If you are looking to rent an apartment, most apartment rental companies will run a credit check. This helps them determine how likely it is that you will pay your rent on time every month. If you have poor credit, you may be at higher risk of not paying your rent. As such, a landlord may decline to rent to you or may make you jump through more hoops to obtain the rental unit. Here are a few of the options you may have if you are looking to rent an apartment with poor credit.
Find a Co-Signer
If you have bad credit, an apartment complex may ask for a possible co-signer. This may be your parents, a sibling, your boss or even another friend. This person will be added to the lease and they will be held financially responsible if you fail to make your rent payments. As such, you should only ask someone to be a co-signer if you are positive you can afford the rent and will make the payments.
Make a Higher Deposit
Another option that you may have if you are looking to rent an apartment with bad credit is putting down a higher deposit. If you do not have the best credit, an apartment complex may be more inclined to rent to you if you can put down more money. This helps ensure that if you cannot pay your rent, they have the money to cover your losses. Most states have maximum rental deposit limits, so find out what your state's maximums are and then consider having that money on hand in case you need it to rent a place.
Rent From Someone Who Is Sub-Leasing
The last option available to you when you are looking to rent an apartment with bad credit is sub-leasing from someone. Typically, a sub-lease occurs because someone who rented out an apartment has to move before their lease is over. They keep the lease in their name and they rent to you. Many who sub-lease have requirements that are less strict than the apartment property management company. As such, you may have an easier time finding a sub-lease than a regular lease.
If you have poor credit, renting an apartment on your own may not be easy. However, there are apartment rental companies that specialize in renting to those with poor credit or even those who have evictions. Looking for a second chance renter or using one of the methods above may help you get your own apartment, even if you have poor credit.