How to Lease an Apartment With Bad Credit

We all make mistakes--even financial ones--and they can come back to haunt you when you want to rent an apartment. Since most property management companies check credit history as part of their approval process, you might find serious obstacles in your search for the perfect home. Consider the following steps if you want to lease an apartment with bad credit.

Things You'll Need

• Pay stubs
• Copy of your credit report
• Letters of recommendation
• Rental application

Instructions

1. Search for apartments in your area that fall within your price range. Typically, you can't lease an apartment even without a bad credit obstacle unless you make at least two and a half times the rent. In some areas, you might have to make up to four times the rent.

2. Contact each rental property and ask about their approval process. Let them know up front that you have bad credit, but that you are willing to negotiate terms to have a place to live.

3. Offer to pay a larger security deposit to lease an apartment with bad credit. This shows the management company that you are willing to guarantee your ability and willingness to pay by offering more up front.

4. Bring letters of recommendation from previous landlords, employers and creditors when you meet with a property management company. Make sure each letter is typed on official company letterhead, with signatures and contact information at the bottom.

5. Consider asking a friend or relative to co-sign on your rental application. It is often easier to lease an apartment with bad credit when you have someone else who is willing to guarantee your monthly payments.

6. Research low-income housing in your neighborhood if you don't think you'll be able to lease an apartment the conventional way. Often, these properties are more lenient in their approval processes, and might be willing to overlook your bad credit situation.

Tips & Warnings

• Act as professionally as possible when meeting with managers at rental properties. You'll have an easier time leasing an apartment if you're dressed well and clean-cut.

• Be honest about your financial situation from the get-go. They're going to find out anyway when they access your credit report, so focus on finding a solution.

• Never lie on a rental application or misrepresent your financial situation in any way. This could lead to serious consequences.