In the this edition of the Minot Daily News series, Ask a Professional, Minot Regional Property Manager Justin Hammer offers his expertise to those on the hunt for an apartment.
Q:I need to rent an apartment, buy my credit isn’t excellent. What steps do I need to take to rent an apartment with Bad Credit?
A: Each property management company has different criteria they use to qualify applicants. Typically a credit check, criminal background check and/or rental reference check are completed when applying for an
apartment.You will want to make sure you know what criteria they are looking for ahead of time so you can make the decision on whether to apply or not.
If the only thing that might cause a person to be denied is their credit, an option some companies may have is to allow the applicant to get a guarantor or a co-signer to be approved. In order to qualify to be a guarantor or co-signer that person(s) would have to meet the criteria set by that company for its guarantor or co-signer. Some companies may only require the credit check be approved as that person will not actually be living in the apartment. The thing to keep in mind is the guarantor or co-signer will be just as liable for rent and any other expenses associated with that apartment as the actual resident living there.
We at IRET Properties allow co-signers on our leases, so problematic credit is a hurdle that can be overcome.
The image in this blog is of the Legacy Apartments in Grand Forks, ND.
IRET 