Hi. I'm 19 years old and just looking to rent my first place and I have a couple questions I'd like to sort out. I just want to make sure I have all the right information. I have found a roommate who is a bit older than me (25) and willing to take on a little more of the rent/utilities. As far as I know, she has good rental history and a good credit score and a full time job. She picked the apartments, which are very nice, and has already went through checking availability.
I, on the other hand, will be renting for the first time. So no rental history and I don't have any credit. I'm hoping that because I'm moving in with a roommate who has all the things I'm lacking they'll be more inclined to let me in with maybe a higher security deposit. I can provide proof of income. I worked my last job for four years and I was lucky enough to be hired at a great company that pays well and provides stable work about a month ago.
I'm mostly wanting to get people's thoughts on this. Since this is a first for me I'm not entirely sure what to expect. Will it be likely or unlikely for them to approve me? Will having someone like that who will cosign the lease with me help? What should I expect and are there any tips you can provide me to make this process easier or make it a little more likely this will work out? Would it be a good idea to give them a call and ask them over the phone about my specific situation?
If you have someone else on the lease with rental history, that's a huge plus. They won't care about who pays what portion, what they'll care about is does your total available income exceed their requirements? We just rented to a very young family (19, 20, 2 kids) and they've been wonderful! If you present yourself in a mature way, provide them 2 most recent pay stubs, have a clean background check, work references and a decent credit score you should be fine.
If you don't have a credit card-- get one with no annual fee, and never keep a balance on it, just to start building your credit history! You only have to pay interest if you have a balance, so whatever % rate doesn't matter if you never have a balance.
Have your room mate pay the full rent to the landlord and assure the landlord that she is 100% responsible for paying monthly. You will then only be responsible for paying your portion directly to her. As a landlord I would never accept portioned rent checks from tenants, One person one check.