If you're new to renting in Chicago's Gold Coast neighborhood, you may wonder what apartment property management will require of you. For approval to lease an apartment in the Gold Coast, there are usually four requirements you should meet. These requirement will vary slightly between property management companies.
You should have a credit score of around 700 or above to ensure your application is approved. If you're not sure about your credit score, visit Annual Credit Report. This site allows you to pull one free credit report per year and is approved by federal law. If your credit is below 700, you may need to get a co-signer in order for your rental application to be approved.
Be prepared to show proof that your gross monthly income (before taxes) is three times the monthly rent price. For example; if you want to rent a studio that costs $1,500 per month, your monthly income needs to reflect at least $4,500. If you have plans of moving in the near future, it's best to hold onto your pay stubs if you don't already.
Landlords basically want to know that you're able to keep a steady job and pay your rent. Gold Coast landlords may check your past work history, rental history, and obviously credit score. They also want to find out if you've been convicted of any crimes. If you were, make sure to be honest and upfront about your background with your leasing consultant and on the application. It's worse if the landlord finds out during the background check because you'll seem shady and dishonest.
Previous Rental Experience
Gold Coast apartment managers may want to learn about your past rental experience. This doesn't always happen, but it's best to get prepared if they want your last landlord's information and details about why you left that property.
Your leasing consultant should ask you about all four of these factors above. Being honest about your credit score, income, background, and previous rental experience allows your leasing consultant to find you the best apartment for your personal needs, saves you money on rejected applications, and prevents a lot of wasted time visiting the wrong apartment buildings. Remember: your leasing agent/consultant is not (or should NOT be) judging you on your answers to these questions... he or she should be simply trying to help you find the ideal apartment.