in

Can You Rent an Apartment Without a Job – (8 ways to do so!)

YAYImages ID: 11570610BY: vwalakte

If you are unemployed but still want to have your own place you might be wondering if you can rent an apartment without a job. The truth is, it will be difficult and it could be impossible, but don’t lose hope. Here are some tips to help you rent an apartment even if you’re unemployed.

can you rent an apartment without a job - text pin for pinterest

Can You Rent an Apartment Without a Job?

There are a number of ways you can rent an apartment if you don’t have a job. Keep in mind, there is a difference between not having an income and not having any money.

If you don’t have a job, then you will need to have some money in the bank, in most cases, to rent an apartment.

Let’s face it. You’ll need some way to convince the landlord to rent you the place, and then you’ll need some way to actually pay the monthly rent.

So, with that in mind, let’s look at ways you can get that apartment.

1. Get a Co-Signer

This is not a roommate. A co-signer is someone that can guarantee the rent will be paid if you cannot pay it, but they don’t live with you.

Keep in mind, this person will need to have a good income and credit.

They will need to show proof of income that will make it clear that they can afford to pay rent on your apartment even with all of their other bills and debts.

They will most likely need money in the bank as well.

Your co-signer will sign the lease with you for your new place, so they also need to understand their responsibilities.

Keychain with landlord word image
YAYImages ID: 21860324BY: tang90246

2. Provide Your Landlord with a Credit Letter

If you’ve saved a lot of money, you can get a credit letter from the bank showing that they will make your rent payments if you are unable to do so.

This requires you to deposit the full amount for your rent for a year.

For example, if your rent is $1,000 dollars per month, you would need to have $12,000 dollars in this account. You would not be able to use this money for any other purpose.

You would still need to make your rent payments yourself, but if for some reason you can’t then the money will be drawn from this account to cover your payment.

At the end of your lease agreement, any remaining funds will be returned to you.

3. Get a Roommate

If you don’t have a lot of savings in the bank and you can’t get someone to co-sign your lease, you might consider getting a roommate.

If they have a stable income and a good credit score, the two of you may be able to rent an apartment based on their financial record.

Of course, your roommate is still going to expect you to come up with half of the rent each month, so be sure you can find a way to do so.

Credit score report with calculator and pen on business report document.
YAYImages ID: 23946796BY: Gamjai

4. Work on Your Credit Score

If you have an excellent credit score, then your landlord might overlook the fact you are not currently working.

If your credit is less than stellar and you don’t have a job, then it will be difficult to rent an apartment.

5. Find an Apartment without an Income Requirement

If your credit history isn’t great and you don’t have a job, stay away from the large apartment complexes.

Typically, they will have rules to follow that are pretty much set in stone.

They will be less willing to make an exception.

Instead, find a smaller, privately owned apartment building.

Many private owners don’t even bother with a credit check or ask for proof of income.

I’ve rented apartments and houses in the past, where they didn’t ask for anything.

Since I have worked for myself for years and years, I also didn’t have proof of earning with pay stubs and the like.

One time, I did use my bank statements to show money coming into my account and that was perfectly fine.

The point is, there are places out there that you can rent that will not require proof of income or check your credit.

If you can find a situation like this, and with some work you can, then you’re golden.

Personal loan word cloud -Can You Rent an Apartment Without a Job
YAYImages ID: 14044608BY: tang90246

6. Get a Personal Loan

This isn’t the best option as personal loans do come with interest, but if you’re desperate to rent someplace and you don’t have a lot of money in the bank, then a personal loan might be the option.

Ask your prospective landlord how many month’s rent they want in advance and then get a personal loan to cover that amount.

You might want to add a few more months just to cover your expenses in case it takes longer to find a job or obtain an income than you first thought.

How many months of rent you will need to cover will depend on your potential landlord and your personal situation.

You might also enjoy:

Finding a Free Place to Live – 12 Surprising Options

31 Life-Changing Tips on How to Survive on a Low Income Budget

7. Provide Past Landlord References

While your current source of income might be lacking, if you have rented in the past and have a good rental history, then your potential landlord might overlook your lack of current income.

Put as many references on your rental application as you can.

If you can show a good past rental history with previous landlords, this will help put your new one at ease.

8. Pay More Upfront

Most landlords, including private landlords, will require some sort of security deposit.

It’s practically impossible to get around it.

Do what you can to offer more cash upfront. If they want one month’s rent as a deposit, offer three months.

This will help skid the wheels and make it easier to get into an apartment.

You might also enjoy:

How to Live on a Low Income – 6 Super Simple Ways

How to Live on Nothing

To Sum it All Up:

Apartment hunting can be difficult in the best of circumstances, but if you don’t have a job, it is doubly difficult. You will need to avoid property management companies that have income requirements and look for a private landlord. A management company has less leeway when it comes to approving a renter. If you are dealing with the actual owner of the property, you will have better luck when it comes to renting.

Picture of cars diagrams on yellow background with on car in bold

Should I Buy a Car Right Now?

Should You Lend Family Members Money