Everything You Need for Renting an Apartment
Renting an apartment can be a mysterious process if it is your first time. You may feel lost and on your own sometimes during the process because each landlord is different and there is a lot of paperwork that is involved.
We’ve come up with a list of the most common documents you will need for renting an apartment.
Application
After finding the right apartment for you, most landlords or property management companies will ask you to fill out an application. This can be as simple as just giving your contact information or can be as intense as giving your rental and job history. Most applications will require a small fee in order to run a background and credit check to make sure you are responsible and will be able to pay your rent. This is typically the first step to renting an apartment.
Form of identification
You will need one official form of identification, typically issued by the government. So leave your student ID in your dorm and make sure to pack your driver’s license or passport. This should be handed in along with your application, just to verify your identity.
Social security number
It’s always a good thing to have your social security number memorized. Though you will not have to present your social security card to the landlord or property management company they will ask for you to provide your social security number in order to run a background check and credit check.
Cosigner information
If you have a cosigner, they may also have to provide an extra application with their information. This will require their social security number in order to do a credit and background check. Having a cosigner means that this person will be held responsible for paying your rent if you are unable to.
Therefore, they will go through the same process as you, the tenant, when renting an apartment. When choosing a cosigner, it can be a parent or guardian, but make sure that they have a good credit score or you may be turned away from renting.
References
Some landlords will require new applicants to provide a list of references. This can be previous landlords you have rented from or supervisors at work. They are looking for verification that you are responsible and will take care of their property while leasing it. It is also another way to make sure that you will pay your rent on time each month.
Pay stubs
Make sure to bring your last two pay stubs to your landlord while applying. This is another way to verify that you will have the funds each month to pay the rent. It is recommended that you spend no more than 30 percent of your monthly income on rent, so if you are applying to live in an apartment that is more than that, the landlord may decide not to rent to you.
Bank statement
If you work in a freelance position and have many jobs that make up your monthly income and cannot provide pay stubs to the landlord, give them a copy of your bank statement. This is to ensure that you have enough money in either your checking or savings to pay rent each month.
Signed lease
Once you are approved to rent the apartment, the landlord will draw up a lease. This is a contract that defines the terms of renting an apartment and the roles of you as the tenant and the landlord. Make sure to read this contract carefully and know what you are signing up for. If you have a question about something in the lease, don’t be afraid to ask the landlord to clarify it for you. It is a legally binding contract, so it is better to be safe than sorry. You can even have a lawyer look it over to make sure it is fair and legal.
Renters insurance
Some landlords may require you to purchase renters insurance for renting an apartment. Whether your landlord requires it or not, purchasing renters insurance never caused anyone any harm. It’s highly recommended to have your belongings insured. If your landlord requires insurance, make sure to bring proof.
Checkbook
The most important thing, your checkbook! Before moving into your new apartment, the landlord will require you to put down a deposit along with signing the lease. This deposit typically consists of first and last month’s rent and a security deposit. This deposit, along with the signed lease, ensures that you have the apartment locked in and that the landlord cannot rent the apartment to any other parties.
Congratulations! You now know everything that is required to rent an apartment. Of course, every landlord or property management company is different and may require only some if not more documents for renting an apartment.