An apartment is usually one of the top choices by those who are moving out of their homes and living on their own for the first time. Qualifying for an apartment in the city can be tough, especially when you don’t have a stellar credit report. In cases like this, landlords will require you to co-sign your lease with someone else. If you can’t find anyone who can help you with a lease, don’t worry because you may still be able to rent an apartment. Here are the alternative options you can consider if you need to rent an apartment without a co-signer.
Establish good credit
Making sure that you have a good credit standing is easier said than done. If you don’t want to go through the hassle of having to ask a friend or a family member to co-sign your lease, it would be better to work on establishing good credit. Most landlords use credit reports to verify if the potential tenant is responsible when it comes to making on-time payments. If you have a less-than-stellar credit report, there are certain steps that you can take to improve it. It doesn’t happen overnight but exerting a bit of effort can help you boost your credit scores to qualify for a rental apartment.
Look for private landlord apartments
Many rental companies run credit checks for their applicants. If you are planning to rent your own space soon but you don’t have a co-signer or credit, you can look for rental apartments offered by private landlords. These landlords don’t normally run credit checks or look for a cosigner when renting their properties out. There are also other apartment management firms that have flexible policies when it comes to applications. You can check those out and see if they can waive the requirements.
Offer a large security deposit
The reason why landlords require a co-signer is that they want to make sure they get the rental payment on time. A good workaround for this if you don’t have a co-signer is to pay a larger deposit. You can also pay for a few more months in advance. It would be better if you can show some proof of steady monthly income that show them you can pay the monthly dues as agreed.
Put together resume packets
Some renters who don’t have co-signers or who lack credit gather resume packets that they can present to their potential landlords. These resume packets contain strong references that will support your reliability as a payer. This is also where you may indicate if you have had an impeccable work background that will help you overcome your lack of a co-signer.
If you will be living alone, you may consider downsizing or choosing a smaller apartment for yourself. This is an excellent option if you don’t have a co-signer. A smaller apartment means that your monthly rental rate is low enough that your landlord may not ask for a co-signer.
Offer doing automatic deductions
Another strategy is offering to make automatic deductions. So your monthly rental will be automatically deducted from your account. You need to prove you are receiving a steady stream of income and you have been with the same employer for at least six months to a year. Your potential landlord may call your workplace to verify your employment.
Subleasing means that you need to find someone who already has a lease of their own. It means that they will allow you to use the apartment they are renting while they are away. Or, they will allow you to share the apartment they rented under their name. You will have to help out with the rental fees. So instead of dealing with a landlord or owner of the property, you will have to deal with a fellow tenant.
Finding an apartment without a co-signer may not be easy, yet it is possible with the help of these tips. Looking for a new place to move in to? Please consider our Hamburg Apartments.