Will You Pass the Credit Check? Do You Need a Guarantor?
Landlords will ask you for financial and personal information. Also, in addition to completing the standard credit application, some landlords will request copies of tax returns, pay stubs, letters of recommendation, etc.
If you don’t cut the mustard, a landlord may require a co-signer or guarantor. Some landlords require that a guarantor earn an annual salary of at least 80 – 100 times the monthly rent. The guarantor paperwork can be a big pain in the butt, so plan ahead.
Should You Get A Roommate?
Many college kids and recent grads search for apartments that they can share with a few roommates. Some look for roommates out of necessity, others just want to live in bigger apartments and get more bang for their bucks. Unfortunately, big AND cheap apartments are about as rare as snow leopards (which are rare, take my word for it).
If you decide to get a roommate, make sure you choose carefully. Not all good friends make good roommates. Remember, you can usually have no more than two names on one lease. All roommates are held jointly responsible for the rent. If your good buddy decides he’s not paying this month, then you’ll be stuck with the entire amount. To avoid being left in the lurch, make sure you get everything in writing up front.
Out-of-pocket Costs, Broker's Fees
