Finding a Canadian rental apartment with no credit history or job might appear challenging, but it is possible. This is because having a credit history or job letter would be best. Moreover, most newcomers face this issue when finding a Canadian rental apartment. This is because landlords often demand a check on their credit history. A good credit history becomes essential. However, the absence of these things will not stop you from accessing the right to rent in Canada. Most newcomers are unable to fulfill the job or credit history requirements. Hence, you can now explore the process of finding a Canadian rental apartment with no credit history or job letter.
A Credit score – what does it imply?
A credit score indicates a three-digit number, a vital part of the credit report. The score or figure depicts your potential to manage credit well enough. It also reflects whether it will be fine to lend you money or not. A healthy credit score will be beneficial to find a rental apartment in Canada.
Using your credit responsibly helps you attain an increased number of points. However, overusing your credit reduces your score. Eventually, you will not have a good credit record.
Finding a Canadian rental apartment with no credit history or job
Now, in case you don’t have a credit history, look at the following tips for your rental apartment search in Canada:
Third-party solution
You can access the third-party solution if you have zero credit history. This implies that you can bring forth a third party before your landlord. However, you must remember that the third party must have a great credit history. You must also get them to sign a lease because most landlords might ask you to present a third party who would sign on your behalf. This is despite showing all the other credit information.
Co-signing the lease will make your landlord feel confident that you will pay the rent on time. However, do not choose this option if you already know that you might face delays in paying the rent, as it will spoil the credibility of your acquaintance.
Try to get a roommate
A roommate with a good credit record or history can prove beneficial for you if you don’t have it yourself. Next, it will also help you share the bills and manage your living expenses. However, you must be sure you will be able to pay the rent, as your inability to do so will impact them.
Access a temporary living option until you build your credit history
You can seek long-term or short-term booking alternatives through websites like Airbnb, hostels, and hotels. However, hotels might be costlier than the other options, while hostels will be more affordable. These options might also offer you a complimentary breakfast facility. Choosing such temporary options will be perfect for creating a good credit score and for rental home options.
Present a Local Guarantor
A local guarantor might be a good option as they assure your landlord that even if you fail to pay the bill, they will pay it on your behalf. This is a legal agreement; mostly, family or friends agree to sign it.
Offer bank statements
Landlords in Canada happen to accept your condition if you can present a considerable amount through your bank statements. If you can demonstrate sufficient savings, you will be able to assure the landlord about your ability to pay off the rent.
Advance payments
Securing your rental space might require showing your credit history; without it, you might have to go the extra mile. The best thing to do is offer advance payment for your rental apartment. As a sincere gesture, you could offer rental payment for three months or increase payment on your security deposit. This way, your landlord might be convinced that you would prove to be a responsible tenant. However, this alternative has a drawback, too. It might seem to your landlord that you’re too keen and might raise the amount significantly.
Access survival jobs or choose volunteering
Not having a job letter due to a lack of professional experience can prove challenging for your rental search. In such a case, it is best to access low-skilled jobs with no professional experience requirement. Examples of such job positions include food delivery associates, coffee shop owners, factory or warehouse owners, telemarket associates, etc.
These survival or volunteering jobs are great for gaining references, building your network, earning work experience in Canada, and practicing language skills.
Remote neighborhoods for rental options
Select less prominent locations so your landlord doesn’t have too many tenant options. Moreover, you will have significant chances of being accepted as a tenant. Hence, avoid choosing locations that are highly in demand because you might have fewer chances.
Meet individual owners and choose between condos or basement options
Individual landlords offering condos or basement apartments are easily accessible. Also, individual landlords are more comprehensive in their approach and might empathize with your situation. They will provide more flexibility in payment than the rest of the property management firms. These firms have stringent rules in terms of payment compared to the individual landlords.
Provide them with an offer to move in at the earliest
Landlords find it challenging to maintain vacant properties. The money being given for vacant properties includes property tax, utility bills, and even a mortgage if the landlord hasn’t paid fully for the property. Hence, it is good for the aspiring tenant to move in at the earliest as you will be assisting them through the payments.
Conclusion
Your rental process without a credit history will be pretty stressful. However, the above tips may come to your rescue when in doubt. Besides this, don’t forget to make timely payments for your rental space. This will enhance your credibility before your landlord. You must repay your dues and deliver what you commit in monetary terms. Also, continue the process of building your credit score.
