Tips for Successfully Renting an Apartment With Bad Credit

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If you need to move to a new city for employment reasons, then your credit rating will determine where you will be able to rent an apartment. The good news is that even with a low credit score, you can still rent an apartment in a safe area using these simple tips:

Prepare to Pay a Large Security Deposit or Prepay Rent

The reason your low credit score is a deterrent for finding a rental apartment is that it signals to landlords that you have had serious financial problems in the past. Since your past can be indicative of future financial problems, landlords often balk at potential renters with bad credit for fear that they will not be able to pay their rent on-time each month. By offering to pay a large security deposit or prepay a few month's worth of rent payments, you can sometimes overcome this obstacle for renting a quality apartment in a desirable location.

Have a Trusted Friend or Relative Cosign for You

If you have a trusted friend or relative that has a high income and a good credit rating, you can ask them to cosign your rental agreement or lease for you. When they sign on the lease, they are agreeing to make your rent payments if you do not. This puts your rental liability on your cosigner, so you need to ensure that you can make your rent payments before you ask someone to cosign for you.

Target High Vacancy Areas

Areas with a high vacancy rate are easier to rent in than those where the rental market is tight and inventory is low. When inventory is low, the landlords can be much pickier on who they choose to rent to. On the other hand, areas with high vacancy rates offer more options for those with bad credit. Landlords can only afford to have their properties sit empty for so long before they will consider tenants with lower credit scores to get their units rented and start bringing in income.

Avoid Large Apartment Complexes Managed by a Corporate Property Manager

Finally, when renting an apartment with bad credit, you will be much more successful if you look at apartments in smaller complexes that are independently operated rather than those that are managed by a corporate property manager. You can often find these apartment homes for rent by searching online and in your local newspapers for units offered directly by their owners.