I'm in the process of searching for an apartment (my first apartment). If I like 2 different apartments, should I apply for both to see which one I get and then decide which one to move into? What are the chances of getting your apartment application declined/rejected?
Background info: This will be my first apartment so I have no rental history. I'll be starting grad school in Sept. and I'll be paid a yearly stipend, but I don't have a current job. I have no credit cards just student loans which will be deferred while I'm in grad school. Right now I have enough saved up for 1st, last, and security.
2007-07-13 03:04:45 · 5 answers · asked by klutsylee 1 in Business & Finance ➔ Renting & Real Estate
the stipend is $26,500
2007-07-13 03:26:03 · update #1
Can you get someone with a job and a credit rating to cosign your lease? If so, you would probably be approved anywhere as long as your stipend is 3 times the monthly rent.
The classic screening method is a good reference from previous landlord, monthy gross income of 3 times the rent, and a good job reference.
The grad school stipend counts as a job, I assume you have to do some teaching etc. to get the stipend. So list your job as a teaching assistant or something like that, and show the stipend as your income.
If the landlord is a large company they will have a standard process. Some smaller landlords will be a little more flexible if they think you seem like a good potential tenant. Depends a lot on how the housing market is in your area. If vacancies are high, you will have an easier time. Vacancies are high here in Madison. I would accept you with a cosigner for sure, and probably take you anyway, depending on the amount of the stipend relative to the rent
2007-07-13 03:11:25 · answer #1 · answered by John M 7 · 0⤊ 0⤋
It shouldn't be a problem. Everyone has been a first time renter once.
Most landlords of large complexes go by income in deciding to rent to someone. Your stipend is considered income and grad school is your job. The standard formula is 1/4 to 1/3 of your income for rent depending on the complex.
The mom and pop landlords are usually more lenient. If they like you, they will rent to you even if you have a lower income.
Purrs,
The Cat Lady
2007-07-13 03:46:09 · answer #2 · answered by The_Cat_Lady 3 · 0⤊ 0⤋
With no form of regular income you may be denied an apartment. Since it cost $ to apply I would talk to both complexes and explain the situation. Which ever one says they will work with your stipend is the one you should apply to first. But, no rental history is better than bad rental history. Good Luck
2007-07-13 03:15:08 · answer #3 · answered by lovely 3 · 0⤊ 0⤋
You should apply for both, but don't pay the deposit until you are approved...that way if you are approved at both places you can choose which one you want. You do not want to apply for anyplace that is more than $700 per month or you will be declined. One thing land lords look at is whether the rent will be more than 1/3 of your monthly income...so $26500/12=2208/month...2208/month/3=$736/month. You will also want to make sure you can afford rental insurance too as most legitimate places make you have proof of that before they will lease to you. Good Luck
2007-07-13 03:38:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
okay you had better get a job how do you plan to pay for your monthly rent ? and you need to apply for both apt complexs and see which one you can get and which would be better off financially for you . good luck .
2007-07-13 03:09:02 · answer #5 · answered by Kate T. 7 · 0⤊ 0⤋