Whether it is young adults moving out of their parents’ house or having to relocate far from their hometown for work or studies, most of us have been first-time renters with no rental history. Looking for a place to rent for the first time can feel more daunting than usual, as most landlords prefer tenants with references because it provides them with tangible proof of a person’s reliability and character. However, you still can demonstrate your good character and convince landlords that you’ll be a great tenant, even without having rented before. In this blog, we’ll discuss practical strategies to help you prepare your rental application and successfully secure your first rental home.
5 Tips to Apply for a Rental Property as a First-Timer
1 – Prove Your Financial Stability and Reliability
Proving you have a stable income and honour your financial obligations consistently is the first step to getting your application considered as a first-time renter, so focus on gathering all proof of your financial history that can tell the landlord you will pay rent on time and in full: proof of employment, tax returns and a good credit score report will be your most significant assets to help you reassure the landlord that you can cover the rent and are financially responsible.
2 – Provide Strong References
While family and friends are a good place to start gathering references, landlords won’t rely much on them because they’re biased. We recommend you present more professional references, such as employers and colleagues, and third-party personal references, like professors, who can give a more accurate assessment of your character and reliability to landlords.
3 – Rent With a Roommate
Renting with a roommate is a very common option among first-time renters to ease their entry into the market and increase their chances of getting picked up by landlords, especially if your roommate has a good rental history or a stronger credit history than yours. Renting with a roommate will also alleviate the financial burden of the moving upfront costs, the rent payments, and the utility bills and will give you the flexibility to apply for rentals in better locations and with more attractive amenities that you couldn’t afford alone.
4 – Get a Lease Co-signer
A co-signer, typically a family member or close friend with a strong credit history and income, can improve your chances of renting for the first time. As the co-signer agrees to take shared responsibility for the rent payments if you can’t, this can help the landlord get the reassurance and financial security they seek in a tenant.
5 – Get a Guarantor
Unlike the co-signer, who directly signs the lease agreement with you and can be held liable immediately, a guarantor holds a secondary liability that kicks in if the tenant defaults. Guarantors are common in high-risk rentals, that is, when the tenant has a weak financial position, is a student, is new to the workforce, or has an unstable employment history. They give the landlord an extra layer of reassurance that they’ll get the rent payments and that their investment is protected in case of damage.
6 – Increase the Security Deposit
Although the law prohibits landlords from asking for more than a month’s rent as a security deposit, tenants can offer a larger amount as a gesture of goodwill and willingness to take responsibility for the property. Even offering a small extra amount can make a good impression on your potential landlord and increase your chances of renting their property.
The challenge of renting for the first time may be difficult but achievable with patience and persistence and by applying one or all of the strategies above. Evaluate your situation, pick the strategies that best suit your application, and you’ll soon find a place to call home. Happy renting!
