We require that applicants pass a credit check in order to obtain approval for tenancy. Some minor credit issues may require a Guarantor for approval. We require that applicants pass a rental history check in order to obtain approval.
Applicants who have received judgements against them from previous landlords may be refused tenancy. We require a favourable rental reference in order to grant approval. Applicants who do not have previous rental history may be approved with a Guarantor. Applicants with higher income to rent ratios will still be considered; income to rent ratios are meant as a guideline only.
Confirmation of employment. This can be in a letter on company letterhead from your place of work stating your gross income and length of employment. You may also provide pay stubs, a Notice of Assessment stating gross annual income from Canada Revenue Agency, bank statements, or any other form of verification of your total gross annual or monthly income.
For applicants who are currently employed, we require that they be past their initial probation period. In terms of the minimum credit score required to rent an apartment , there's no hard-and-fast requirements as things can vary by landlord and locale.
That said, the average credit score of renters in the U. Renters in major cities and in high-end units have higher credit scores on average. Tips and Strategies to Get Approved The way you approach the application process can make you a more desirable applicant. Landlords generally like to see applicants who do the following: Come Prepared When meeting with potential landlords, first impressions are everything. Treat it like a business meeting—dress the part, be punctual and come with all the required documentation in hand.
Bring your photo ID, along with recent pay stubs or other documentation you can use to provide proof of income when completing your application.
You can also expect landlords to:. Just like a job interview, you want to paint yourself in the best light when applying for an apartment. Having references readily available can only help your case, especially if you have one from a prior landlord who can vouch for your reliability as a tenant. References from other creditors can also work in your favor. Your previous utility provider, for example, may be able to provide a letter confirming your positive payment history.
Prospective renters who have pets may be asked to pay a separate fee when completing their rental application. If the property owner is wary of allowing pets at all, asking to schedule a quick pet interview could ease their concerns and tip the scales in your favor.
In some cases, offering a larger pet deposit may help your odds of getting approved, especially if the landlord is concerned about potential damage to the property. Poor credit or a slim credit history can create roadblocks to getting approved for an apartment. Here are some potential workarounds that could help your application along, even if you have bad credit. Getting approved for an apartment comes down to demonstrating that you're a reliable tenant who will make good on your rent each month.
Taking steps to improve your credit score ahead of the application process can help you do just that. Think of it as a hands-off way to strengthen your credit score. Whether you are shopping for a car or have a last-minute expense, we can match you to loan offers that meet your needs and budget. The purpose of this question submission tool is to provide general education on credit reporting.
The Ask Experian team cannot respond to each question individually. However, if your question is of interest to a wide audience of consumers, the Experian team may include it in a future post and may also share responses in its social media outreach. If you have a question, others likely have the same question, too. By sharing your questions and our answers, we can help others as well.
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This is where you'll need two or three recent pay stubs, bank statements, tax statements or a W-2 if you've had your job for more than a year. They may also call your employer to get proof of your employment, as well as questions about you and your salary. When applying for the apartment, you'll also have to give the landlord permission to check your credit.
Checking on how financially responsible you are is an indicator of how well you'll pay your rent on time. If you have bad credit, it may hurt your chances of getting approved, as this is an indicator that shows you're not financially dependable.
New credit may be easier to explain to landlords, especially if you've just graduated and now have your first job. You may want to disclose this when you apply. Consider finding a cosigner or ask if the landlord would accept a lump sum of a few months' rent upfront.
Within the application, you'll need to agree that it's OK for the landlord to do a background check. Like the credit check, a background check shows your personality and dependability. Previous convictions or pending charges may be cause for concern and hinder your ability to rent the apartment. You may see a line on the application that gives you a place to explain anything of concern that may show up in your background check report. Providing context around anything that might raise red flags for the landlord may go a long way.
Explain your side of the story and why it shouldn't be a problem. Have your rental history handy to make the application go easier. If you don't have any past landlords, you can provide personal references. References can include your network outside of your family, like college professors and employers. These references may give the landlord a better idea of your work ethic and how responsible you are.
Co-signers or guarantors are people with good credit who can sign the lease with you. This means they agree to take legal responsibility for covering your rent if you can't. Landlords may also request a co-signer if your income isn't more than three times the cost of the rent — that's a typical income rule that landlords use. If your situation is complicated or you know you probably won't qualify for the apartment, a cover letter sent with the application may help.
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