Friday, May 27, 2011 - By Maria Paulia Belgado
Special to Relocation.com
Are you planning to rent an apartment? Even though the real estate industry is currently a “buyer's market,” there are situations when it's still wiser to rent one instead of buying a house. Here are some of the main requirements of renting one:
1. Age Requirement.
Typically you must be at least 18 years old, in order to rent an apartment or house. You'll also need to provide official proof of your age. That could include various types of identification, such as a driver's license, passport, and so on. These are crucial requirements when renting out an apartment, so take the necessary steps to secure them. They could also take a while to secure, so get a head start.
2. Credit Report.
A landlord might or might not request a credit report from you. Even if he or she doesn't, you should probably have it handy anyways. Your credit report provides a snapshot of your credit situation. If you've been able to pay your bills consistently in the past, then you'll likely be able to pay your rent on time. While your ability to pay your rent each month isn't the only concern that landlords will have, it's definitely one of the most important ones. To increase your likelihood of being accepted as a tenant as an apartment, you could even secure multiple credit reports.
3. Key Money.
This is basically a deposit that's equal to one or two months of rent. It basically protects the landlord from any damage that's incurred while the tenant is renting the apartment. Usually Key Money is equal to the first and last month that you rent the apartment. Although it can be somewhat steep based on your monthly rental, it's refundable whenever you move out of the apartment. So if you're truly interested in renting a certain apartment, take the necessary steps to secure the Key Money you need.
4. Personal References.
Sometimes the information in black and white doesn't give a complete view about a person. That's why potential landlords will usually require you to supply multiple personal references. This could include past landlords, current employers, college professors, and so on. Consider the quality of certain references before submitting them. Your best friend probably wouldn't be a good one. Instead, choose people who would qualify in creating objective, professional references. They'll provide more credibility.
5. Rental History.
While this might not be a formal document per se, it's something that a potential landlord will likely research. How long did you rent a particular apartment? Did you consistently pay your rent on time? Were there many complaints against you? If you have a good rental history from previous apartments or houses that you rented, then you shouldn't have any problems securing a letter of recommendation from your previous landlords. Even if your “rental history” isn't perfect, it will certainly add credibility to it. Sometimes the records of your previous apartment or house rentals don't tell the entire story. The landlord will have an accurate sense about your character and reliability.
