Renting an apartment w/o proof of income?

[HiFiWiFi]

I'm moving to Chapel Hill to attend UNC in the fall. I am hoping to get an on-campus job, but if not I will simply get a job delivering pizza or something to help pay bills. However, I've already ensured that the loan amount I am eligible for could sustain me all year if it needed to.

I will need to sign a lease for an apartment within ~10 days of arrival in order to qualify for in-state tuition for the 18-19 school year, so I'm trying to be proactive about finding a place to live, and it occurred to me I'll be unable to show proof of income, and can only furnish proof of ~7k dollars in the bank at the time of signing the lease.

Has anyone had trouble renting a place while dealing with student finances? Possible relevant info:

I have low-end-of-good credit (696, ~10 year history) and all of my debt is deferred student loans, no credit card debt. I own my car.
I have no rental history, as I have been living with relatives throughout my schooling.
I am a 30 year old single, white female who will be living alone with no pets.
I will be looking at apartments with a monthly rent of ~950 USD.

Edited June 27, 2017 by HiFiWiFi

[fuzzylogician]

Two useful things: one is to be able to explain where you'll get the money for rent from and have documents to back it up (bank statement, loan papers). And second, be ready to commit to large deposits up front. Landlords are just going to want to know that you are trustworthy. If you can get referred through local friends (or friends of friends), that will help too. Ask around your future department, they might know about vacancies (e.g. someone who's graduating this year might have a lease that you could take over, and if the previous tenant was good, the landlord might be happy to have another one like them).

[TakeruK]

I think your good credit will help. In addition to what fuzzy said, can someone with income/good credit be a guarantor for your lease? I wouldn't necessarily offer it right off the bat, but if they ask for a guarantor, it could help if you have someone who already agreed to be one just in case it's needed.

[cowgirlsdontcry]

40 minutes ago, HiFiWiFi said:

I'm moving to Chapel Hill to attend UNC in the fall. I am hoping to get an on-campus job, but if not I will simply get a job delivering pizza or something to help pay bills. However, I've already ensured that the loan amount I am eligible for could sustain me all year if it needed to.

I will need to sign a lease for an apartment within ~10 days of arrival in order to qualify for in-state tuition for the 18-19 school year, so I'm trying to be proactive about finding a place to live, and it occurred to me I'll be unable to show proof of income, and can only furnish proof of ~7k dollars in the bank at the time of signing the lease.

Has anyone had trouble renting a place while dealing with student finances?

I ended up with a house near campus that I found through the English Dept's list-serv, but I had applied at an apartment complex just a couple of days before beginning talks with my landlord. The complex required proof of income. I was told that if I could not provide it, I would have to pay some portion of rental costs up front. They accepted a copy of my offer letter, which detailed my funding. That is the only experience I have had with the rental process as a student. BTW, I was approved for the apartment, but ended up going with the house because of its proximity to campus. I also have no idea what other complexes do.

[rising_star]

I would look at renting from private property owners rather than a company and/or subleasing or joining a lease with roommates. All of those options are likely to be more flexible about the proof of income. In grad school, I rented a room from someone who owned the house and wasn't even required to do a formal application so there was definitely no proof of income required. I also rented an apartment from a couple where they did a credit check but otherwise let me move in with first and last month's rent plus deposit. Can you look for options like that? (Also, I've heard of people using their loan amount as proof of income though I've never tried this myself.)

[cowgirlsdontcry]

9 minutes ago, rising_star said:

I would look at renting from private property owners rather than a company and/or subleasing or joining a lease with roommates. All of those options are likely to be more flexible about the proof of income. In grad school, I rented a room from someone who owned the house and wasn't even required to do a formal application so there was definitely no proof of income required. I also rented an apartment from a couple where they did a credit check but otherwise let me move in with first and last month's rent plus deposit. Can you look for options like that? (Also, I've heard of people using their loan amount as proof of income though I've never tried this myself.)

Absolutely, Rising Star. My landlord/owner found me on the English list-serv through his current tenant, who was a graduating MFA student. We talked for a few weeks about various things with regard to owner/tenant stuff before he offered me the house. He knew I was an entering English PhD student (because I was on the list-serv) and because he had been an English professor. I filled out no application. We signed a lease and I have already given him the deposit, which is equal to a month's rent and a normal thing for a house.

[qt_dnvr]

My partner and I recently rented a place without jobs in Chicago. I went in with a print out of my savings, paystubs from jobs we were leaving (hey they may be robots at the leasing company, who knows) and a print out of what my loans/aid package looked like and what that would equal per month after tuition and fees. When they asked, we offered a cosigner and were accepted.

[StrengthandHonor]

I had no trouble renting an apartment in Chapel Hill. They did a credit check (I do have good credit), and then I provided a copy of my offer letter from my Ph.D. program.