Apartment hunting has to be one of the most stressful
processes. Between finding the right area and getting approved, we turn into a
hot mess of anxiety. I had my struggle of apartment hunting in NYC;
it was MONTHS of trying to get approved and finding a place in a decent price
range. Fortunately I had a guarantor with good credit, but it still proved to
be a stressful process.
If you have bad credit or no guarantor, do NOT worry.
Remember, you’re not the only person in the world with bad credit and I PROMISE you will
not be homeless!
I will also address freelancers and give a few sites that will help you with your search.
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| Take a second to breathe! |
But first:
1.
Check your credit score to be sure you have bad
credit. You can check your credit score
through your bank or through websites such as
Credit Karma (Which really is 100% free, tried and tested!).
2.
Next if you don’t know what a guarantor is they are a
person who will also be on your lease to ensure that if you were unable to pay
rent one month, they will pay. A guarantor could be a parent, aunt/uncle, or
any older relative or friend. It is crucial that the guarantor has good credit. Depending
on where you are applying to live, whatever the rent is, the guarantor has to
make x times the amount of the rent. Guarantors are important if you have bad
credit, no credit, or no history of renting.
So if you have bad credit and no guarantor, keep reading!
3. To qualify as a freelancer you must do different work for different companies. An example would be a freelance web designer or journalist. Its hard for freelancers to get approved for apartments because although they may have the money, on paper they have a low income.
For renters
with bad credit:
Are you on good terms with your current landlord? Your
current landlord can write you a reference letter. Your landlord will know if you
paid your rent on time each month, if you were respectful of the
building/property, how long you lived at the property, etc. They will basically
put in a good word for you to your potential landlord.
OR
A letter from your employer will be helpful. Landlords want
tenants with job security, so if you can prove to the landlord you are not at
risk for losing your job, they’ll definitely overlook your bad credit. As long
as you pay the rent each month!
Be honest with your new landlord. Explain why your credit is
so low and provide proof that you can pay the rent on time each month!
Offer a larger deposit. The landlord will feel more secure
with you being their tenant (offer like 3-6 months of rent in advance). If that
is totally undoable, no worries! Offer a percentage larger security deposit.
Lastly, if possible, offer automatic payment of rent from
your bank to the landlord. This will definitely put them at ease!
If you have
no guarantor:
They have minimum requirements you must meet, but if you're approved they will be your guarantor.
FREELANCERS
Depending on what your freelance work of choice is take the time to find the paperwork!
CURRENT pay stubs from different jobs you've worked
Bank statements to show that you do have the money to afford the place.
Depending on what you do, a signed contract with whomever you are doing work for (ex. Publisher if you're a writer).
And the resources and willingness to pay a few months in advance.
You basically have to prove through paper work that you can afford the rent each month.
Apartment Search sites:
I've tried everything from Craigslist to seriously considering hiring a broker. I do not reccoment Craigslist, although I know a few people who have had luck with the site and a broker is a good option, but they can be expensive. They basically find apartments in your price range and set up appointments to view them. However, depending on the broker, you will have to pay them.
This
site is where I found my apartment. Its absolutely free and makes it easy to search neighborhoods for the perfect fit. Unfortunately its only in the NYC area, but is a great site to find AFFORDABLE apartments (no-fee). I also loved how easy it was to search and browse through the listings. This site really needs to go nationwide ASAP!
This
site is nationwide, so if you don't live in a big city, this site will still be super helpful. Its listings are detailed and you'll have easy access to contact information.
This
site is great for any big city dweller. It focuses on not only finding your perfect apartment but the neighborhood that is the right fit. You can use an interactive map to explore different neighborhoods within your city.
Good luck and may the odds every be in your favor!
Thanks for reading!
-Casey
:)
