Finding apartments for rent for people with bad credit can be a little frustrating, but it still is possible to rent or lease a apartment. Different apartment management
companies or private individuals leasing out apartments have different criteria for approving potential residents. The criteria can be based on credit, income, length of employment, previous landlord
references, amount you have available for a security deposit and any savings or equity you may have.
Property management companies normally put more weight on your credit score and monthly income. This can make it difficult to get approved for a apartment for people with bad credit because their leasing agents and property managers must follow a set of leasing procedures. However, some property management companies may still approve you if you have a larger security deposit or co-signer.
Recently, back in the month of November of 2010, we talked to one major property management company in Ohio that rents out luxury apartments and they said because of the economic downturn and high foreclosure rates, they wouldn't be able to rent out many apartments if they rejected applicants with bad credit. On that fact alone, one person was accepted through them that had 3 judgments, credit cards and personal loans the were in collections, along with a credit score of 575 and he was approved for a apartment. To top it all off, he got the move in special along with a discounted security deposit that was less then 100 dollars. That just goes to show you that they can't be as strict with credit guidelines that they were in the past.
If you have tried applying for apartments from property management companies and have been turned down over and over again you still have another option through renting from private individuals who look over leasing application themselves. These individuals will take into account credit scores, monthly income, personal and prior landlord references. Private landlords usually require first months rent and a security deposit equal to that up front. They also are usually much easier to get approved for a apartment with bad credit.
As a last resort, you always have the option of finding a roommate who has a decent credit score. If none of the people you currently know are looking for a apartment you can place a ad in the newspaper or On-line. Just make sure you screen your potential roommate first. You don't want to have any regrets later.
Before applying for a apartment, let them know your credit situation. Too many credit inquiries can hurt your credit score even more. Just remember, finding apartments for people with bad credit can be a little frustrating, but not impossible.