01
Rental History
Apartments are going to want to look at your rental history. They are looking for broken leases, evictions, or a history of late payments. If you have a rental debt of any kind in the last two years, it’s gonna be real tough. Let me know about any issues with previous apartments, as well as current issues. Some apartments are going to verify your current rental history, some only look at your credit
02
Credit
In addition to rental history, apartments are going to look at your credit. Some apartments can be pretty flexible and work with lower credit scores with an extra deposit. They have a minimum score and if you’re over, you’re good, if you’re under that’s a higher deposit.
Some apartments are going to be tougher to get a straight answer. They take a more holistic view. They look at a wide variety of factors. Big issues like foreclosure and bankruptcy are factors, but other things like age of accounts, credit utilization, payment history, debt to income all factor in. With these kind of proprietary risk screens, it’s tough to get a straight answer without applying and risking app fees. I usually recommend if you are under 625, maybe we should look at properties that are easier to qualify.
03
Criminal History
Each apartment is going to run a criminal background check. Different apartments have different policies. Depending on what kind of criminal background you have, whether or it is a misdemeanor or felony, those factors will determine which management companies will work with it. Some properties will go by the date of conviction. Some properties will go by the date of completion of sentencing.
I am not here to judge. Just because you got hired at your job does not mean your background won’t come up in the screening. Please let me know if you have any issues you’re worried about. No judgements.
04
Income
Most apartments are going to require you make 3x the income. Some apartments will work with 2.5x. If you have an offer letter from a new job that you are starting in the future, that is as good as paystubs at most apartments. Some apartments will require employment verification.
One way to get around income requirements is to get a roommate or a guarantor. At most places, a guarantor need to make 5x the rent on their own. If you have a roommate, I can add your income and their income together to get to the minimum requirements.
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