For many, trying to rent a Fort Collins apartment is more difficult than they would hope. Finding the right apartment might just be a matter of time, but getting approved for one could prove to be more challenging.
Filling out an application at an apartment you like doesn’t guarantee that you will have the keys handed over to you. In order to get approved for an apartment, you will have to pass the tenant screening process in place from the property management company. Property managers perform tenant screening to ensure that their properties will be taken care of and that the financial obligations of the property will be met. If you have put in applications for apartments, but are yet to get approved, it is likely because of something that appears during the screening process.
Here are a few things that could be keeping you from getting approved for an apartment:
Your credit score and credit report play a big role in getting you approved for an apartment. Your credit history paints a detailed picture of how responsible you have been with your finances. An applicant with a poor credit score can pose a risk to the financial assurance needed to manage a rental.
When a credit check is performed, property managers receive access to your financial history, including information such as on-time bill payment, patterns of missed payments, foreclosures, repossessions, balances on credit cards or other forms of personal loans, and your credit utilization rate.
Property managers and owners prefer applicants with a minimum credit score of 620. A credit score that falls below that number will prompt them to look into the reasons behind it. Although you can get approved for an apartment if you have a low credit score, you will greatly improve your odds if you find ways to improve your credit score.
Property managers often require that applicants provide proof of sufficient income in order to qualify for their property. Typically, they prefer monthly income that doubles or triples the rent amount. To verify income, they often request a few months worth of paystubs, bank statements, or a recent W-2.
If income is what is preventing you from getting an apartment, you may consider looking at less expensive or smaller apartments. If you have the means, you might try offering a larger security deposit. You can also attempt to explain your situation to the property manager, but keep in mind that they have a requirement to fulfill the financial obligations of the property. If you are not able to pay your rent or if you cannot pay on time, they cannot pay the mortgage on the apartment or other related expenses.
Your credit report might show if there is a pattern of late or missed payments on previous rentals, but that might not be the only pattern affecting you. Your property manager more than likely will contact your last landlord, if not the last two or three. They do so to gather insight into the quality of renter you were. They will want to know how well you cared for the home, yard, and overall property. If you have a history of complaints from prior landlords, you may run into problems convincing future landlords to hand over the keys to their rental. If your rental history is to blame, the best thing you can do is to be honest, straightforward, and provide your property manager with an explanation to the complaints made against you.
Another important part of the tenant screening process is the criminal background check. Background checks are used to gather information about an applicant’s criminal history. If you have been convicted of a violent crime in the past or have a pattern of criminal activity, you can assume that this is what has kept you from getting approved. Trying to rent an apartment in Fort Collins or elsewhere with criminal history can be very difficult and though it might seem like discrimination, it is within the legal right of the property owner to decline the apartment application based on a criminal record.
For other questions regarding the tenant screening process, call All Property Services today at (970) 528-5132.