such as pay stubs. Although you can show them the details of your income for six months, it is wise to prepare income documents for the whole year. Keep in mind that the trick is to gather as much evidence as possible, so bank statements can also do wonders for persuading the apartment owner.
Always look for something more
Some landlords might also seek financial consistency from other tenants. So, you should also bring your tax returns or credit card bills to prove your financial stability. This way, you won’t miss an opportunity to be left behind among the other tenants.
Opt for the co-signing option
A co-signer is someone who agrees to take financial responsibility for the rental agreement if the primary tenant is unable to fulfill their obligations. Co-signers are often used by people who don’t have a rental history or who have poor credit.
Why contact a co-signer?
Having a co-signer can help increase the chances of being approved for a rental. Indeed, a co-signer can provide additional financial security to the owner. Their credit and rental history can be used to compensate for the primary tenant’s lack of history.
Landlords will be more confident in renting to a tenant if they have a co-signed rental agreement with someone who can support the tenant financially in the event of a default.
It’s easy to find a co-signer
If you don’t have a rental or payment history and are looking to rent an apartment, it’s worth asking other family members, friends or someone you trust to be your co-signer. They will need to complete a co-signer application and provide their own financial information and rental history. The process is similar to applying for a rental, so it’s important that your co-signer also meets the landlord’s qualifications.
Look for apartments that don’t require rental history
Ask friends, family, or co-workers if they know of any landlords who don’t need rental history. Even if none of them know about these owners, you can search for these apartments in other ways.
There are many websites where landlords advertise their rental properties and you can find apartments for rent online. You can use these websites to search for properties that do not require rental payment history. Some websites allow you to filter your search by specific criteria, such as “no rental history required”.
Check the classifieds
Local newspapers and online classified ads can also be a good source of information about rental properties. Look for listings that mention “no rental history or credit report required” or “flexible rental terms”. Once you have the right information, you can choose the best option accordingly.
Contact property management companies
Some property management companies specialize in working with tenants who don’t have a rental history. They might also help you. You can contact these companies directly to inquire about available properties and their rental history requirements.
Consult a tenant advocacy organization
If you’re having trouble finding a landlord who might skip the credit check or who doesn’t need a rental history, you can consult a tenant advocacy organization in your area. They might be able to provide you with additional resources and tips on finding landlords who don’t need rental history.
Offer a hefty amount of security deposit
A security deposit is a sum of money paid by a tenant to a landlord at the start of a tenancy. This amount is held as security in case the tenant damages the property or fails to pay the rent.
Why a larger security deposit is important
A landlord may be more likely to approve an application if the tenant is able to provide a larger security deposit. A larger deposit can act as a form of insurance for the landlord, giving them additional financial protection in case the tenant causes damage to the property or fails to pay the rent. Additionally, a larger security deposit can also demonstrate that the right potential tenant is financially stable.
Rental history is considered an important factor as it gives landlords insight into a tenant’s behavior and habits. Now that you’re able to rent an apartment without having to show a rental history, it’s wise to learn about these apartment maintenance tips beforehand so you can establish a good rental history (without any complaints of your landlord!).
Want to spruce up your apartment right after you move in? Start making a comprehensive list of the furniture you need for your apartment so you can start fresh from day one.