Winning A Rental Application Without A Rental History: Tips For First-Time Renters
The most challenging part when it comes to rental properties is having your application approved. Living in someone else's house comes with certain legal responsibilities, and you have to demonstrate your capacity to meet those responsibilities. To do this, you need to provide certain documents in your application for the rental property.
Since the real estate rental market is highly competitive, lacking some documents can result in your application being denied. A rental history is among the vital documents needed to prove you are a good tenant with the ability to not only pay your rent but to do so in a timely manner. If you are a first-time renter, you obviously don't have a rental history. Fortunately, you can still have your application approved, and here's how.
Get a Co-Signer or Guarantor
A co-signer or guarantor is one of the best ways to get the rental property you want when you don't have a rental history. Landlords need a guarantee that you will be able to pay your rent every month and a guarantor or co-signer can give them that assurance. However, your co-signer should have an excellent credit score as well as a proven financial record or history for this to work.
Bring Your Financial Records
You need to give the landlord the financial proof that you will be able to pay your rent. Therefore, provide proof of any regular payments you make to show that you are responsible and serious about your payments. You can start by printing out bank statements to show any consistent payments you have made for mortgages or any other loans. Your tax returns for the past few years are also vital documents you may want to show. You can also have something as simple as your mobile plan. Whatever it is, provide anything that shows commitment and consistency in your payments.
Offer to Pay Some Months in Advance
You can offer a pre-payment for the coming month or two. Doing this portrays your seriousness to get the property and gives some level of assurance to the landlord that rent will be paid. To make this work, you may want to provide copies of your recent pay slips or any other income statements to show you can actually give the pre-payment.
Have Good References
A rental history is not the only way to demonstrate that you are a responsible person. Therefore, look for references from your employers, teachers, lecturers, etc. that can attest to your sense of responsibility.
