When it comes to renting a home with bad credit, there are factors that can be in your favor. Landlords who have multiple properties may be better able to take on the risk of a less-creditworthy applicant than those who have one rental unit and are depending on that rental income to pay the mortgage.
A rental home that’s been vacant for a long time may also have less-stringent requirements if the owner is trying to find a tenant.
Honesty is the best policy — when there’s money in it. An explanation of why your credit has taken a hit can give a landlord insight into whether you’re financially irresponsible or have run into a string of bad luck.
A letter from a former landlord can show your track record for paying rent on time, your respect for both the property and the neighborhood and the length of time that you resided at each property.
Other helpful factors that might land you a lease include an employment verification letter and the offer to set up rent payments to be automatically deducted from your checking account.
An offer to pay a larger security deposit can go a long way too,landlords may feel safer that you are financially secure and that there is less risk of breaking the lease.
Leave a Reply