Last week on the blog, we discussed four ways in which you can improve your chances of securing the rental apartment of your dreams. This week, we dive a little deeper and explain some of the documents you’ll need to (a) show a landlord or property manager that you are reliable, responsible, and serious about your interest in a prospective rental, and (b) stand out from the competition and actually land that rental. Read on to find out what you should be prepared to provide.
Before a landlord or property manager will even think about renting to you, they’ll need to confirm that you are who you say you are. Be prepared to provide a driver’s license, Permanent Resident card, or passport, and make a copy of your identification to attach to your application. Don’t have a license or passport? A provincially designed photo card should also do the trick!
Proof of employment and proof of income
Because renting is so transactional, a landlord or property manager needs to know that you (a) currently have the funds available to pay your rent, and (b) you will have the ability to pay your rent on an ongoing basis. For these reasons, most renters will be required to show proof of employment, as well as proof of financial health. Be prepared to provide recent pay stubs to prove that you have a steady income and a recent bank statement to show that you have enough funds to afford the monthly rental charges. If you’ve just started a new job, you can provide a letter of employment or a reference letter from your new employer which specifies where you work and your salary.
Past landlord references and your rental history
As important as it is to prove your current and future income, a person who’s employed doesn’t necessarily make for a great tenant. As such, it helps if you can provide past landlord references and up-to-date contact information. It helps even more if you can provide a rental history that includes the addresses of past rentals, how long you lived in those past rentals, how much you paid in rent, and the reasons why you left.
Think of your rental history as you doing the landlord or property manager’s homework for them. You’re making their lives easier, showing transparency, and basically telling them you have a skeleton-free closet. Just make sure that all of the information you provide is verifiable by the references that you provide.
A credit report containing your credit score
Most landlords and property managers require a credit report which indicates your credit score. You can request a copy of your credit report without affecting your credit score and you can find more information on obtaining your credit report by mail, fax, telephone, or online via the Government of Canada website.
A poor credit history can seriously harm your chances of landing an apartment because it indicates to the landlord or property manager that you’ve had difficulties settling your credit accounts in the past. So, if you suspect that you have a bad credit rating, be prepared to provide a guarantor or co-signer who agrees to pay your rent in the event that you are unable.
A copy of your renter’s insurance or a quote
While not every landlord or property manager requires you to have renter’s insurance, some do, and it doesn’t hurt to do a little research. If you already have a renter’s insurance plan in place from your previous rental, bring a copy of the plan along with you to showings. This will show the landlord or property manager that you are well-versed in the nitty gritty of the rental world. If you don’t already have a plan, it doesn’t take much time and effort to request a quote. And if one of the requirements for the rental is to have an insurance plan in place, you’ll be one step ahead.
You can find out more about what renter’s insurance does and does not cover, how to get a quote, and some best practices that will ensure you’re getting the best deal possible for the coverage that you need via our CPM blog.
The bottom line…
If you’re really serious about landing a rental apartment, take into consideration the super competitive climate. You’ll want to set yourself apart from other renters and show landlords and property managers that you’re reliable, eager, trustworthy, and willing to do your due diligence. As such, get organized before you begin your apartment search and start attending viewings. Make several copies of each of the aforementioned documents and bring them with you to every viewing. This way, if you stumble across the rental apartment of your dreams, you’ll be able to apply right away, bettering your chances of landing the rental.
Are you looking for a rental apartment in Sault Ste. Marie, Niagara, Sudbury, or Hamilton?
If you’re interested in a redefined rental experience, we offer renovated rental apartments in sought-after neighbourhoods in Sault Ste. Marie, Niagara, Sudbury, and Hamilton. From top-of-the-line finishings to energy-efficient appliances to digital amenities, our units have been upgraded to reflect the unique values of today’s tenants. Get in touch today to find out more about condo-style apartment living with CPM Properties.