Are you considering moving and thinking, “What do I need to get an apartment?” You’re in the right place! While the process might seem complicated at first, knowing the requirements ahead of time can make it much simpler. In this article, we’ll guide you through virtually everything you need to secure your new rental home. Keep reading to learn more!
What Do You Need to Get an Apartment? You Need the Following…
- Proof of Identity
- Income Verification
- Credit History and Score
- Rental History
- Security Deposit
- First and Last Month’s Rent
- Application Fees
- Personal References
- Background and Credit Checks
Proof of Identity
Property managers in Philadelphia typically require tenants to go through an approval process. One of them is proof of identity. Before you sign your lease, you’ll need to show a valid ID. This could be a driver’s license, passport, or any other official document that proves you’re a legal resident.
Income Verification
Another key requirement to rent an apartment is verifying that you have a sufficient income. Property managers and landlords need to see that you can comfortably cover your monthly rent. After all, it’s not enough to for you to simply say you can afford it—they need tangible proof that your income is realistic and stable. As a rule of thumb, your gross income should be at least three times your rent. For example, if your rent is $1,000, your income should exceed $3,000. To prove you can meet this standard, be sure to bring at least two recent pay stubs to your interview. This can be clear evidence of your stable income.
Credit History and Score
As we continue exploring the answer to, “what do I need to get an apartment?”, you’ll find two factors have a particularly large impact on your approval: your credit history and score. As you may know, your credit score provides valuable insight into your financial habits. Typically, landlords prefer it when tenants have a score of 650 or over. It’s a good idea to look at your credit score ahead of time so you know how well you meet this standard. Fortunately, the three major credit bureaus, Experian, TransUnion, and Equifax, offer free annual credit reports. This can give you the chance to review your history and ensure everything is in order before applying.
Rental History
Property managers and landlords commonly perform background checks. As such, it goes without saying that your past landlords’ recommendations can boost your chances. In fact, having rave reviews can make you go from a good to a great applicant. A good letter provides concrete, demonstratable proof that you are trustworthy. So, ask your landlords if they’d be willing to help. Bring a list of their names and relevant properties so your prospective landlord can learn more about you.
Security Deposit
Usually, when tenants rent an apartment, landlords require them to pay a security deposit upfront. This deposit can pay for possible damages or unpaid rent. In many areas, a standard security deposit costs the equivalent of one month’s rent. However, some landlords may ask for more, especially if you have a pet or other special circumstances.
In Philadelphia, for instance, landlords can charge up to two months’ rent as a security deposit when you initially sign the lease. Then, one year in, the landlord can keep a maximum of one month’s rent as the security deposit. If you’ve paid more than one month’s rent, you’re entitled to request the return of the excess amount. You can do this by sending a written letter to your landlord or property managers.
First and Last Month’s Rent
When someone rents an apartment, it’s common to pay both the first month’s rent and a security deposit upfront. However, in some locations—like Philadelphia—you may also be required to pay the last month’s rent in advance. As such, this means you could end up paying for three fees initially: the first month’s rent, the last month’s rent, and a security deposit. While this is typical in Philadelphia, many other areas may only ask for the first month’s rent and the security deposit. So, it’s always best to check your area’s specific rental requirements. This can ensure you’re prepared for what’s needed.
Application Fees
In terms of what you need to get an apartment, you’ll likely encounter a one-time application fee. Effectively, this fee helps landlords or property managers cover the cost of screening, reviewing, and generally processing your application. They use it to check things like your credit history, rental history, job status, and background.
Although paying an extra fee might feel inconvenient, this process is necessary to help landlords thoroughly check all applicants. This way, you’re more likely to have good neighbors who are safe and friendly to be around.
Personal References
Finding a place to rent is just one part of the process—being approved is equally important. That’s where personal references come in. Many property managers in Philadelphia and other places ask for references to decide if you’d be a good tenant. Needless to say, picking the right person to vouch for you can make a big difference.
So, how do you pick a good reference? Look for someone who can speak positively about your reliability and character as a person. It could be a colleague, former property manager, or past employer. Avoid using family members, as professional references are more credible.
These references give landlords valuable insight into your work ethic, financial responsibility, and even how well you can maintain a home. Thus, a strong recommendation can set you apart from other applicants and boost your chances of approval.
Background and Credit Checks
Once you’ve gotten conditional approval, one of the remaining key requirements to rent an apartment is passing a background and credit check. This step may be a pain, but it’s critical for the landlord to do. Why do landlords require this?
- To Avoid Eviction Issues: Evictions are a notoriously long, expensive, and challenging process. By running a background check, they can screen for tenants who are less likely to run into the problems that lead to an eviction.
- To Check if You’ll Follow the Lease Terms: A background check helps landlords see if you’re likely to follow the lease terms, like keeping noise down during quiet hours or following pet policies.
- To Make Sure Their Property is Safe: Landlords want to know that their property will be taken care of. With this check, they can find if a tenant has caused problems in the past, like damaging a rental home.
- To Spot Financial Problems Early: A credit check shows your financial history. In turn, landlords can see if you’ve missed payments or have a bad credit score. This gives them confidence that you can pay the rent on time.
Simplify What You Need to Get an Apartment
Securing an apartment takes some preparation. You’ll need to provide proof of your identity, verify your income, show a solid rental history, and give personal references. Furthermore, landlords may also run background and credit checks, charge an application fee, and ask for a security deposit or the first and last month’s rent upfront.
Believe it or not, the rental process doesn’t have to be as stressful as it sounds. Bay Property Management Group can make it easier by guiding you every step of the way. We are dedicated to helping you scout out a rental property that meets your requirements. What’s more, we can guide you through the application process to ensure your renting experience is more streamlined. Let us help you find the perfect place to call home—contact us today!
