RENTAL HISTORY ISSUES
NO EVICTIONS!!
UPDATE
UPDATE
Due to change of Austin rental market, we do NOT work with unresolved evictions.
RENT AN APARTMENT IN AUSTIN WITH A BROKEN LEASE
OPTION 1
- There can be only one broken lease/ rental debt (NOT an eviction) on your record.
- These apartments can work with ONE broken lease; less than $250 owed.
- If the debt is more than $250, it has to be paid off and removed from the credit.
- Price range for these apartments are: 1/1 starts at $1,500 and up; 2/2 starts at $1,700.
OPTION 2
- Your broken lease must be older than 3 years.
- The debt cannot exceed $1,500, and your credit score must be 550 or higher.
- An extra deposit equal to 1-2 month rent may be required.
- Price range for these apartments are: 1/1 starts at $1,650 and up; 2/2 starts at $1,850 and up; 3/2 starts at $2,379-$2,650
OPTION 3
- Your broken lease must be paid off.
- Your debt does not have to be removed from your credit, but a no-balance-owed letter from either the collection company or the apartment community is needed.
- An extra deposit equal to 1-2 month rent may be required.
- Price range for these apartments are: 1/1 starts at $1,750 and up; 2/2 starts at $2,350 and up.
Keep in mind. You still have to qualify for the credit, income, and criminal background portion of the application.
Unfortunately, I cannot help you if your price range is less than the above mentioned amount as I am not the one who creates the pricing system and qualification policy, but apartments and apartment market are.
Austin ranked #1 on Forbes' Fastest Growing Cities in America. This influx of people moving to Austin causes increase in rent prices and occupancies. According to Austin Statesman, the average occupancy rate stood at 97.8%. As apartment occupancy in Austin and the surrounding areas reaches its highest since 21 years, apartments simultaneously become 'pickier' which, in turns, reflects their screening criteria. There are less and less apartments in Austin and the surrounding areas that will work with rental history problems such as broken leases, evictions and rental debts. To maximize your option, it is, of course, best for you to pay off your rental debts completely. Though, apartments do view an eviction differently than a broken lease. An eviction is when you were given a notice to vacate by the apartment community and will appear under public record on your credit report. While a broken lease is when you terminate your lease prior to end of your lease contract. An eviction are, for the most part, less desirable than a broken lease.
Many apartments automatically decline an application with an eviction showing on their record even if it has been paid off. However, there are also those that will accept an eviction that is paid off and still shows on the credit report. There are limited numbers of apartments that can work with broken leases/ evictions. And each of them has different stipulations. Some require you to put down an extra deposit equal to one month rent. The extra deposit needs to be paid upon move in. Some want the broken lease (no evictions) to be at least 2 years old and a direct deposit set up with your employer. Some can only work with you if you have 1 year of positive rental history established after your broken lease/ eviction.
Trying to find an apartment in Austin while having a rental debt on your credit report is a very tough situation. You could easily lose $100's of trying to apply at this apartment and that apartment. It is that tricky that many apartment locators are incapable of locate these prospects an apartment that can work with them. At Apartments Express, we stay up-to-date with apartment approval criteria.