If you plan on renting an apartment, it’s helpful to know what you need to avoid delays and another renter getting your desired space.
Finding the ideal apartment is just the tip of the iceberg. Another major hurdle to deal with is proving to the property owners that you’re the right person to allow to live in their rental space. Usually, property owners want someone reliable and responsible.
Documents to Compile for a Rental Application
Getting these crucial documents together before you begin apartment hunting can help easily apply for rentals.
Usually, you’ll have to fill out basic information and show certain documents as part of your application process. The documents most likely will include:
Paystubs, W2s, or Income Statements
Verifying your income and money sources demonstrate to landlords that you make what you claim to be grossing and that you can pay the rent. Usually, landlords want a tenant who earns three times the monthly rent.
Credit Report
Your monthly income is pointless if renters can’t be trusted to pay their bills. This is why landlords run a credit report. A credit score can have more impact on a landlord’s final decision than your monthly gross income.
Employment History
Some property managers will want a copy of your employment history along with proof of your income. This is typically the case when people are self-employed or when they have a spotty monthly income.
Photo ID
A driver’s license, passport, identification card, or some other proof of residency will suffice.
Rental History
Will you be a good tenant? Besides paying the rent on time, are you trustful enough to respect the apartment, the building, and your neighbors?
This is what is shown in your rental history. Not only will it show the places you’ve rented in the past, but it includes how you behaved on other rental properties based on statements from past landlords.
Just because you apply for an apartment doesn’t mean you will get it, even if you pay the application fee. Typically, an application fee is non-refundable and it pays for the credit check and background check the property manager performs. If you don’t meet the criteria, you can get a co-signer to help you get the rental space.
The key to not getting in over your head is to know honestly what you can afford and what you can’t. If you can’t afford the nice apartment you desire, you can either look for one that’s less expensive or consider getting a roommate. But your roommate will need to have the same set of documents and pass the same criteria as you did.
Getting Approved
After applying for an apartment, you must wait. The property manager will let you know if you’re approved a few days after you apply.
If approved, the next step is coming up with the security deposit. Typically, it’s the first month’s rent or the first and last month’s rent. The amount is up to the property owner and differs from one apartment to the next. Spending time beforehand getting your documents of proof together saves you time and energy when searching apartments for rent in Minneapolis. Now, that you know what you need, it’s time to get your dream apartment.