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So what do you have to do to rent an apartment? You need to understand the landlord's thinking so that you can anticipate their concerns and adjust your application accordingly to present yourself as a reliable future tenant. This article will give you tips and examples how you can make your application the best it can be even if you have bad credit.
Let's start with the basics. Why do landlords need to know your credit? Landlords will tell you Apartment rental application cover letter owning and running a rental building is expensive.
There are real estate taxes to be paid, perhaps a mortgage to be paid, electricity to light the common areas of the building, heating, water consumption, repairs, and staff expenses like superintendents and porters.
Having a tenant who doesn't pay the rent on time makes it harder for the landlord to pay the fixed costs for the building each month. Landlords want to be sure that every tenant is going to pay the rent promptly every month. Your bad credit indicates to the landlord that you might be a risk to be avoided.
It's important for you to know that not all bad credit is "bad" in the same way. There are 2 main reasons why someone's credit is bad: Since being a deadbeat affects your whole life, I call these debtors "dead enders.
Your best bet is to be able to offer the landlord a year's rent upfront, which removes any risk the landlord has. This option is very effective, but cannot be used with rent stabilized apartments, as the Rent Stabilization Law makes it illegal for landlords to accept more than one month's rent and one month's security.
Having an exceptionally good guarantor might get you over the hurdle of renting, but remember, if you don't pay your rent on time, you'll be hurting your guarantor.
Your final option will be to find a small owner of a two family house or similar small property who doesn't do credit reports.
But keep in mind, if you don't pay rent to such a small owner, you will definitely be hurting them very directly, and your Karma will pay a heavy price. If you're 2, you can take steps to assure the landlord that a financial problem in the past doesn't make you unreliable.
Tell the landlord right away that you've had a problem but your finances are currently OK and you can be relied on to pay the rent each month. Many landlords but not all will appreciate your honesty and you'll look like a trusty person because you acknowledge your difficulties and have taken responsibility for them.
Here are some tips on how to present your application to the landlord: A 'Must Have' is to use a cover letter with your application to tell a landlord about your past financial problem s.
Then, explain the problem simply, factually, and without self-pity or pointing the blame elsewhere. The details of how or why you had a problem will not interest a landlord. Pretend the landlord is Judge Judy who only wants to know what happened. This will be your second paragraph.
Next, explain what you're doing to fix the problem. Write simply, factually and without self-congratulations. Explain that you're on a monthly re-payment plan to repay old debts; or that you closed all credit accounts and now live cash-only to stay within your budget; or that your bankruptcy was 2 years ago and since then you've met all of your financial obligations.
This explanation will be the third paragraph.
Your fourth paragraph is where you sell yourself as a tenant by being totally business-like. Renting an apartment is a business transaction so assure the landlord that you will treat your rent payment like a business obligation. The application will have the details of your current finances, so use that information to point out the highlights of your current situation: Finally, tell the landlord why you applied for the apartment: Here are some additional thoughts you will want to add to your cover letter.
Use the cover letter to say anything of importance that you want the landlord to know. This is your opportunity to frame the conversation the way you want and get the landlord to look at the positive reasons why you should be selected as the next tenant. For example, if you are rising in your company, let the landlord know that.
If you have good prospects for a promotion in the near future, let the landlord know that. If your spouse is also rising or being promoted within their company, let the landlord know that. If you can get your current employer or your spouse's employer to write a letter of recommendation that will help you dramatically.
Anything else that you can think of that will help your cause should be added to the cover letter. For example if you have a child or children who are on the honor roll in school, let the landlord know that.
It shows the kind of parents you are and the kind of household that you run.How to Improve your Chances of Renting when you have Bad Credit By Laurence Rosenberg President, benjaminpohle.com October Most landlords will run a credit report on you and if they discover your bad credit, they are likely to deny your application.
How To Stand Out In The Rental Application Process By Zumper December 26, By Zumper. December 26, You may also want to include written letters of reference with your cover letter/Rental Resume.
These letters of reference should be from past landlords. Search over 1 million apartments for rent across the US.
A rental verification letter is intended to prove residence for a person. It is not intended to be used as a complaint platform. If the landlord has any complaints about the tenant, the landlord should directly take that up with the tenant, so the problems can be resolved.
Successfully managing a rental property starts with finding the right tenants. And the first step in finding the best renters is through your rental application and screening process. Use Zillow’s online rental applications and tenant screening tool or our free rental application form.
Give your references and cover letter to your prospective landlord along with your rental application. 4 Bring cash, a cashier's check or your checkbook with you to view apartments. When you need to apply for tenancy in an apartment, house or a hostel, then you will have to compose a rental application cover letter.
This letter must be addressed to the landlord of the property.