More and more individuals are going into self-employment. As of 2019, a Forbes survey reported that nearly 30% of Americans are self-employed and that number still continues to go on the rise. Much of it has to do with the fact that plenty of work can now be done over the internet. People don’t necessarily have to go to offices or work under a huge company when they can build their own client base and earn from the comforts of their own homes.
Despite that, a lot of self-employed people still find it difficult for their apartment applications to get approved. Plenty of landlords all over the country remain skeptical of them being able to cough up enough money for rent each month. And if you’re looking for an apartment in Dallas, you might find the situation to be the same. Of course, landlords have their own reasons but what could the person at the other end of the transaction do?
Here is how to get your apartment application approved if you’re a self-employed individual looking for an apartment in Dallas.
The first thing landlords will seek out is if you’ll be able to pay your rent in time. One way of proving this and making your landlord trust you is to show them that you’re generating enough income. The standard requirement is to show at least two years of tax returns but you can also be asked to client checks or your most recent bank statements. In addition to that though, you can further prove your reliability by showing savings accounts statements that show them you stock up for the slower times. Your landlord probably won’t care how much you make. They just want to make sure you can pay them.
Good credit is another sign that you can handle your finances well which is a good sign for most landlords. Make sure that you have a good track record at least 3 months before your next apartment lease. Pay your bills on time and try limiting your spending to under 25 percent of your max limit. This way, you can give your credit score a good boost to show.
Aside from your financial situation, most landlords would want to know more about your background before they take you in. The easiest way to get this is to call your former landlords. While they would just probably be asked if you paid rent on time and if you were evicted, it still pays to form good relationships with your former landlords. These people won’t only help get you into your new apartment but they can also be your reference of character when and if ever a problem pops up such as when you receive erroneous neighbor complaints and such.
In self-employment, there will surely be some tough times. If you reach the point where you’re stuck in a tight spot with no way to pay your rent, a guarantor can give temporary relief. This person will agree to take over financial responsibilities in the event that you won’t be able to make rent.
Depending on the landlord, they may or may not ask for one, and depending on their rules, your guarantor might need to live in the same state as you. Just to be completely safe, it’s wise to have someone ready in mind, a family member or a good friend, when the time comes to lease a new apartment.
If you have some extra cash to spare, it’s good to put down an extra month or two in rent. This deposit will go a long way to ease your landlord’s worries and to prove that you have the finances to pay rent consistently. It will also help ease your own worries and help you get settled into the new place without any other thing to think about.
Looking for an apartment in Dallas for self-employed people may prove difficult. Every landlord is different and if your first apartment application is rejected, don’t worry. There are other places you can consider like privately-owned housing. To make things easier for you, you can consider having a rental agent or a trusty apartment locator to assist you.