Tips for Renting an Apartment Without Verifiable Income

Back in our grandparents’ days, workers were more likely to get hired on with a company and stay with a full-time job for years or even decades. However, today, many individuals are looking for ways to rent an apartment without verifiable income due to changing employment patterns and job instability.

Nowadays, anything goes, from a traditional full-time job to taking a gap year to being freelance in the gig economy. We have stay-at-home day traders and digital nomads, people who are temporarily down on their luck, and those who intentionally take time off to find themselves. It’s not like before, when landlords could easily look at a pay stub and figure all would be well if income was three times the rent.

So how do you prove you’re a good risk in today’s world of side hustles and up and down income? Here are a few ways to score that dream apartment, even if you don’t have a regular verifiable paycheck:

Maintain Good Credit

Along with income requirements, landlords and rental agencies take a good look at prospective tenants’ credit scores. Having an excellent credit rating can make up for a lack of income in some kinds of agreements. To start a good credit history, get a credit card and pay it off on time every month. If you’re not using a credit card anymore, experts say to leave the account open with a zero balance.

Consider a Lease Guarantor

A lease guarantor for a rental space is just like a cosigner for a mortgage or car loan. The lease guarantor signs on to provide more security for the lender (in this case, the landlord). However, like a cosigner agreement, the lease guarantor will be held responsible for unpaid rent and other financial responsibilities not met by the tenant. A family member is the most common lease guarantor, but don’t enter into this situation lightly — it can ruin a relationship if you fail to keep up your end of the bargain.

Provide Bank Statements

Maybe you’re taking time off to work on a creative project or are going through a spell of unemployment, but you have money in the bank. If so, show off those savings to the landlord or rental agency. They might be more willing to take a chance on you knowing you can tap into these assets in case of emergencies.

Look for Rentals by Owner

It’s easier to develop a personal relationship with an owner than with a big rental agency. If you’re unemployed, underemployed, erratically employed, or shadily employed, an individual property owner might be more understanding. You might be able to have a heart-to-heart talk about your situation and get around standard income requirements.

Show Unusual Income

There are a lot of unusual ways to get income. Maybe you rely on alimony, child support, legal awards, tax refunds, or a literary fellowship. Or perhaps you have an unusual intermittent side gig, such as life model, sperm donor, freelance writer, or Etsy vendor. Sharing these income sources might help smooth over income qualification problems.

Any and all of the above tactics can help renters secure their desired living spaces when lack of conventional employment income threatens to sink their rental plans. These days, making a living through side hustles in the gig economy is becoming the norm, for better or worse. More and more landlords are likely to understand.