Renting a home or apartment has its share of pros and cons compared to owning.
The foremost being more financially feasible, particularly for younger people with less of a credit history.
The cons mainly come from being beholden to a landlord.
While most landlords are reasonable people, they can be discouraged from renting to you if you have an undesirable history as a college tenant.
Here are tips to reduce your risk factor as a new tenant.
Follow the Lease
A lease is a contract between a landlord and tenant. It also contains guidelines that must be followed in order to ensure your continued occupation of your rental home. While most are common sense, such as paying rent on time, not damaging the property, and not disturbing neighbors with noise, you should still read it carefully. When it comes to a lease, rules are most certainly not "meant to be broken". Make sure you know what you’re signing and that you can keep a landlord to their end of the bargain as well.
Have a Steady Income
You haven’t been given a new home on a charitable basis. Your landlord or other rental company expects you to be on-time with your rent payments. When you submit your application, you will also be expected to include pay stubs or other relevant financial information. A rule of thumb is that your monthly income should be roughly three times your rent payment.
Have Good Credit
Your credit rating is a rubric for how careful you are with your money and how good you are about paying back money borrowed. If you have a good credit rating, it indicates to your landlords that you are financially responsible and can be trusted. On the other hand, a dismal rating tells them you’re irresponsible and likely in serious debt. If that’s the case, it’s only understandable why they’d be hesitant to rent to you.
Have Good References
When selling yourself as a tenant, you’re bound to want to use the most positive phrasing possible. Landlords are likely to be most interested in what others have to say. Have a record of past landlords, including phone and email, that you can give with your application. You might also be subjected to a tenant screening test, either at the interview or online. Provided you have no evictions on your record and followed all the rules of your previous landlords, you should be approved.
We hope this has given you a good idea of how to reduce your risk factor as a new college tenant. You want to have a positive relationship with whoever rents to you. By following these steps, you both can have tremendous peace of mind.
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