Your home is your safe haven, your refuge, your little corner of peace and privacy in a chaotic world, or at least that’s how it should be. However, when you’re looking for a home to rent, securing that little piece of heaven isn’t always as easy as it sounds. Nearly everyone encounters some hurdles when they’re trying to rent, but you can overcome these challenges with a bit of patience, planning, and persistence.
This article discusses some of the most common roadblocks would-be renters face and provides tips for overcoming them.
Financial Concerns
One of the most common, and perhaps among the most formidable challenges prospective renters face is a less-than-ideal financial profile.
For example, if you’re carrying a significant amount of debt, you may find your rental application turned down. Most landlords have some pretty strict standards when it comes to income-to-debt ratios for potential tenants.
These financial concerns are often magnified when you are unemployed or you cannot provide proof of a steady and consistent monthly income.
In the majority of cases, to qualify for a lease you’ll need to undergo a credit check, provide one to two years of tax returns, and provide up to four of your most recent pay stubs. In addition, you’ll need to demonstrate that you earn double or more the amount of the monthly rent.
For a lot of renters, these could be quite a financial burden without a bit of assistance. The good news, though, is that you do have options. For example, if your credit history and/or income isn’t quite up to par, you may enlist the help of a co-signer whose income and credit history will qualify.
Your co-signer will also be able to vouch for your trustworthiness and your capacity to fulfill the rental agreement. This will also be a prime opportunity for you to build the credit history you need to qualify on your own in the future!
If you’re not comfortable using a co-signer, you do still have options. For example, you might choose to find a roommate or two. This can help you meet the income requirements. However, you will likely still need to appear on the lease and that may well mean you will have to undergo a credit and background check.
If this is the case, and your credit history is still preventing you from renting, even with the help of roommates, you may need to go an alternate route. For instance, you might arrange to live temporarily with friends or family, paying rent or helping out with household expenses while you work to build your credit and establish a stable income.
Addressing a Criminal Background
In addition to financial considerations, another common obstacle to renting is a criminal background. Many property managers or landlords may be reluctant to rent to those with a criminal conviction. However, with approximately 70 million Americans possessing a criminal record, landlords are increasingly likely to find themselves being more flexible.
That means that you are in no way alone in your efforts to rebuild your life and reintegrate into your community. It also means that there is hope when it comes to finding a great rental home, no matter your background.
If this situation applies to you, then your best strategy is to be transparent. Trying to conceal or avoid the issue will not serve you well, as your prospective landlord will have access to your criminal record if they require a background check, as most do. Instead, address the issue head-on and discuss with them what you are doing to rebuild your life. Avoid blame-shifting, excuses, or rationalizations for your history. Instead, focus on the present and the future, showing them how and why you can be trusted as well as anybody else.
Finding Housing Amid Crisis
Another obstacle to renting that you may not have considered is the increasing prevalence of environmental disasters and the toll this is taking on housing affordability and availability. From devastating storms and floods to man-made disasters, such as oil spills, untold numbers of residential communities across the country are experiencing environmental harms which contribute both to plummeting property values and to decreasing inventories.
Prospective renters, for instance, may find themselves with limited options in communities impacted by man-made or natural disasters. Similarly, current renters may find themselves displaced, whether as a result of the disaster itself or as a result of owners’ desire to off-load properties which may be rapidly declining in value.
If you find yourself having difficulties locating a rental property in areas impacted by a natural or manmade disaster, you may need to relocate to an area where the property rental market is more stable. At the same time, you may apply for local, state, or federal support for those seeking housing assistance in the wake of such a crisis.
The Takeaway
The process of finding a home or apartment to rent is not always easy. However, with persistence and know-how, you can find, and secure, the ideal rental home you’ve been searching for!
