Limited supply and inflation are driving up rental rates across the country, which can make getting your ideal place harder than ever. As you're touring a home or apartment alongside a group of other hopeful applicants, you can be a little more confident in your chances if you're prepared. Here are five things you can do to get ready and stand out.
1. Make a Good First Impression
First impressions matter, especially when you ask someone to trust you with their rental property. Whether you're meeting with the landlord or a property manager, you can instill confidence by:
- Arriving on time: Punctuality can convey responsibility. Whether you're meeting in person or virtually, make sure you're on time and prepared. And if you have a call or video meeting scheduled, try to be in a quiet area so you can both focus on the conversation.
- Sharing a profile: Prepare a rental resume with information about yourself and your family or roommates. You can use it to pre-empt some of the common questions a landlord might have, such as why you're moving and your rental history.
- Showing your interest: Have a few questions to show you're interested and serious about renting, but don't go overboard with questions or demands.
Specifics can also depend on the property. If the landlord only owns one or two properties—or lives in the building with the rental unit—making a personal connection can be especially helpful. But if a property manager handles hundreds of units, they may focus on whether you can pay rent and take care of the place more than anything else.
2. Complete the Application
You might be able to complete the rental application before seeing the property, and some landlords may require it. If not, bring everything you might need to complete and submit an application:
- Rental history: A list of the most recent places you rented, when you moved in and out, the addresses and the landlords' contact information.
- Financial information: You'll likely have to show proof of income, such as an offer letter, recent pay stubs or tax returns; you may also be asked—or want—to share recent bank statements. Also, have your Social Security number memorized, or your card on hand, for a credit check.
- Pet information: If you have a pet, you may want a letter from your vet showing that they have all the required vaccinations and their breed and weight. Including a picture in your profile may be a good idea as well.
- References: Your previous landlords may be the main references that a potential landlord will check. But you may also want to list personal references, such as previous roommates and someone who knows your pet.
Paying a credit check fee with a rental application isn't uncommon, but be wary of any rental listing that asks for a large fee or deposit before you see the home. There are a few different rental scams, and upfront payments are generally a red flag.
3. Know Your Credit and Explain Any Blemishes
Many landlords want to review your credit history and credit score as part of the application process. You can check your Experian credit report and get a FICO® Score☉ with your report. Additionally, you can request a free copy of your rental history report once every 12 months, which some landlords will use to better understand your rental payment history.
Having good credit can help you get a rental, as it shows you've been able to pay previous bills on time. A low credit score might hurt your chances, or even disqualify you from some places. However, understanding what's hurting your credit score and explaining the low score might make all the difference.
For example, if you have a low score because of a one-time medical emergency or temporary setback, you could explain that in your profile or application. As long as you're back on track and the rest of your application looks good, some landlords are willing to look past poor credit.
Additionally, if you find errors in your credit reports, you can dispute the error and the credit bureau or creditor will investigate your claim and verify, correct or delete the information.
4. Offer an Incentive
You may also be able to stand out from the crowd by offering the landlord a little something extra:
- A larger deposit: Perhaps you can afford to offer a larger security deposit or pay several months' rent upfront.
- Additional rent: You might offer to pay more rent than the listing requires, but consider the long-term impact on your budget before making this move.
- Maintenance or chores: Rather than money, see if you can contribute to maintaining the property in exchange for becoming a tenant.
While offering something extra isn't always ideal, it may be worth it if you find a place you love or need to move into a new home quickly.
5. Increase Your Income and Savings
It can take time to up your income and build your savings, but both can help make you an attractive renter. Some rental properties have income requirements based on the monthly rent, and landlords may even look past a poor credit history if you have enough savings to assure them you won't miss a rent payment.
Learn How to Improve Your Credit
Improving your credit can help your rental application stand out—and do so much more. A high credit score can increase your chances of getting approved for a loan or credit card, and improve the interest rate and offers you receive on new credit lines.
Once you check your free credit score, look over the factors that are impacting your score the most, make a plan for increasing your score and watch your progress with the free credit score tracker. You can now even use Experian Boost®ø to add your rental payments to your Experian credit report.
