With the Wall Street Journal reporting that several of the country’s largest and hottest rental markets, which include New York, San Francisco, Denver, and Houston, are struggling to fill apartments, there may never be a better time to secure your perfect property.
What’s more, some developers are even providing renters with concessions, such as a month or more of free rent, to fill their empty spaces. For example, the share of Manhattan rentals offering concessions has risen by nearly 10 per cent compared with a year ago.
But even if the properties available on Forrent.com are suddenly more affordable and attainable than previous years, you will still need to follow these tips in order to get approved.
Always submit a well-organized application
If an application is well organized and submitted alongside a copy of your ID as well as documented proof of income, chances are most landlords will look upon it favorably.
Don’t worry if you are self-employed, as a copy of your tax return and recent bank statements should provide sufficient evidence of a consistent income. For those moving because of a job, send a signed letter from your new employer too.
Include an introductory cover letter
By sharing some information about yourself, such as the reasons for wanting to move, a brief financial background, and an insight into your own personality, landlords will be much more likely to trust you.
If you happen to have any negative credit marks, always provide an explanation so the landlord doesn’t get a nasty surprise when running your check. You may want to ask your current landlord for a recommendation as well.
Contact your references before submitting the application
Before you submit an application, always contact the references you supplied first. Regardless of whether its a former agent, work colleague, or personal reference, letting them know ensures they won’t be caught off guard and can give you a glowing recommendation.
You should also be certain that your references are happy to be contacted at home, work, via cell or email. Give your potential landlord as many options as possible.
Think about a financial guarantor
If you have poor credit, you should think about asking a friend or relative with good credit to act as your financial guarantor/co-signer. Landlords will be hesitant to accept the application of someone who has a bad track record with paying rent on time every month.
A guarantor means even if you don’t pay, the landlord will still receive his or her rent. However, your guarantor must be happy to do so and submit the same application documents too.
Offer to pay more money
It might seem like a rather rudimentary tactic, but if you have well and truly found your perfect rental property, there is no reason why you can’t offer to pay more rent.
Along with giving the landlord a bit of extra income, it may convince them that meeting your regular rent won’t be a problem, providing added peace of mind.