We know how hard it can be to find an apartment or home to rent in New Mexico. In such a competitive home and apartment rental market, prospective tenants can easily become discouraged after multiple rental applications are denied. The reasons for denial are many, but here are the main reasons for denial, as well as ways to increase your chances of being approved to rent from them. Increase your chances of being approved for your next home or apartment by following our New Mexico Renter’s Guide.
When you are researching potential living arrangements, be sure and know what your budget is ahead of time, and search within that budget. Know what you can reasonably afford every month. Renting is a business, and landlords want to make sure their tenants can afford the cost of living at their facilities. They want to know that their tenants will pay on time and in full.
It is important to be prepared for fees. Landlords at times have a myriad of fees, such as pet deposits, broker fees, credit check costs, parking permits, and the first and last month’s rent are all possible fees that can be expected from the landlord. Sometimes these fees are expected upfront before the applicant is officially approved. Make sure you have enough money in the bank to cover these expenses. Nothing impresses a landlord more than a tenant with cash flow.
An extremely important step before submitting a rental application is to know where your credit history stands. Landlords do not favorably view a tenant with an average or poor credit score. However, be honest with the landlord in explaining why there may be less-than-perfect information on your credit. Also, it is imperative to know your credit history and score before beginning the rental search. Know what is on your credit and if it should or should not be there. You should immediately report inaccuracies to one of the three major credit reporting agencies (Experian, Trans Union, and Equifax). After ensuring that there are no mistakes, you can feel comfortable applying.
A tenant can impress a landlord by treating the application process with respect. Treat the property managers politely during all scheduled meetings and phone and email conversations. Also, make sure you are dressed appropriately. The dress code is similar to that of a job interview. Applicants who appear more professional and qualified will stand out the most to landlords.
And remember, honesty is always the best policy. If, for example, there is a strict no pet policy, do not lie on your application regarding having a pet live with you. There is a risk of getting caught later by the landlord. If the landlord discovers the illegal pet, they have every right to charge for cleaning fees, a security deposit, apply pet fees, and even evict the tenant if necessary. Avoid these financial burdens, and a tarnished reputation, by being honest upfront and paying any necessary fees.
When you find yourself in need of an apartment, condominium, or rental home, be sure to cover your bases before you begin the application process. Know your budget and stick to it, be prepared for any upfront fees, know your credit history, be professional, and be honest. Using these tips will greatly increase your chances of seeking the landlord’s favor and landing your new home.