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Here is from an article on Realtor.com
Looking to rent an apartment? Join the club! Applications for rental units returned to pre-pandemic levels by the end of 2021, with applications up 13% from the previous year. And the largest spike in active apartment hunters is among Gen Z renters (up 39%)—many of whom were entering the rental market for the first time.
But with all this newbie renting, there are bound to be mistakes made along the way, especially while navigating the seismic shifts in a COVID-19-altered real estate market.
To help, here are some of the things that today’s rookie renters often get wrong that can cost them, big time. Peruse this list to make sure you’re aware of these common mistakes.
1. No Bothering To Check Your Credit Score
While checking credit scores may not be the first thing on renters’ minds, it matters now more than ever.
“With more renters than available rentals, landlords are being more strict on creditworthiness,” says real estate agent Denise Supplee, co-founder of Spark Rental. “Since there are more and more applicants to choose from, the one with a strong job, good credit, and income will get an apartment over someone with little to no credit.”
The good news is that all renters can easily check their credit through many free services like Credit Karma, which also provides information on ways to repair your credit if there are issues.
2. Not Having Your Rental Paperwork Ready
Many first-time renters make the mistake of thinking they’ll be able to look at apartments and later get their application materials together. But things move fast in the land of rentals today, and a landlord is not going to wait while you go home to get your paperwork in order.
“Today, if you don’t have a filled-out application form and six months of pay stubs/tax returns/references ready to go, your application usually gets thrown to the bottom of the pile,” says Jameson T. Drew, president of Anubis Properties.
Drew suggests that applicants carry a scanned or electronic copy of all the documents most landlords require for showings.
“If you are new to renting, make sure your co-signer is ready with all of their forms as well,” says Drew. “The last thing you want to do is start asking Dad if he can send his bank statement to you. You won’t get that unit.”
3. Assuming You Will Get The Rental Just Because You Apply
First-time renters often assume that once they’ve found a place they like, all they have to do is apply and they’ll get it. However, even if your credit is stellar and your financials all add up, the market is extremely competitive at the moment, so it may not be enough to guarantee you come out on top.
“As a property manager, it is not unusual to get more than one application, and several could be a toss-up,” says real estate agent and attorney Bruce Ailion, with Re/Max Town & Country in Atlanta. “At that point, we present the advantages of each to the owner for a decision.”
In that case, you might want to try to sweeten the deal a little to make yourself stand out. While bribes are verboten, Ailion suggests you could say you’d be open to paying a little more in rent—maybe $25, $50, or $100 more per month—to secure the property.
“Tenants rarely offer to pay extra rent, so just stating your will may be enough to get your application noticed,” says Ailion.
