7 Ways You Can Rent Even With Bad Credit

Posted on Tuesday 04 October 2016


Renting that first apartment can be an exciting experience, but dealing with bad credit is a trying one. It is extremely difficult dealing with bad credit when you're looking for an apartment, or home for rent. We will tell you that finding approval for a home rental can vary depending on what part of Canada you're within. Markets like Toronto are very different from Vancouver. If you have strong rental references and a good steady income, renting won't be as daunting a task. We will tell you that some debt works differently than others and some doesn't carry as much weight as others either, which can be a good thing.  Take for instance, medical debt. While this lowers your FICO score, it won't make it necessarily harder to rent an apartment either.  However, if you've been evicted from a previous apartment or home, you will definitely have some barriers to contend with.  Let's take a look at some potential remedies or alternatives to this problem now.

Tips To Make Renting With Bad Credit Easier


Don't forget it's good to weigh all of your options when renting. Also, for those with bad credit --looking for properties for rent owned by an individual is smart. Credit checks are standard procedures at apartment properties, but for the individual with bad credit--privately owned rental property might be more of an option because there is more flexibility. Below are some other tips and strategies that might prove very worthwhile.

  • Having a cosigner might be a lifesaver for you!  This can override any bad credit you have and help you get that rental you really want--as long as your income shows you can pay for it!
  • Provide a landlord with a verifiable way to view your income off and on during your lease period.
  • Be prepared to pay more at signing your lease than others with good credit would.  This will help you have more of a chance of getting approval.
  • You can request a month-to-month arrangement just to prove you're trustworthy and will pay your rent on time every month.  Once you've established this, a landlord will be more willing to sign a year's lease with you.
  • You can also agree to sign a lease that allows a landlord to automatically deduct rent from your bank account.  This is almost like a security policy.  The landlord won't be at such risk of facing a loss in a circumstance such as failure to pay rent.

These tips can really be beneficial for those who have been struggling to find a nice place to live. We all make mistakes, and no one's financial portfolio is perfect. Discover what landlords are on the lookout for today and begin the proper search. It might take a little extra time, but your efforts will pay off in the long run.