Image: Courtesy of Daphne via Flickr
One would think that as you got older the word “no” would deliver a much less intense sting than it did when you were a child, but when that no comes from people who are the difference between you raising your family in your Grammy’s basement and having your own place to thrive in, the sting feels like that of a thousand bees.
We’ve watched the economy crumble to bits, jobs vanish overnight and livelihoods melt under the heat of the recession. Maybe you can relate to mounting bills and student loans, maybe you can’t, but chances are that someone you know has been grossly affected by it. Maybe you have a relative whose had to rely on credit cards to survive or you’re a recent graduate who has to work a part time retail job just to get by. Either way, these circumstances subtract from your bank account, happiness and your credit score.
You’ve got to have a place to live though, right? Right. So you shop around the entire gamut of rental properties, some crummy and some lavish hoping to be met in the middle by a decent abode that you can seek shelter and solace in. The only problem is your credit is JACKED UP! We all know that landlords use those three little numbers to measure the risk of taking you on as a tenant.
According to MPF Research, apartment rentals rose by 215,000 in the U.S. from the first to second quarter of 2010. Apartment vacancies also fell from 8.2% in June 2009 to 6.6% in June 2010, as stated on www.mainstreet.com.
When applying for an apartment you have to realistic about your credit standing and about the position on the property owner in accepting risk. The best way to approach a situation like this is to be prepared.
Here are four suggestions for individuals looking to rent with a shaky credit rating:
1. Know your score. You don’t want it to catch you by surprise when you’re sitting across from a person that has the ability and the right to deny you.
2. Be prepared. Come with check stubs, offer letters, references, cash to pay a substantial security deposit (possibly 3x that of a person with good credit), positivity and tough skin. You will hear no more than you hear yes, it’s a given when dealing with a service industry that thrives off your ability to pay them money.
3. Be Honest. Be upfront about your situation. Landlords don’t like to be mislead and will often be more lenient when they can fully gauge the risk. They may be able to work with you if your references check out and cash always talks.
4. Volunteer to auto-pay. Landlords may also be acquiescent if you are willing to have the cost of rent deducted automatically from your bank account. If possible offer to pay three or more months in advance. No one turns away cold, hard cash.
Morning follows every dark night, and you will be able to find the right rental property to re-establish your life. You’ll find exactly what you need, just keep looking.
This article brought to you by the good folks at Urbane Hotels Royal Oak Michigan, Urbane Hotels Southfield Michigan, Urbane Hotels Troy Michigan, and Urbane Hotels Detroit Michigan.
