The Two Numbers All First Time Renters Need to Know
When you’re a first time renter, there are two numbers you need to know in order to make the best decision for yourself: your budget and your credit score. Your budget is how much you can afford to spend on rent each month, and your credit score is how likely you are to be approved for a lease.
What is Considered a Good Credit Score for Renting?
A good credit score will have a dramatic effect on your chances of getting an apartment. A good number would be anything in the 620-800 range. Lower than 620 and you may not qualify for the property of your choice unless you and the landlord are able to negotiate a larger deposit or other arrangement beforehand. Working with a professional apartment locator can help you navigate some of these tricky negotiations.
Rental History Affects Your Credit Score
Your credit score will be affected by your rental history. If you have a good rental history, your credit score will go up. If you have a bad rental history, your credit score will go down. So, it’s important to make sure you always pay your rent on time and don’t damage the property you’re renting.
How to Get Your Current Credit Score
If you’re not sure what your credit score is, you can check it for free at Credit.com. You can also get a free credit report from AnnualCreditReport.com. Once you know your credit score, you can start to figure out what kind of apartments you’re eligible for.
What Happens with Low Credit Scores?
If your credit score is low, you may not be able to qualify for a lease at a nicer apartment complex. But don’t worry – there are plenty of apartments out there that will accept applicants with lower credit scores. You just need to be prepared to pay a bit more each month in rent.
Determine Your Rental Budget
Renting can be a risky venture if you don’t take into account what you can and can’t afford. You may not know what you’re getting into, so it is important that before signing on any dotted line or handing over your security deposit (which often isn’t refundable), that you take some things under consideration.
Calculate your weekly living expenses. This should include utilities, laundry, and groceries. Also consider how long you plan to stay in this property. Your monthly rent shouldn’t exceed 30% of your monthly income.
Have a Tighter Budget?
If your budget is tight, you may need to find an apartment that’s within your price range. There are plenty of affordable apartments available, but you may have to live further away from the city center or choose a smaller apartment. Enlist the help of a professional apartment locator to help you match your current budget with your other apartment goals. Professional apartment locators can save you time and money, helping maximize your budget to your greatest benefit.
Do Your Homework
No matter what your budget or credit score is, always do your research and ask lots of questions before you sign a lease. There’s no one-size-fits-all answer when it comes to renting an apartment, so take the time to find the option that’s best for you.
Partner with a trusted, experienced apartment locator in Texas by contacting Uptown Apartment Locators today! We will work directly with you to find the perfect neighborhood for you and your family. Contact us today at (214) 457-8252 to get started!