Renting your first place is a big deal. It grants you independence and freedom in ways that owning or staying with family doesn’t. What’s more, renting is now more common than ever. According to Pew Research, 36.6% of households now rent their home, which is is the highest figure in 50 years.
With so many people renting, the competition for space is fierce. To get the place you want, you need to know exactly what you need to apply.
What do you need to rent an apartment? Keep reading to find out!
1. Proof of Identity
The first set of documents you need relate to your identity. Landlords and leasing agencies want to know you are who you say you are. They need this to run background and credit checks.
What do you need to provide? Here’s a quick list:
- Your name and contact info
- Your Social Security number (SSN)
- Your driver’s license or state ID
Typically, you’ll provide a copy of these documents or just the numbers on your application.
2. Proof of Income
The next set of documents prove you have the means to pay your rent. Landlords won’t just take your word for it. They want to see cold, hard data. What do they ask for? Be prepared to provide:
- Pay stubs
- Tax returns
- Recent bank statements
Some landlords will only want one of these, but others might ask for all three. They’ll compare the documents you give them with your credit report to determine whether they can bet on you as a tenant.
What happens if you don’t have the documents you need?
Don’t worry. You can get a copy of your past tax returns from the IRS. If you’re missing a pay stub, then you can either ask your employer or generate an accurate version using a service like Stubcreator.
The final set of documents speak to your creditworthiness and character.
If you rented in the past, then you will need to provide the contact details of your past landlord or leasing agent.
Some landlords go the extra mile and ask for personal references. Usually, personal references should come from colleagues or your boss. If you volunteer or are active in the community in other ways, you might ask people who you spend time with to provide you with a reference. You should avoid using friends and family members as references, as a landlord won’t usually accept them.
What Do You Need to Rent an Apartment?
Renting an apartment is a great way to have a flexible lifestyle. It allows you to try out neighborhoods, cities, and styles of living without committing to a 30-year-loan. However, renting isn’t as simple as filling out an application. Your landlord wants to know you’ll be a good tenant before they hand over the keys.
What do you need to rent an apartment? In most cases, you need basic information, like your ID, proof of income, and a few references. If you’re missing any of the information, then you’ll likely need a family member or friend with good credit and good renting history to co-sign on your behalf.
Are you looking for more tips on renting and buying? Check out our web magazine for more great content!