Getting Approved for an Apartment Even With Bad Credit, Broken Lease or a Felony
The real estate market has made a tremendous rebound in just the last 24 months alone. This has also come on the heels of a recovering economy which has more people working than back in 2009. While incomes have stayed somewhat stagnant, people are feeling confident enough to rent and buy again. This has meant a demand on housing especially when it comes to apartment rentals. One way apartments mitigate against this demand has been to become more stringent when it comes to approval requirements. That, coupled with tough new regulations in the real estate space, has meant people with bad credit, prior broken leases or even felonies can expect to be given a hard time, if not downright denial of approval when it comes to apartment rentals. Our researchers have gone to great lengths to address this issue, hence the creation of this website. We want to provide as much information as possible for individuals and families to navigate through the apartment and home rental approval process. Our title “Bad Credit Apartments” does not automatically mean we showcase apartments that rent exclusively to bad credit applicants but rather, that we provide information that can increase your chances of being approved for any apartment of your choice regardless of credit rating.
Do bad credit apartments exist?
This is a good question. We cannot categorically say that there are “bad credit apartments” per se since most apartments also welcome tenants with perfect credit. Indeed, they prefer these types of tenants because they have a higher likelihood of fulfilling their rental agreement obligations. But apartments also do accommodate people whose credit is less than perfect. It is a known fact that the more vacant units they have, the more lenient they are in a bid to fill those vacancies. So our aim is to provide strategies that increase the chances of being approved regardless of apartment complex or credit scores. Apartments also tend to favor applicants who, regardless of credit scores, have a good work history, good income, good references and a professional appeal. This is not to say that you cannot be denied if you present these credentials but have terrible credit. Some apartments also have a zero tolerance for felonies and will automatically issue a denial regardless of income, work or rental history. This is not to say there are no ways around that.
How can I find apartments that do not conduct credit checks?
When searching for an apartments, the prudent thing to do is to assume your credit will be pulled. That is why it is highly recommended that you check your credit every six months to ensure everything contained in it is accurate (check reports from all three credit bureaus). This is important because statistics show over 60% of the US population has errors on their credit report. Some of these errors can be serious enough that when disputed, can significantly affect the overall score.
As we mentioned earlier, it is profoundly challenging to come up with an exclusive list of apartments that do not conduct credit checks. Most do and it is safe to assume that an apartment will pull your credit, rental and criminal history at the time you submit an application. Be prepared for this. One way to prepare is to pull your own credit ahead of time to avoid surprises. Disputing any items you do not agree with can boost your scores. Secondly, arm yourself with good references and possibly a letter explaining why your credit was damaged and the steps you are taking to remedy the situation. Many leasing managers are very understanding especially when it comes to events beyond your control such as a divorce, illness, death in the family, natural disaster or business shutdown.