First-Time Renter? Here's How To Appear Financially Stable

First-Time Renter? Here's How To Appear Financially Stable

First-Time Renter? Here's How To Appear Financially Stable

Being a first-time tenant could be a challenging. Many landlords prefer tenants with a rental history that they could refer to and know their previous records of paying rent. These records help them know how much rent you have paid in the past and have you been regular with the payments.

So, how can you, as a first-time renter with no rental history, convince the landlord to take you as a tenant? There are certain ways to achieve this. Just do some prep work before you begin.

Here are some tips for you:

  • To begin with, have a source of continuous monthly income so that a percentage of it could be given out as rent. A stable income will ensure your landlord that you pay the rent timely.
  • With a stable income, your annual tax return receipts of past three years can prove to be a strong income history. It also shows your credibility when it comes to paying taxes.
  • You could arrange for a letter of verification from the organisation you are working with. The letter could hold your personal details and also, the duration you have been working with the organisation. It could also include your current income as a proof.
  • Have a stable bank account? A bank statement could help, too, showing the financial health of your account. Savings if any could be an added advantage.
  • You could give in writing that why you do not have a rental history yet.
  • Personal references, including people you know and who live in the city you are moving to, including, colleagues, relatives or friends could be of help. These references could vouch on your day-to-day behaviour and ensure that you will be a responsible tenant.
  • Can someone co-sign the lease with you? For instance, your parent, a guardian in the city, among others can be a credible source for the landlord as he would know whom to go to in case you default.
  • If your financial condition allows, you could offer a two- or three-month rent in advance. This would give the landlord a fair sense of your financial stability and that you are here to stay.

Also read: 5 Tips To Be A Successful Landlord

Last Updated: Mon Jun 03 2024

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