If an individual has a felony on his record, it may become difficult for him to convince a landlord to rent an apartment for him. Consider the following tips for renting as an ex-felon:
- Offer a higher security deposit
By offering a higher security deposit to your landlord, you demonstrate two things. Firstly, you are committed to taking care of the rented unit, and secondly, you have the means to live your life. This is, ultimately, not a matter to worry about. If you do not damage the premises, you’ll get this money back when the lease ends.
Go ahead with this alternative only if you are confident that you can maintain the unit in good condition. If you frequently throw parties or the residential unit is elaborate, you might want to avoid the tip altogether such that you do not end up losing this money.
- Provide bank statements
When you share your bank statements, it becomes clear to the landlord that you have sufficient money to pay not just the rent but also your high security deposit. Your bank statements will demonstrate a steady balance.
Another way of impressing your landlord is to pay post-dated cheques for rent for subsequent months when you take possession of the rented premises. This puts a positive impression because rental payments are the most important source of tension for landlords.
This is a recommendable tip only if your bank balance grows consistently, and does not fall or stay steady.
- Before renting, don’t apply for a loan
A landlord is likely to be particular about knowing more about your debt-to-income ratio or your DTI. To calculate this figure, a landlord will add up the net rent that you’ll be paying with the rest of your pending debts. By conducting a credit check, he will be able to find this information.
Once he has this figure, he will divide it with your annual gross income. In most cases, the landlords prefer a DTI of 35% or below.
So, you shouldn’t buy a new car before renting an apartment. It will push the DTI figure higher. Instead, consider making a considerable payment before giving your application for renting an apartment. It makes the DTI figure look better.
Additional resources to consider if an ex-felon faces difficulties in finding an apartment
You may consider residing in an extended-stay hotel, or a motel. Motels conduct no background checks and in some cases, options for monthly rental are also made available. Some other options to look into before considering staying in motels are rent-to-own and subletting.
In the subletting arrangement, one tenant leases his apartment to another tenant. Subletting arrangements could be difficult to find, but the right opportunity could be available. So, being on the lookout helps.
- Rent to own
When the advantage begins to exhaust from the listing side, chances of grabbing the property for rent increase. If a rental property has had no takers for a long, you might want to divulge there. Under such circumstances, the seller will be more than willing to give you a rent-to-own agreement. Hopefully, these tips will help you with renting as an ex-felon.
Contact ReeCareer today for elaborate resources on housing programs for felons, high paying jobs for felons, and rehabilitation programs for felons.