5 Steps to Renting an Apartment After Bankruptcy
As volatility grips global economies, more people are filing for bankruptcy every year. In the US, this number has been steadily increasing. People who file for bankruptcy often think that finding an ideal rental apartment is an impossible task. The belief, however, is a misconception. Although finding a rental apartment can be a challenge for people who have recently filed bankruptcy, especially if they’re looking for prime properties such as Tuscany apartment homes, it is definitely not “impossible”, provided you know your way around the bends. Renters can land apartments of their dreams if they work on aspects that’ll help them project themselves as responsible tenants. The blog discusses some such measures, in detail.
Step 1: Target apartment homes in institutional areas
Check out accommodation options close to universities/colleges. Landlords in these areas generally relax credit history requirements as their target renters are mostly students with little or no credit standing. They may consider your case and exercise some leniency. You can also check out tourist areas for short-term accommodation options that allow you enough time to hunt for an apartment.
Step 2: Provide the background of your bankruptcy
Establishing trust and faith with the landlord is an important attribute when apartment hunting. Be upfront and honest with the landlord about your situation and shed light on the unfavorable circumstances that forced you to file for bankruptcy. Additionally, don’t forget to mention steps that you took to resolve the situation. Provide proof of how you are honoring your financial obligations post bankruptcy. Last but not least, avoid concealing any information as most landlords run an identification check before leasing their property.
Step 3: Don’t hesitate to sign a short-term lease
Many landlords would not be comfortable signing a one year lease; especially if you filed for bankruptcy recently. It is therefore, important to be flexible. Be ready to sign a short term lease (generally 3-6 months). The arrangement allows you to build your reputation as a responsible renter by establishing a positive rental history during the period. In most cases, landlords are more than happy to extend the lease term if you meet your rental obligations in-time during the short-term lease.
Step 4: Be prepared to offer a handsome deposit
Many landlords may need extra incentives to consider your case. You can therefore, offer two months rent as security deposit for an apartment that requires one month’s rent in security deposit. Doing so assures the landlord that the bankruptcy filing will not impair your ability to honor payment obligations in-time.
Step 5: Provide proof of employment
While apartment hunting, always carry proof of your current employment status such as salary stubs for the past three months, a recommendation letter from your employer/HR department, and bank statement records. Presenting these documents helps make your case strong and assure the landlord that you have a steady source of income.
Overcoming Bankruptcy Pitfalls
Following measures discussed can help you rent an apartment with ease after filing bankruptcy. Know more about the apartment you’re renting and the landlord’s expectations. All you need to do to find rental apartment options, reviews, and ratings is Google relevant keywords. For example, if you’re looking for a property in Tuscany, useful keywords can be Tuscany Apartments Ratings, and Tuscany Apartments Reviews. Contact Kington Properties to check out available rental apartment choices. We offer Tuscany apartment homes for rent and also manage other properties. Call us today at (325) 942-8198 or use our contact form to request a tour of the property options.