How to get approved for rental?? Please help.

kgall1986January 21, 2008

I am a full time student and so is my girlfriend of 5 years. We are looking to move into an apartment together. First off both of us have great credit. I know I have 0 late payments and so does she. I do not believe it is possible for us to gain a guarantor or co-signer though which seems to be a must in our situation. I currently am unemployed but looking for a little part time work while in school. I have approximately $6000 in my bank account though so I can pay several months up front or a little bigger security deposit if you guys think that would help sway a complex? Also my girlfriend and I will be able to take out additional funds with student loans to pay for rent while being in school. And we will be wealthy once out of school as well with high paying and high demanded jobs. Rent will not be a problem at all I just think it will be hard to get approved with no past rental history, no current employment, and no co-signer. Any suggestions and advice would be greatly appreciated. Thank you.

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I am almost tempted to tell you to forget renting - buy a home instead! You are in a good position financially and the market is definitely a buyer's one now, however I wouldn't really advise such a thing unless you're definitely ready for it yourself. Have you considered getting some kind of reference note from your bank attesting to your good financial position and using that as 'collateral'? Have you at least approached a few places and been straight with them about your dilemma and asked them to give you a chance, or at least any idea what to do without having a co-signer (you can't be the only people who've ever been in that position)? The one thing I would suggest is that you be careful (in this turbulent market) about assuming you'll be 'wealthy' with great jobs as soon as you're out of school - nothing, nothing at all, is a sure thing these days and you don't want to be caught short if things don't swim as well as you'd imagined.

    Bookmark   January 21, 2008 at 5:18AM
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Well, I've been thinking about this. I'm a smaller landlord (3 houses) so tend to be more flexible than say a huge complex.

Before I go further, and this is not to discourage you, just to 'prepare' you a bit. I agree with lucy on your immediate future post-graduation. Don't get me wrong, no doubt when you graduate and get jobs it will feel wealthy, and as you grow in your careers and life, nothing will serve you better than investing your time in a good education. Just don't bank on having a great job with a six figure income right out of college ;). You need to plan for that 'window' of transition between graduating and getting established in your career field (and paying off student loans). Then take off and fly! So try not to blow all your money. ;)

Couple questions:
How many years of college do you have left?
Does your girlfriend have any income?

I do believe in giving people chances. I would rather have you on a yearly lease, but no job, no visible income, full time student, that could get sticky for both of us. I really don't like to do month to month leases, but if I were considering you and your GF, that's the path I'd take. If something soured, I could get you out fast (30 days) and wouldn't have to go to court to do so on a monthly lease. Problem with that is I could be looking at re-renting in as little as few months if the money dries up.

So I'm thinking your best bet is not a complex but rather a house or small apartment geared toward students. They are probably more acclimated to the high turnover rate. Are you in a college town, or do you go to a commuter campus?

Another thought, depending on what rents are in your area, would be to pay the landlord the deposit and a few months up front. Granted you'd be stuck if you hated it there, but it might be a gesture of good faith that you've got rent covered at least for now. Are you banking on the student loans you'll be getting for a future semester (this semester has already been processed, yes?).

If you would answer some of the things I've inquired about, that would fill in a few more blanks and might lead us to a more viable solution for you.

    Bookmark   January 22, 2008 at 6:27PM
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You are in college and have 6000 between you, and you are unemployed. How would rent not be a problem? Are you aware that student loans are a nightmare--why would you want to increase them more than you have to? Just talk to anybody who is several years out of school and still has loans.
I think both of you should be looking for jobs--maybe you could get a job as rental asst. managers, doing repairs, etc. in an apartment complex.

    Bookmark   February 8, 2008 at 10:03PM
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"I am almost tempted to tell you to forget renting - buy a home instead! You are in a good position financially and the market is definitely a buyer's one now ..."

Are you JOKING?

They're both students, have only a few thousand dollars in the bank, and are unemployed. You call that a "good" financial position to buy a home?? In most places they wouldn't even qualify for RENT!

That kind of thinking is precisely why our country is on the brink of a recession fueled by a mortgage meltdown.

    Bookmark   February 18, 2008 at 7:30PM
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