How to get an apartment with bad credit


Renting your first apartment is an exciting event in life, but sometimes it can seem like an impossible dream. Landlords will often want to check your credit score before considering your application. But what do you do if your credit score isn’t quite up to par yet?

Fortunately, renting an apartment with “bad credit” is possible. Here’s how.

What is a bad credit score?

Before we begin, let’s first see what bad credit actually is. In the United States and Canada, credit scores start at 300. They go up to 850 in the United States and 900 in Canada. In the United States, a credit score of 620 is considered fair, while Canadian lenders and homeowners consider a score of 660 or higher to be trustworthy.

Most homeowners and lenders in the United States consider everything score less than 580 have a bad credit score, whereas in Canada, a bad credit score is 574 or less. If this describes your credit score, don’t worry. It is still possible to rent an apartment. You may need to take a different approach.

Offer to pay more in advance

When you rent an apartment, you will usually have to pay a security deposit and one month’s rent up front. However, if you have bad credit, some landlords and property managers will allow you to pay two or three months rent in addition to the security deposit. This helps earn their trust and gives them peace of mind that you take your financial responsibilities seriously.

It also gives you a bit of flexibility, giving you a head start on your rental schedule. You may even be able to arrange to use the extra money as a buffer in case you run into financial difficulties in the future. Just be sure to put everything on paper and in the rental agreement.

Use supporting documents and references in your application

If you’ve rented before or have a stable job, it may be easier to convince a property manager or landlord that you’ll be able to meet your monthly payments. Remember that your credit score is only one part of your overall credit report. By providing supporting documents and references, you can show potential owners a more complete picture of your financial situation. Here’s what to bring:

  • payslips: The more you provide, the better, so try to give several months worth of recordings. This shows that you have a stable job and that you have the funds to manage the rent.
  • Evidence of previous rental experience: Bring copies of payments you have made if you have rented before. Bank statements can also be helpful, as well as proof that you paid your utilities on time.
  • Recommendations: A good character reference will always help an owner make a decision. Talk to previous owners or management companies, as well as employers or other business associates.

Ask someone to co-sign

Finding a reliable co-signer can make it easier to rent an apartment with bad credit. The co-signer will often be someone you know, such as a family member or friend, but it’s essential that you both know what you’re getting into. Co-signing presents a risk for the co-signer. Since they share financial responsibilitytheir credit report will also be affected if you do not make a payment.

The ideal co-signer will have a good credit rating and a history of on-time payments, such as mortgage payments and credit card payments.

Think about sharing

Sharing an apartment with a roommate can be a great way to rent with bad credit. Property owners and managers are more willing to accept applicants with poor credit if they Share it rent with another tenant. Because your rent will be lower, you are less likely to miss a payment.

Alternatively, you might consider sublet from someone who is already renting. This way, your roommate will take care of paying the rent while you pay it. Of course, you may still need to do a credit check, but it’s usually less stringent than if you were looking to rent on your own.

Interested in renting an apartment in some of the most popular US and Canadian cities? Visit the links below:

Apartments for rent in Windsor
Apartments for rent in Saskatoon
Apartments for rent in Richmond Hill
Apartments for rent in Montreal
Apartments for rent in Mississauga
Apartments for rent in Kitchener
Apartments for rent in Toronto
Apartments for rent in Ottawa
Apartments for rent in Regina
Apartments for rent in Vancouver


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