What Is A Second Chance Property?
For those who don’t know, second chance properties are rentals that are available to those who have a less than perfect rental history. For example, a second chance property might be right for you if you have bad credit history, you have a previous eviction on your record, you a have previously been inconsistent in your rent payments, or if you have broken a lease.
Are There Leasing Requirements for Second Chance?
While second chance leasing provides an opportunity to rent even with a less than perfect history, these properties do not come without their qualifications or restrictions. Second chance apartment applications will likely need you to demonstrate that you have committed to resolving any outstanding issues in good faith.
For example, if you have past rental debt, you can demonstrate that you’ve set up a payment plan to pay it off. Or if you have poor credit, you may need to offer an explanation about why your credit is low, and demonstrate that you are currently in a more stable financial position.
The property manager at your potential apartment community will explain what resources and documentation that you need in order to qualify for an apartment. It’s likely that you’ll need to have references who can speak to your personal character and financial stability.
How Can I Use ForRent.com To Find a Second Chance Property?
At ForRent.com, we advertise available apartment communities that decide to list their rental with us. While we don’t specifically seek out or classify second chance apartment communities, we have a large number of rental listings available in locations across the country with apartments that span style, price points, and classifications. With so much variety, we make it easy to find the right rental to match your needs and situation.
To find a second chance apartment community near you, start by running an online search at ForRent.com to see what apartments are available in your city. Next, use the search filters to narrow down the results to meet your criteria. For example, you may be searching for a 1-bedroom, within a certain price range, that has certain apartment amenities like air conditioning, or community amenities like a parking garage.
After finding an apartment community that interests you, get in touch with the property managers to see if their rental requirements would work with your situation. Keep in mind that you may be required to pay a larger security deposit.
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How Can I Use A Second Chance Rental As Stepping Stone?
After renting a second chance apartment, you then have the opportunity to repair your rental record by consistently paying your rent on time, keeping your apartment damage-free, and following the conditions of your lease. Building your rental history using second chance leasing will open up a wider set of apartment rentals when you are ready to move on, making it easier to secure your next apartment.
Want more apartment rental tips? Follow along with our ForRent.com Blog, use our Monthly Rental Calculator to see how much you can afford, or read through our Apartment Renters Guide.
This article was originally published on January 15, 2015. It has been updated to current sources and statistics as of February 7, 2018.