Solutions For RealSolutions For Real
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Nothing Beautiful About 21% Cuts To Social Security

June 2, 2025

Santander Shuts Doors As Digital Banking Takes Over

June 2, 2025

12 Home Upgrades That Can Actually Hurt Your Resale Value

June 2, 2025
Facebook Twitter Instagram
Trending
  • Nothing Beautiful About 21% Cuts To Social Security
  • Santander Shuts Doors As Digital Banking Takes Over
  • 12 Home Upgrades That Can Actually Hurt Your Resale Value
  • Ways to Save Money That Financial Advisors Secretly Mock
  • Will U.S. Inflation Drop Below 2% Again?
  • JPMorgan Releases Summer Book List for Wealthy People
  • Get Microsoft 365 for Six People a Year for Just $100
  • Your Team Will Love This Easy-to-Use PDF Editor
Monday, June 2
Facebook Twitter Instagram
Solutions For RealSolutions For Real
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
Solutions For RealSolutions For Real
Home » Get approved for apartment as first-time renter with these tips
Credit Cards

Get approved for apartment as first-time renter with these tips

News RoomBy News RoomNovember 16, 20240 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

If you are renting an apartment for the first time, there are likely many questions swirling in your mind. 

You may be wondering how much you should be spending on rent. You could be curious about the potential extra costs beyond rent. Perhaps you’re worried about being approved for the apartment you want to call home. 

When it comes to being approved for an apartment, don’t let your lack of prior rental status deter you from beginning the process. There are plenty of things you can do to prove yourself as a reliable tenent and help you quickly get approved.

RENTAL PRICES MAY BE LOWER IN WINTER BUT BEWARE THAT OPTIONS MAY BE LIMITED, EXPERT SAYS

Find tips below on how to get approved for an apartment and other key aspects of the apartment search to be mindful of. 

  1. How to get approved for an apartment as a first-time renter
  2. What should I ask before signing a lease?
  3. How much should I spend on rent?

1. How to get approved for an apartment as a first-time renter

One of the biggest hurtles to get over when renting for the first time is displaying yourself as a reliable tenant without any prior renting experience. 

Typically, in the application process for an apartment, potential tenants interested in the property are asked to submit one or more recommendations from past landlords. 

THESE 5 CITIES HAVE HIGHEST RENT FOR 1-BEDROOM APARTMENTS

If you are required to submit references but don’t have any rental history, there are ways to get around this issue. 

“Without any rental history it could be a bit challenging, but there are other ways that can convince the landlords, such as providing more personal references, proof of income, increasing the security deposit, offering to pay more rent in advance, or finding a roommate with good rental history or a co-signer,” Jiayi Xu, economist with Realtor.com, told Fox Business in an email. 

Another troublesome aspect that could come up in the application process is credit score.

Woman working on her laptop at home

To get approved for a rental, a credit score of 650 or higher is generally where you want to be, Xu advised, as 650 is typically the minimum score that landlords require of tenants.

It often takes a long time to build a good credit score. That said, making sure bills are paid on time and keeping your credit balances low can help to improve your score, according to Xu.

TO RENT OR TO BUY? WHAT TO CONSIDER WHEN DECIDING BETWEEN A HOUSE OR APARTMENT

2. What should I ask before signing a lease?

Before you sign a lease, the first step is to tour apartments, if you have the time. 

Pictures can be deceiving. Plus, factors like noise level and overall cleanliness aren’t things you can spot through a screen.

Going in person to tour apartments can give you a much better idea of what you should expect and will make you feel more confident in signing the lease.

People signing a lease

While you are touring apartments, there are several key questions you should ask. Xu highlighted questions like “Is there free parking?” and “Who is responsible for covering utilities?” as ones worth asking. 

VET POTENTIAL TENANTS WHO HAVE APPLIED TO LIVE IN YOUR RENTAL PROPERTY WITH THESE TIPS

Fees like this can quickly add on to your overall monthly costs.

Xu also recommended asking about the amenities that are offered. Many apartments have fitness centers, pools and community rooms for guests to take advantage of. If this is something that is important to you in your new home, it’s absolutely worth asking about. 

You can also inquire about whether there are any additional fees to use the amenities, as some places do charge for those extra features.

A woman walking her dog

Xu said to ask if there are any restrictions on guests as well as who should be contacted in the event of a maintenance concern. 

If you have pets, make sure you ask about the pet policy, Xu said, and ask about any potential fees for having a pet.

 

There are also some hidden costs that are important to ask about and keep in consideration, like “renter insurance, late fees, cleaning fees when moving out, and renewal fees when the lease ends,” according to Xu.

3. How much should I spend on rent?

One common method for how much should be spent on rent is the 30% rule.

“One approach to measuring rental affordability is the 30% rule of thumb,” Xu explained.

“According to this rule, a household should spend no more than 30% of its gross income on housing costs,” Xu continued. “The U.S. Department of Housing and Urban Development uses this approach. HUD defines cost-burdened households as those paying more than 30% of gross income on housing (including utilities) and severely cost-burdened households as those paying more than 50% of their income on rent (including utilities).”

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Travel experts break down the top credit cards to maximize summer vacation savings

Credit Cards May 15, 2025

Products such as Credit Karma and NerdWallet benefit consumers, do not harm them: report

Credit Cards May 11, 2025

Judge tosses Biden-era credit card late fee rule: What to know

Credit Cards April 17, 2025

Credit card rewards are about to vanish, and guess who’s to blame?

Credit Cards April 5, 2025

United increases airport lounge fees to counter overcrowding

Credit Cards March 25, 2025

Americans' credit card and household debt reach all-time high

Credit Cards February 19, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Santander Shuts Doors As Digital Banking Takes Over

June 2, 20250 Views

12 Home Upgrades That Can Actually Hurt Your Resale Value

June 2, 20250 Views

Ways to Save Money That Financial Advisors Secretly Mock

June 2, 20250 Views

Will U.S. Inflation Drop Below 2% Again?

June 2, 20250 Views
Don't Miss

JPMorgan Releases Summer Book List for Wealthy People

By News RoomJune 2, 2025

For the past 26 years, JPMorgan has released a summer book list that caters to…

Get Microsoft 365 for Six People a Year for Just $100

June 2, 2025

Your Team Will Love This Easy-to-Use PDF Editor

June 2, 2025

Can You Raise a Family Without Sacrificing Retirement?

June 1, 2025
About Us
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: [email protected]

Our Picks

Nothing Beautiful About 21% Cuts To Social Security

June 2, 2025

Santander Shuts Doors As Digital Banking Takes Over

June 2, 2025

12 Home Upgrades That Can Actually Hurt Your Resale Value

June 2, 2025
Most Popular

3 Ways To Get Paid To Advertise On Your Car

November 2, 20232 Views

Dr. Meir Statman’s Fourfold Framework For Financial Well-Being

April 7, 20251 Views

Mark Cuban Calls Health Costs ‘Horrific’: 7 Moves to Crush Your Medical Debt Fast

April 7, 20251 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 Solutions For Real. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.