Trying to Rent an Apartment With Bad Credit? Here is How

In Manhattan, your credit can open doors to numerous opportunities, be it loans, credit cards, cars and even houses. Even employers are increasingly relying on credit to make hiring decisions. As controversial as it is, one area which has come to increasingly rely on credit ratings is apartment rentals. Individuals and families alike have found their credit scrutinized every time they attempt to rent an apartment. While not all apartments in New York conduct credit checks, people who want to rent premium apartments have found that checking credit has become almost a standard practice among many.

There are various reasons why apartments especially in the New York area choose to do this. The first reason is the obvious one where apartments simply want to make wise investment and rental decisions in that they want someone who will stick through the term of the lease. Secondly they conduct a credit check in order to be fair across the board. Manhattan is one city where there is a huge demand for apartments. This is because of the huge population and the shortage of units. In many cases a credit check will be conducted. So how can one rent an apartment without having good credit?

Look for individually-owned units

Many apartments in Manhattan are owned by corporations. These will most likely conduct a credit check although some don’t. If you have spotty credit, avoid apartments that conduct credit checks and instead concentrate on those that do not. If you are looking for apartments that do not conduct credit checks, the best place to look is for apartments that are individually-owned rather than those that are owned by corporations. You can find these individually-owned apartments on Craigslist.

Offer to pay a higher deposit amount

If you have bad credit in new York, you can offer the apartment management a higher deposit. This signals to the leasing management that you are a responsible person and that you want to make amends as far as your bad credit. Offering a higher deposit also makes the landlord feel safe as far as damages and loses to the property while you are there.

Get a cosigner

In order to be approved for an apartment with bad credit in Manhattan, you may need to get a cosigner. This is someone who has good credit and/or a good rental history. A cosigner promises to be responsible for all the charges in the event that you default.