How Low Income People Can Rent Apartments
For many people around the world, affording rent can be an issue. It seems like landlords are demanding more and more, causing many people to wonder just how they are going to find a place to live. So how and low income people actually afford to rent apartments? It might take a little bit more effort, but there are definitely some solutions out there.
What’s A Realistic Budget?
A lot of people are surprised at just what type of budget they can be working with once they look at their current income. Landlords are usually going to accept rental applications as long as the prospect makes at least three times the monthly rent in gross salary. That means if a person is making $3000 per month, they need to be looking at apartments that are $1000 or less.
If a person finds that they just don’t make enough money to meet that standard rule, searching for houses or apartments to rent that do not require a proof of income is one way to go. There are definitely fewer choices, but that is going to be the best way to get approved.
That might work for some, but what about those who can’t find anything and need to get creative? Take a look at these tips to really move forward in the renting process.
- Use good credit to your vantage
Having steady income is important, but so is a good credit score in many cases. In fact, a good credit score can make up for not making quite enough money. Use that to your advantage whenever possible, because most landlords are probably going to check a prospect’s credit rating anyway.
- Show a bank statement that proves you have money
Some people may not be making enough money right now to qualify for rent, but that shouldn’t be a problem if there is money saved in the bank. The best way to prove to a landlord that you have enough money is to provide a bank statement. This is how a lot of people get around things if they are in between jobs and in the middle of moving.
- Ask about higher security deposit
Being proactive about the application process and actually offering to pay a higher security deposit might be the deciding factor in the end. Landlords are obviously going to be a little bit hesitant at first if they are dealing with someone who does not meet the standards for income, but a higher security deposit can certainly sway things.
If everything goes smoothly in the end, chances are you get at least part of that deposit back in the end as well. This will build a good reference in the future once it is time to look for another home as well.
- Ask friends and family about housing options
If it is becoming very difficult to find a place to rent, sometimes it helps to know at least somebody in the industry. Maybe you are not best friends with a landlord, but you might be a friend of a friend. If that is the case, they might be willing to overlook some of the standard procedures in order to rent out to somebody that can be vouched for. Most landlords are just looking for a reliable tenant, and renting out to somebody that they can get a solid recommendation on can be beneficial.
- Think about using a cosigner
If nothing else works, there is always the opportunity to go with a cosigner when trying to rent a home. Not a lot of people like to do this, simply because it does put somebody else at risk. They become the lease guarantor, and that gives the landlord a little bit more security.
If you do use a cosigner, it is important to stay up on rent at all times. The last thing a person wants to do is mess up someone else’s credit.
Keep Searching And Be Creative
At the end of the day, most landlords can be reasoned with to a certain degree. Even though they have standards for how much money a person should make before they are accepted, there are always exceptions to the rule.
Don’t be afraid to search around and explore all options. Having low income is not the end of the world when searching for a place to rent.