How to Get Your Lease Application Approved (Probably)
There are several ways to give your lease application its best chance to get approved at your apartment complex of choice. This post walks through the different elements to have in place when you finally put your name on a form.
Bart Shirley
9/4/20263 min read
When you pick out the apartment you want, it's hard not to feel excited. You begin imagining where all your decorations will go in the unit, what it will be like to use the amenities there, and what it will be like to drive to your job, your school, or your hangout spots from the new place.
Nothing can deflate that feeling faster than getting your lease application denied. It's disappointing, and can put a bad taste in your mouth about your entire apartment search.
So, it's a good idea to have your ducks in a row before you put in that application. Here are the different ways you can give your lease application the best chance for approval.
Have the Rent Multiple
Apartment complexes want to see that your finances, barring something unforeseen, can support the full term of the lease. Each one requires that your gross monthly income be above a certain multiple of the rent amount quoted to you.
The majority of apartments require that you make at least 3 times the rent in order to be approved. So, for every $1000 of rent, you need to make $3000 in income.
Now, the 3x rule is not absolute or an industry standard. In fact, there are plenty of complexes that don't have requirements so high. Some of them require only 2.5x or even 2 times the rent.
Whatever the case, be prepared to demonstrate that you make that much. A few pay stubs are the best way to do so, but you can also show them bank statements or W-2s.
Co-signers can also help you overcome any income deficiencies that you have. Just be aware that any co-signer will have to pass a background check of their own and will have to demonstrate their own financial capability - usually 5x the rent amount or more.
If your chosen apartment is only affordable due to a new job, be prepared to show them the offer letter and/or your acceptance that mentions the salary figure. It is also possible that your chosen apartment will not accept an offer letter as sufficient income proof, so make sure to ask (or have your friendly apartment locator ask) before you go on the tour and get excited.
Clean up Your Credit and Tenant History as Best You Can
In an ideal world, you've never been evicted. You've never missed a payment on a credit card, you haven't acquired much debt, and you don't have any criminal convictions.
If that's your reality, great! You can move onto the next section. If not, however, you need to do your best to clean things up.
The biggest obstacle that I encounter as an apartment locator is unpaid eviction balances. Evictions aren't great to have in your past, but many complexes treat a standing balance of past due rent like an unforgiveable sin.
If you do have a balance, it's best to pay it off right away. If that's not possible, however, you should at least establish a steady payoff schedule that you can show to prospective new complexes. The worst thing to do is give the impression that you have gotten kicked out of an apartment before and you have no interest in making it right.
Similarly, you should do your best to resolve any debt that you have outstanding on your record before you apply - even if it's credit card debt. Although it sounds harsh, an apartment complex's biggest priority in getting a new tenant is ensuring - as best it can - that the tenant can pay.
If you have debt or issues on your record, you may be able to overcome them if you can pledge a larger amount of money upfront. If you can pay a significant portion of the rent in advance, the complex may be more willing to work with you.
However, be realistic about what you're bringing to the table. Evictions or felony convictions less than three years old are going to limit your options for living spaces.
Pick out a Few References
The last thing to do is have some good references that are willing to put in a good word for you. A co-signer might be able to help in this regard, too.
The best type of reference is someone who isn't family or a friend. If you have a boss who can vouch for you, there's no better way to signal that you are trustworthy.
However, even a friend or family member is likely fine. You just need to have a few people in your corner.
Do any of these factors guarantee approval?
No. I want to be very clear about that. I cannot guarantee that a lease application will ever get approved.
What you can do, though, is make yourself the best applicant that you can. You can also make sure to apply to locations that fit your budget and situation. It's okay to stretch a bit, but in the end, you want the apartment that fits you like a good shoe, no matter how flashy it looks on the outside.
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Bart Shirley is a licensed real estate agent (#843214) in the State of Texas. He is an affiliate of C. R. Realty of Katy, Texas, and sponsored by broker Charles Ray (#498579). All commissions earned by aBARTments.com and Bart Shirley are to be issued to C. R. Realty, not Bart Shirley.
C. R. Realty is located at 5604 1st Street #101, Katy, Texas 77493. The office phone number is (832)646-0512.