How to Get an Apartment Without a Job
- Get a Co-Signer
- Find a Roommate
- Look For Private Landlords
- Present a Credit Letter
- Ask Previous Landlords for References
- Lean On Your Credit Score
- Pay Upfront
- Get a Personal Loan
- Do Your Research
1. Get a Co-Signer
One of the convenient methods is to get a co-signer or an individual to stand in for you. Unlike a roommate, a co-signer is a person that acts as a surety and assures the landlord that the rent will be paid on time and in full. In other words, your co-signer is held responsible if you’re unable to make rent payments. More importantly, your co-signer must have an excellent credit history and a steady income source.
If you cannot find a friend or family member to act as your co-signer, you can take advantage of guarantor services. In this case, you pay the guarantor to act as a co-signer on the lease. However, most landlords may disapprove of this if they find out.
2. Find a Roommate
If you don’t have enough money saved up or can’t find anyone to co-sign on your lease, then getting a roommate may be your best bet. Try scouting Craigslist and other social media platforms for a roommate with excellent credit and financial records. You can secure the apartment based on the roommate’s financial record.
Remember that you will need to provide half of the monthly rent or whatever percentage agreed upon. So, you must be actively searching for jobs or have a stream of income no matter how small it may be to avoid becoming a liability to your roommate.
3. Look For Private Landlords
Another way to rent an apartment if you don't have a job is to look for private landlords. Many private-owned apartment buildings are flexible on their requirements so the application process won't be as stringent. Many private landlords do not care about employment, income, or credit, so if you don't have a job and want to find a no-credit-check apartment, this is a great option. Do your research and apply to multiple private-owned apartment buildings.
While these apartments may be difficult to find, they are more likely to come at a higher monthly rent or security deposit cost. If your credit score is less than stellar and without a job, this may be your best option. However, it would be best to avoid large apartment complexes due to their strict rules surrounding renting.
4. Present a Credit Letter
If you’ve saved up enough money in the bank, you can request a credit letter that proves that the bank will cover the rent whenever you default on rent payments. Most banks and landlords will want to see proof of funds covering a year’s rent. For example, if your potential apartment monthly rent is $1,200, you should have at least $14,400 saved up in the account. You cannot pull out the funds for any other purpose aside from rent payment.
While you would still be making payments on the rent, the sum will be drawn from the account to cover the rent if you cannot pay the rent. By the end of your lease, the remaining sum in the account will be transferred to you and used for just any purpose.
5. Ask Previous Landlords for References
If you’ve been a model tenant or have great relationships with your past landlords, now is the time to take advantage of those past relationships. Reach out to your previous landlords and ask if they can draft a reference letter for you. A reference letter can serve as a vouch that describes you as a model tenant who is punctual and responsible. You should include the reference letter when submitting your rental application.
6. Lean on Your Credit Score
If you have an excellent credit score and history, you should consider including it in your rental application. With a credit score in the 700s, most lenders might decide to overlook the fact that you currently do not have a job. But if your credit score is poor and you do not have employment, it may be pretty difficult for you to secure an apartment in several cities in the U.S.
7. Pay Upfront
You can also rent an apartment without having a job if you pay upfront. This is often one of the only ways to get an apartment as a student with no income. You'll likely need significant savings or help from your parents, but if you have the cash it's one of the simplest ways to rent an apartment without a job.
8. Get a Personal Loan
While this should be your last resort, taking out a personal loan can help you cover the cost of rent if you are unemployed. However, you may have to deal with interest and monthly loan payments. Ask your landlord how many months of rent they want in advance and take out a personal loan to cover the costs.
It would help if you also considered increasing the loan amount you take out to cover additional living expenses until you can secure suitable employment. More importantly, before taking out a personal loan, you should consider how much monthly payment you can afford and the possibility of securing a job in the coming weeks.
9. Do Your Research
If you have a disability or are a veteran, you may qualify for one form of financial or shelter assistance or the other. Reach out to the relevant local authorities to find out what you qualify for, search for grants and rent assistance programs in your locality. You should also consider reaching out to your friends and family for recommendations.
Getting An Apartment Without a Job Bottom Line
There are thousands of reasons why an individual without a job may be apartment hunting. Regardless of what you may have read online or heard from friends and family, you can secure an apartment while unemployed or without having a steady job or source of income.
While there are several misconceptions regarding the issue of renting an apartment while unemployed, the above-listed ways can help you rent an apartment even without a job. Start by working on your credit, saving money, searching for a roommate, and reaching out to friends and family to act as a co-signer on the lease. More importantly, take advantage of social media groups and the internet to find rent assistance programs near you.