Advice on moving out?- first time renter?

Question

I just turned 18 and this situation at home is becoming worse by the week. I need to get my own place... preferably by the end of september.

I am a senior in high school, but i'm still old enough to claim my independance from my parents legally in my state, so no worries there.

I just need advice on going to talk to the landlord about leasing an apartment. Do I need any paperwork to bring? I understand driver's license, SS#, things like that, but anything else?

Do I need parents to co-sign if I have no credit yet?

What about renter's insurance, things like that?

Help would be greatly appreciated, thanks

Answer 1

I managed properties near the university  for 10 years.  Credit history is not so important.  When we look at a credit report, we want to make sure you don't have a bunch of delinquent accounts or evictions on your record.  No credit is better than bad credit when you are renting.

The most important thing we look at is your income.  We want to make sure you will be able to pay the rent each month.  Your income can come from wages earned in part-full time employment, through savings and investment accounts, through scholarships and grant awards.  

When you go see the landlord, you will need a photo ID, your ss#, and the names addresses phone numbers of references, employer(s), sources of income.

Most landlords will want your monthly income to be 2.5 to 3 times the monthly rent amount.  So there you have it.  Check your $ resources.  Call around and if you find a place that meets your budget...go visit the site in person!

Good luck.

  

Answer 2

You need your proof of income, that would be pay stubs for 2 months.

You will need to earn 3-4 times the rent in order to qualify.

Your parents will have to co-sign, and have decent credit of their own.

Most landlords do not require insurance, but you can't get it without a rental to insure anyway.

Good luck.

Answer 3

The landlord is going to want assurance that the rent will be paid, and if you have no credit history, will most likely require a cosigner with good credit.

Do you have a job that will provide enough money to support yourself?  It costs a lot to live on your own.  Be sure to check what utilities are included in your rent, and what ones you'll have to pay.

Renter's insurance is a real good idea, and isn't very expensive.  It protects your belongings.  

Good luck.

Answer 4

As a landlord I will pass on some of the golden rules I follow in screening prospective tenants:

# 1  I never rent to anyone who needs a co-signer

#  2 I never rent to anyone who doesn't have a spotless credit record

# 3 I never rent to anyone who doesn't have a good employment record

Most landlords want first, last and a security deposit equal to a month's rent, a very large amount when you add it all up.

My advice, lay low at home, graduate, find a job, work hard, save money, find a good potential roommate and try then.   You might want to consider renting a room with kitchen privileges.

Answer 5

. . . .you have no credit. . . .

your're a HS student. . . .how will you pay the rent???

Better to SUCK it up at home, save up everything you earn, and plan on moving out at graduation. . . . .you need security deposit, frequently 3 months rent to move into an apartment, then there are deposits on gas and electric and water, and you have to buy your own food and clothes

Can you call a cease-fire at home?  Can you get counselling, for yourself or family counselling?  Yes, you're legally an adult, but are you really ready to assume all the burdens of adulthood?   And to assume them while your friends are free of such worries and responsibility?  Stay put and ENJOY your senior year, as the weight of responsibility is waiting just around the corner.

Answer 6

Having no credit is actually great credit. If you didn't pay your bills, you would have bad credit. A landlord will understand this.  The biggest worry for a landlord is that your family misses you and promises to treat you better if you move back home..... and you decide that you want to go home.  You can't do that if you signed a lease.  Convince the landlord that you know what you are doing.  I suggest renting a room in a private house for $300.

Answer 7

Its not hard. You probably wont get into a great apartment building without credit but you should be able to find something. It will cost you a lot more then you think because you'll have to pay for things you forget about. So really sit down and do a budget to make sure you can afford the apartment and everything else.