Are you on the hunt for an apartment as a first-time renter? Are you worried about getting approved because you have no rental history? In the months leading up to getting your own place, working on essentials such as building credit and health money management habits can give you the upper hand. However, even if you have personal references and proof of income for an apartment in hand, some landlords may turn you away.
But there are still ways to prove you’d be a worthy tenant.
How to rent with no rental history
As a newly independent adult, one of the first big hurdles you’ll face is how to get an apartment with no rental history. Fortunately, nabbing the perfect pad can be done – with a little foresight.
Prepare your credit
Having no credit or rental history might put you at the bottom of the prospect list. If this is you, it’s time to establish your credit history with a Credit Builder loan. For only $19.99 per month, a Credit Builder PlusSM membership can help plump up your credit history with:
No hard credit checks1
Regular reports to three major credit bureaus
Competitive-rate installment loans with 12-month payback periods
After boosting your credit with a Credit Builder membership, you’ll be ready to take the next step: applying for your rental.2
Resolve any credit history issues
Are your student loans in default?
You may think this question has nothing to do with renting an apartment – and you’d be wrong. Student loans, car loans, personal loans, and other types of debt can be bad when they impact your credit report.
While it’s not impossible to get an apartment with bad credit, it’s rare to find no rental history check apartments. Thus, you should take the time to correct negative marks on your credit report before you apply. You may need to pay down your debts, build a regular deposit history, or create a budget.
And if you’re not sure where to start, a RoarMoneySM account can help. The MoneyLion app includes the Financial Heartbeat® tool and spend tracker reports can help you monitor your budget! Plus, you can access other features, such as 0% APR InstacashSM.
Look for flexible landlords
When it comes to renting, larger apartment complexes typically have stricter tenant requirements. Hiring a real estate agent to help you find a landlord who’s not as firm on rental history can help you navigate your options. You can also broaden your prospects to include homeowners renting out a spare room, loft, or garage. You may find you like living with a roommate – or even a family of roommates!
Provide supporting documents
One step you can take to prove you’re a worthy first-time renter is to provide data upfront – before your potential landlord runs an all-inclusive credit check. Of course, you’ll want to bring proof of income and personal references for an apartment manager to review. You also may want to include other evidence of eligibility, such as:
Credit reports
Bank statements
Employer verification
Ask someone to co-sign
You may have heard of loan cosigners – perhaps you’ve even co-signed (or had someone cosign for you) before. But did you know that you can also get a co-signer on an apartment lease?
Co-signing for an apartment is similar to guaranteeing a loan. Your cosigner is not required to live in the apartment, but they do have to put their name on the lease. And, if you can’t pay your rent, they’ll have to cough up the dough – or face a potential lawsuit as your co-defendant.
But if you’re generally responsible with money and have the income to pay your rent, tapping a trusted family member or friend can improve your odds of being approved.
Get a roommate
If you can’t find someone to co-sign your apartment, it’s always possible to find a roommate, instead. After all, two people with supporting documents are better than one! (Bonus points if they have a good rental history.)
Start by asking family or friends if they’d be interested in bunking with you for a few months. Or you can check out roommate-finding sites such as Roommates.com or Roomster.
Pay more upfront
Instead of living with a roommate, another option is to save your salary and offer your potential landlord three to six months’ rent upfront. By guaranteeing payment immediately, you prove you’re a responsible tenant, despite having no rental history.
With MoneyLion RoarMoney cashback rewards, you can earn cash back everyday on purchases to save toward your goals.3 What better way to save for your future apartment without even trying?
Skip renting and buy
Renting isn’t for everyone, and for some individuals, buying a home makes more financial sense. Thus, if all else fails, you can talk to family or friends about living at home until you can improve your credit score and stash away cash toward a down payment.
Final Thoughts on Getting an Apartment with No Rental History
While getting approved for an apartment with no credit check or rental history isn’t impossible, it does require some foresight and future planning. By preparing your credit, hunting for the right landlord (and maybe a roommate), and gathering your documents, you can set yourself up for success. And once you have your supporting financial documents in hand, file your return at 1040.com. For only $25, you can maximize your refund this tax season and put that money toward renting your new home.
You may like
Community Posts
Similar Posts
Disclosures
Credit Builder Plus membership ($19.99/mo) unlocks eligibility for Credit Builder Plus loans and other exclusive services. This optional offer is not a Pathward product or service. A soft credit pull will be conducted which has no impact to your credit score. Credit Builder Plus loans have an annual percentage rate (APR) ranging from 5.99% APR to 29.99% APR, are made by either exempt or state-licensed subsidiaries of MoneyLion Inc., and require a loan payment in addition to the membership payment. The Credit Builder Plus loan may, at lender’s discretion, require a portion of the loan proceeds to be deposited into a reserve account maintained by ML Wealth LLC and held by Drivewealth LLC, member SIPC and FINRA. The funds in this account will be placed into money market and/or cash sweep vehicles, and may generate interest at prevailing market rates. You will not be able to access the portion of your loan proceeds held in the credit reserve account until you have paid off your loan. If you default on your loan, your credit reserve account may be liquidated by the lender to partially or fully satisfy your outstanding indebtedness. May not be available in all states. Credit Reserve Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclaimers relating to the MoneyLion Credit Reserve Account, see Investment Account FAQs and FORM ADV.
MoneyLion is a financial technology company, not a bank. RoarMoney℠ demand deposit account provided by, and MoneyLion Debit Mastercard® issued by, Pathward®, National Association, Member FDIC. RoarMoney is a service mark of MoneyLion. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International. Funds are FDIC insured, subject to applicable limitations and restrictions, when we receive the funds deposited to your account.
The Financial Heartbeat® financial tracker is intended to provide financial insight based on accounts you have linked to your MoneyLion account and other information you provide to MoneyLion. MoneyLion does not track your non-linked bank accounts, credit cards, spending or other financial activity, so your Financial Heartbeat score and insights may not reflect your complete financial picture. The Financial Heartbeat analysis is for educational purposes only and does not represent tax, investment or other financial advice. You should consider consulting with a financial or tax advisor with complete knowledge of your financial situation before implementing any financial planning strategy.
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
Investment advisory services provided by ML Wealth LLC. Investment Accounts Are Not FDIC Insured • No Bank Guarantee • Investments May Lose Value. For important information and disclosures relating to the MoneyLion Investment Account, see Investment FAQs, Form ADV Brochure, and moneylion.com/investing. Accounts are subject to a monthly account fee of $1, $3 (accounts valued over $5,000), or $5 (accounts valued over $25,000).
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
When you apply for CreditBuilder Plus, we will perform a soft credit pull to review certain financial information. This soft inquiry has no impact to your credit score and may or may not be recorded in your credit reports depending on the bureau. This is unlike a hard credit pull which affects your credit score and can appear on your credit report for two (2) years.
Credit score improvement is not guaranteed. Credit scores are independently determined by credit bureaus, and on-time payment history is only one of many factors that such bureaus consider. Your credit score may be negatively impacted by other financial decisions you make, or by activities or services you engage in with other financial services organizations. MoneyLion is not a Credit Services Organization.
Cash back rewards are capped at $25 per month. Cashback rewards are subject to terms and conditions, see here.
Rewards are an optional service offered by MoneyLion and are subject to certain terms and conditions, Qualified purchases of $10 or more in a single transaction made with your MoneyLion Debit Mastercard or RoarMoney virtual card are eligible for the MoneyLion Shake ‘N’ Bank CashBack Promotion. Cash Back Rewards begin at $0.01 and are subject to a cap of $120 per transaction. Must be a MoneyLion member in good standing to participate. Any Cash Back Rewards you earn will be deposited into your MoneyLion Investment Account. Your opportunity to receive Cash Back Rewards may expire if you do not successfully complete the Shake ‘N’ Bank activity within a time period disclosed to you in the MoneyLion app. MoneyLion reserves the right to review transactions for eligibility and to discontinue this incentive at any time without notice. Any fraudulent or other suspicious activity will void any rewards points earned and may also result in account suspension or cancellation. Certain exclusions and limitations apply. See MoneyLion Rewards Program Terms and Conditions for more information.