Renting an Apartment without a Financial Background

In the midst of your search for a new apartment for your time studying abroad? Finding your place is only the first (but most exciting) step.

Maybe it’s your first time on your own away from family, or maybe you’ve enjoyed your time at a previous university. But despite your prior experience with embarking to a new university, one hurdle many international students face when studying abroad is how to rent an apartment without any prior financial background.

Student properties help avert their risk of renting to students without income generally through a co-signer or guarantor. (If you’re not to familiar with what a guarantor is check out our quick definition here!) But in some instances, a guarantor may not be immediately accessible for you.

That’s why we’ve partnered with LoftSmart, the US’s leading source for student housing, to come together and help make your move a seamless and delightful process with assistance on how to rent without a financial background. Check out Flywire and LoftSmart’s tips on how to navigate signing your lease without having a substantial financial background.

Forgo a Guarantor with a Higher Deposit

Most apartments give you the option to pay a higher security deposit when signing your lease with little to no financial history. Essentially, the property is mitigating their risk in the event that your or not able to pay a month’s rent, by frontloading your payment. This is a common method in the circumstance that you’re not able to find a guarantor to assist with your lease.

Proof of Financial Assistance

If you’re an international student studying in the U.S., you may have financial aid in the form of a scholarship, loans or the financial backing of your parents that will cover your housing while you’re enrolled in college. In many cases, documentation of this assistance can be utilized in replacement of proof of your own income.

Proof of Income for Your Parents/Guardians

Another method of signing your lease without prior proof of income for yourself is through proof of income from your parents. This is generally the simplest method as the property will generally only require prior pay stubs from your parents, regardless of the country of origin, to verify that if you do not have the means to cover your month’s rent.

Utilize a US Guarantor

The final way to bypass this hurdle is through guarantor matching or services like Jetty. Essentially, these services can assume the risk on your apartment for a fee. The process works like many insurance policies.

Have a few more questions on student housing in the US? The team at LoftSmart offers tons of great resources on their site that is sure to help with your move to the US.

Ready to find your perfect place? Sign up for LoftSmart today!

from
http://blog.flywire.com/2017/09/19/renting-an-apartment-with-no-financial-background/