Having no prior rental history can feel an important setback when searching for an ideal home. For first-time renters, it is a big deal to move to a new place and a city that is unknown. The struggle of finding the right house can be troublesome too because landlords are skeptical of renting a place to someone without a rental history.
However, it shouldn’t stop you from finding an appropriate rental. In this blog, we will walk you through the steps to understand the ways you can get a good rental without a rental history.
What is Meant by Rental History?
Your rental history serves as a kind of report card during your tenancy. It keeps track of your previous addresses, length of stay, timely rent payments, and how you maintained the property. This past helps landlords determine whether or not you are a trustworthy tenant. Landlords are essentially giving you a vote of confidence if you have a solid rental history and have had pleasant encounters in the past.
So if you are interested in looking to find a rental home in a new location such as Capital Smart City in Islamabad or any equivalent neighborhood, a good rental history can be favorable.
What to do with No Rental History
It takes planning to start your housing adventure when you don’t have any renting history. Assessing your financial situation and obtaining pertinent evidence that demonstrates your dependability should be the first steps. This legitimacy can be established by crafting an extensive rental resume that includes your work history, references, and other commendable qualifications.
How Can Someone who has Never Rented a Property Get Approved?
It can be difficult to apply for a house without a prior rental history. You can, however, take steps to improve your chances of getting accepted.
1. Give citations
If you don’t have a history of renting, it may be crucial to get recommendations from others you know well, such as friends, coworkers, or superiors. These references can demonstrate to potential landlords your dependability, responsible money management, and attention to detail. Having these references can increase your chances of securing the flat by boosting the landlords’ confidence in renting to you.
2. Get a co-signer
Having a co-signer, such as a relative or guarantor, is a smart choice if you don’t have any rental history. They increase the landlord’s financial stability.
If you are unable to pay the rent, a co-signer does. A guarantor takes care of your obligations under the lease. Even if you don’t have a history of renting, this arrangement ensures that the landlord is paid on time and that everything runs well. You become a more dependable tenant as a result.
3. Demonstrate your financial security
If you have never rented a property before, it is imperative that you prove your financial stability. This gives landlords more assurance that you will be able to make your rent payments on schedule. Displaying pay stubs, employment confirmation, or bank statements demonstrates that you make enough money each month to cover your expenses.
4. Make a larger security payment
In the event of possible problems, landlords feel more financially secure when the security deposit is higher. This more cash-up advance can allay their worries about renting to a person with a little rental history and demonstrate your seriousness about maintaining the property.
5. Describe the circumstances
It is crucial that you inform the landlord of your circumstances since, in the event that you have no renting history, it gives transparency and context. Leasing companies can better comprehend your situation if you disclose the reasons behind your lack of experience, such as moving to a new place or living with relatives.
6. Provide rent in advance
If you’re new to renting, it might be rather persuasive to put down many months’ worth of rent in advance. Because they’re not taking on as much financial risk, it gives landlords greater peace of mind. It also demonstrates your seriousness about honoring the terms of the contract.
7. See the landlord face-to-face
You may demonstrate your professionalism, accountability, and sincere interest in the property in a face-to-face conversation. This can play a significant role in their decision-making process because it fosters a relationship of trust and may even increase their chances of being given the flat.