Moving into a new apartment means submitting an application and meeting some important qualifications. If you’ve never rented an apartment in Seattle before, you may not know about each of the requirements within the average apartment application. Here are a few topics to explore as you begin your search for the perfect Seattle apartment.
Determining How Much Seattle Apartment You Can Afford
One of the most important facets of successfully qualifying for an apartment is putting an application into an apartment that you can reasonably afford with your current income. In most cases, apartment managers and property owners want to see their applicants have around three times the amount of rent in monthly income.
For example, if you rented an apartment that cost $1,000 each month, the application would require that you make $3,000 in monthly income. In some circumstances, a property owner or manager might allow you to move into an apartment with slightly less than the three-to-one ratio of income to rent, but it usually comes down to whether you have other sources of income.
According to Free Credit Score, your savings account may help you secure an apartment home if your savings is as much as several months of rent.
“If you have significant savings, share the account statements with your landlord. Being able to show that you have other ways of making your rent payment may get you approved. Walking the landlord through your tax return may also be helpful if you’re self-employed. Finally, you can offer to pay a larger security deposit which might be enough to get the landlord to work with a lower income.”
If you have anywhere from $6,000 to $10,000 in your savings account, your future landlord may take this savings into account when determining whether to approve your apartment application.
Examining Your Credit Report
One of the essential facets of getting approved for an apartment is having good credit. You don’t need a spotless credit report to qualify for an apartment (or anything else you might need to apply for, like a car loan or a personal loan). However, it’s important that you don’t have any outstanding or overdue debts on your credit report.
If you paid your credit card bill late one month a few years ago, the late payment would remain on your credit report, but it won’t harm your chances of getting into the apartment unless it’s one of many late payments or you haven’t rectified status of the credit card to reflect a zero balance on late fees.
Even if you think your credit report is spotless and perfect for applying for an apartment, it’s important to take a look at least once before you apply to your future apartment. Mistakes can happen, and you never know when something might show up on your credit report that isn’t supposed to appear, or which is a mistake by a creditor.
Enjoy the Summer at City North Seattle Apartments of North Seattle
With studios, one-bedroom apartments, and two-bedroom apartments in Seattle, City North Seattle offers the best of life in the city. Our beautiful community offers a high-quality living experience with excellent access to public transportation, as well as spacious floor plans and plenty of storage space. We encourage you to drop by for a tour where we can show you all our apartment community has to offer you and your family.