I thought I’d try something different today and let an employee post his story about finding a new apartment, and why having a good credit score can mean the difference between finding a nice place to live, or having to settle for a hellhole.
My moving day is fast approaching. As in, this Friday. Should probably step up my packing efforts…
A friend and I have been searching for an apartment in San Diego's North County area for almost 2 months now, and after several instances of trial and error, false starts, faulty information, and empty promises — after running the gamut of every kind of possible homestead, from luxury condo to some creepy old cat lady's pool house — we've finally found a nice 2 bedroom/2 bathroom (anyone who's ever lived with another person knows separate bathrooms are MANDATORY) apartment that's less than 5 minutes from both of our jobs, close to major shopping areas, and even has its own bad-ass fitness center. And here I thought I'd have to board up my windows and invest in a guard dog…
So how did we get to this point? Why did it take us so long to find an apartment? Well, we probably could’ve taken some extra time off for credit repair. My credit was too new and untested to guarantee a lease on my own, and my friend had a couple of falsely-reported student loans in his history that would need to be taken care of before we could secure a lease.
Yet here we are, packing up and getting ready to move into our nice new digs. How did we manage to secure a nice, affordable place in SoCal despite our setbacks, I hear you ask? Like just about everything else in life, all it takes is a little planning and a LOT of negotiation skills. So, I thought I’d share some tips I’ve learned for finding the best rental deals for cheap.
A diamond in the rough
If you’ve lived near a metropolitan area at some point in your life, you already know living in and around a city can be pretty expensive. As much as one may want that prestigious property – with its own fridge and space for a washer and dryer – their finances show they may have to settle for something a little less flashy.
What most people may not realize is that those rundown-looking condos over in the ghetto are almost as expensive as those more upscale-looking one-bedroom units across town. Now, I’m not saying that you’ll find beachfront property for the same price as a former crack den, but with some digging, you can find a one bedroom apartment that is actually cheaper than the studio you feared was your only option.
Laying all your cards on the table
As we’ve seen already, finding an apartment to rent when you have poor credit can be difficult, but it’s hardly impossible. If you know your credit history isn’t quite ready for prime time, and you can’t afford to wait until it’s ready to go, one solution is simply to be honest and upfront about your situation.
Since just about every managed apartment complex requires a credit check before you sign the lease papers, letting the apartment manager know ahead of time that your credit report isn’t quite as glowing as you hoped may actually work in your favor. Most landlords would be willing to overlook poor credit if you explain your situation to them beforehand, and you don’t owe a substantial amount of money to anyone else.
Barring that, try to get in touch with your creditors and work out some sort of payment plan to take care of any major debts that may be holding you back. If you can prove in writing that you’re actively seeking debt relief options, leasing agents may be a bit more receptive to your case.
Don’t sign that lease just yet…
Say you’re out hunting for a new place to stash your bed, and you drive past one of a thousand apartment complexes that are throwing a “Look and Lease” event. Why not, you think to yourself, as you head in to take a look. You need a place to live, and this one seems nice enough – even affordable.
But consider this before you sign that lease: these see-and-sign type of deals are a dime a dozen, and aren’t going anywhere. Much like those discount furniture stores that advertise MIND-BLOWING SAVINGS DEALS week in and week out, apartment complexes hold events like these on a near weekly basis, and they usually change the deals as well. So before you sign up for that new place, check around to see if it offers the best bang for your buck, and if it doesn’t, consider waiting it out another week or so.
Make ‘em an offer they can’t refuse
Let’s say you’ve zeroed in on an apartment that works for you. You’ve checked the place out, and everything is in its right place, so all that’s left is to sign the lease.
Before you do, ask yourself – does this new place have everything you want in a home? Most leasing specials are great ways to negotiate add-ons you may not normally be offered. If the agent trying to get you to sign that lease wants you as bad as they say they do, you may be able to tip some of the odds even more in your favor by negotiating for some more services. If they weren’t mentioned or shown in the tour, ask about any offers the complex might have on garages or an apartment with a dishwasher. Many places throw in great deals to entice you into signing their lease. If it’s something you really can’t live without, make them an offer – chances are they’ll be hard-pressed to refuse it.
Keep these tips in mind the next time you’re looking to move, and you may end up with a better deal than you ever thought you would.
