Renting a new apartment let alone renting your first apartment is a big decision. This can be a stressful purchase with factors such as price, size, and location. As a first-time renter you want to make sure that the apartment is perfect. Here are a few important tips for first-time renters and steps to get your rental application approved. 

1. Inspect Apartment in Person

Visiting the apartment before making an offer can be beneficial to identify if there are issues such as pests, leaky taps, noise from the street, and if there are any damages to the unit. This assessment can lead to a better deal for the apartment, or sway your judgement to not rent it.  

2. Costs of Renting

The costs included in renting an apartment are not solely the rent price and initial costs. There are other costs to consider such as utilities and telecommunications, parking, moving expenses, and general maintenance. These extra expenses will add up quickly which could exceed your budget.

3. Credit History

Credit history is a very important factor for many purchases and plans of an individual. A good credit score when renting an apartment isn’t as important compared to getting a loan, however, landlords will check to see if you have reliably and continually made previous payments. Having a good credit score and credit report will increase the chances of getting the unit.

4. Rental Agreement

The rental agreement is a written document that outlines the responsibilities a landlord and tenant agree to. This document is legally binding therefore it helps resolve any issues that could arise during the tenancy. Basic terms of an agreement include: the parties names, monthly rent, date of payment, length of tenancy, inclusions of monthly payment, conditions for termination, security deposit, increasing rent, and any other rules. Reading and fully understanding the rental agreement is extremely important.

5. Renter’s Insurance

Insurance for anything is always a good thing to have. Renter’s insurance is important to have because it can cover accidental costs caused by; damage to or loss of possessions, accidental damage to the rental unit, personal property stolen from cars, injury caused to visitors, and natural disasters. Renter’s insurance could save you thousands in the event an accident occurs. 

6.Rental Frauds and Scams

Frauds and scams have increased in many sectors since the beginning of COVID-19, and rental scams are no exception. Some of the telltale signs of a rental scam include: very low monthly rent, a deposit request with no formal rental agreement or lease in place, a security deposit request to a landlord outside the country, offering a rental unit with no background check, being asked immediately for personal or financial information, and the photos online are only from the exterior or they don’t match the property at all (Government of Canada, 2020). 

After considering all of these factors and deciding you want to continue with making an offer on the apartment. Here are a few steps to help with getting the application approved. You can prove to the landlord that you have a stable source of income, you have or are improving your credit score, obtain references from former landlords or from reliable and professional sources such as employers, keeping all paperwork organized, having a co-signer to guarantee payments, and even a cover letter to explain your unique situation for wanting the apartment. These steps can help a renter go the extra mile to obtain application approval. 

Government of Canada. (2020, June 5). Renting your first apartment or house. Canada.ca. Retrieved November 12, 2021, from https://www.canada.ca/en/financial-consumer-agency/services/renting-first-apartment.html.