Conceptually, renting an apartment is much like being approved for a loan. Both procedures involve decision-makers reviewing your information and financial history to ensure you can make on-time payments. Getting approved for an apartment is all about financial trustworthiness.
Renting an apartment means you’ll need the stamp of approval from a property management company or landlord versus a lender or bank. You’ll need evidence that you’ll pay rent monthly to get approved for an apartment. Your credit score will significantly influence your approval. Additionally, your income and employment status matters. Here are some essential tips to help you get approved for an apartment.
Rent Within Your Means
The first step to apartment hunting is figuring out how much you can afford. The golden rule is to spend only 30% of your gross income (monthly) on rent. For example, if your gross pay is $5,000 a month before any deductions, you should aim to rent at or below $1,500 a month. However, you must verify that you’ll spend only 33% or less with us. Once you find a number that feels right, start searching for rental properties within your means.
Know What’s on Your Credit Report
Any big ticket purchase will involve knowing what’s on your credit report and your credit score. Look into this at least three to six months before you fill out a rental application to give you time to address or clear up any issues. Paying down debts will increase your credit score. Many sources state an excellent credit score to rent an apartment is at least 620. The credit rule of utilization says it’s best for credit card holders to use 30% or less of their available credit.
Additionally, if you’re not a first-time renter, you should be prepared for a property manager or landlord to review your tenant history report. They’ll be able to see if there were any missed payments, evictions, liens, and bankruptcies. Also, our rule is that your monthly expenses, including childcare, cannot exceed 43% of an applicant’s monthly income. If you fear that you won’t be able to get approved for an apartment based on finances or rental history, you can seek out a roommate or co-signer.
What to Expect
You can visit our online rental application when you’re ready to rent with Wildewood Apartments. This page will allow you to look at and check the availability of different floor plans and select a move-in date. Once you find an available apartment, you’ll be able to see the terms and a quote. Also, you can call us to check our availability.
You should also expect to pay a $50 application fee which covers the cost of a background check and credit run. The security deposit is $1,000 unless you are eligible for the Wildewood Advantage Program, which will lower the deposit to $750. If you’re a pet owner, the fee is $300 and $25 a month for pet rent for no more than two pets. You must provide recent vaccination records and a photo. These are the reasons why budgeting matters even before being approved. We have strict policies on breed and weight, which you should call to inquire about before renting with us.
Necessary documents for us to process your rental application include:
- Photo Identification
- Driver’s License
- Passport (if applicable)
- Military ID (if applicable)
- Social Security Card
- Your Two Most recent paystubs
Contact us whenever you’re ready to move into a new and beautiful apartment community. We also have townhomes available.
The Apartments of Wildewood have a friendly community that’s waiting to welcome you!
At The Apartments of Wildewood, located in beautiful in St. Mary’s Maryland, we offer homes with access to pools, an on-site gym, and maintenance whenever you need it – and have access to all the information you need to affordably rent an apartment in St. Mary’s. To set up an appointment to check out an apartment or townhouse rental from The Apartments of Wildewood, call us at 301.737.0737 or visit the website at www.apartmentsofwildewood.com.