Applying for an Apartment or Condo - How to avoid rejection

Looking for a new place to rent can be challenging, and many rental companies and buildings now require a bunch of information before you will be approved to live there.  If you are rejected from an apartment building, the first thing you should ask is why your application was rejected.  This will tell you what you need to fix or change or adjust for your next application.

Although all the information they require seems overwhelming and a bit tedious, all they really want to know is that you will be able to pay your rent, that you will pay it on time, and that you are a good tenant.  Therefore the following information is usually requested:

Credit History – Are you low risk, average risk, or high risk?

Rental History – Are you a good tenant?  Did you maintain a well-kept unit?

Bank Statements – Will you be able to afford the rent?

Employment Letter – Are you employed? Will you continue to be able to pay the rent?

Personal References – What type of person are you?  How is your character? Are you responsible?

 

1. Credit History: If you were rejected because of your credit, start by getting your credit report. You can order it off of Equifax for around $20.  Go through it carefully.  Make sure that there aren’t any errors or marks you didn’t know about.  If there are, call and make sure it is fixed right away.   If there are no errors but your credit just isn’t good, try to fix it.  There is no immediate fix and a simple cure does not exist.  I would recommend going to your bank and asking what they recommend.  If you don’t have the time, try asking the property manager if they would be more lenient if you paid a couple months more in advance.
    
2. Rental History: If you were rejected due to your rental history, it would most likely be because of the lack of history. If you are renting a place on your own for the first time, tell them that.  Ask them if you provide more personal references if it would suffice.  If however, you have a bad rental history and you were not a good tenant for your last landlord, there is not much you can do.  You could try renting somewhere that doesn’t ask for your rental history for a few months and be a very good tenant and then move and use them as a rental reference.
    
3. Bank Statements: The main purpose of looking at your bank statements is so that they know you will be able to afford the rent.  If you are renting with roommates, be sure that they can provide this information as well.  If you have a bad bank balance, try to recover it.  Also, you could ask if you could provide pay stubs instead.
    
4. Employment Letter:  No matter where you go, most landlords will want to make sure you are employed.  This is to make sure you will continue to be able to pay your rent.  If you are not employed, try showing them your previous year’s tax return or if you are on EI or disability show them proof.
    
5. Personal References: If your application was rejected due to your personal references, this is usually an easy fix – change your references!  You want people who can accurately and honestly describe your character, your responsibility, and who can verify other details about you.  Make sure you choose people who know you and that are responsible themselves for example a co-worker or a long time family friend.

When you provide all these details, know that they will all be verified.  So once you know why your application was rejected start taking steps to remedy the situation.  If you are looking for a place to rent or need help with your application, please let me know and I would be happy to assist you.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Real Estate