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I’m moving to Chicago this fall to for graduate school and planning to live in a small studio at of cost of around $600-700/mo (no more than 800/mo plus utilities). I’m wondering what I’m in for as far as the application process… Here’s the situation:
My credit and rental history are good but limited; I have one credit card on which I’ve never paid interest, and I’ve only rented one other place, which my parents paid for while I was an undergraduate (no problems). More importantly, I have no current source of income, and have only filed one tax return (2009) as an independent, on which I earned only $7,000 mostly from hourly jobs I had during and after I graduated from school.
The caveat here is that I will have enough in loans and financial aid to pay for tuition as well as rent and utilities plus groceries: about $28,000 for the year- but keep in mind that over half of this is tuition, and that it’s not income, but loan disbursements. I will be taking night classes so I can get a job while I’m in school -hopefully something fulltime- but, I don’t assume any landlords are going to care about a job I don’t have yet.
I’m making a trip to Chicago soon hoping to put down for a place, and will have all my information including tax forms, references and proof of loan disbursement amounts. I’d prefer not to have my parents co-sign, but they can if it’s absolutely necessary. I will be able to put down first month’s rent and plus up to two months for a deposit if necessary, but would like to avoid paying a large deposit if at all possible - it would put me in a tight spot when coupled with other moving expenses, like furnishing the place. (but, I suppose I could sleep on the floor if means getting a place to live.)
Have you consulted anyone at the housing office of the school you will be attending? Many schools offer assistance with off campus housing. There may be online bulletin boards with information, also.
I would imagine you will have better luck working with a private LL than a complex. A complex will have a manager with written rules to follow. A private LL will negotiate, or should. Just my opinion and I'm a LL ( not in Chicago ).
That was my first thought, go through the school. $600 in Chicago isn't much. I'd advise that sometimes people need help, and I'd welcome a co-signer if it would help. What a wonderful city, but it's not for the meek. At least consult with a real estate attorney, or go to a realtor who handles rentals. If you search the papers or drive-by advertising, you may not have a qualified landlord who knows the law. Whatever you do, get every transaction and promise in writing. If it's not in writing, it didn't happen! Read this forum about some horror stories and what to look out for.
My school does not have it's own graduate housing, but offers rooms in buildings it shares with other universities. They are all very nice places, and you can pay for them directly through your student account. However, even with the utilities and amenities they offer, they are outrageously expensive compared to an average efficiency/studio.
I think I will definitely go to a Realtor who specializes in rentals. I know I'm not the first student in this situation, and an experienced Realtor should know what I'll need to do to get a place.
Until then, I'm interested in any and all feedback anyone might still have.
I could be mistaken, but I think your loans count as income, and the landlords probably won't know or ask how much of that is going toward your tuition. They'll see $28k in income and I think many would approve you based on that and previous credit/rental history. Honestly, they probably won't know that your parents paid your rent at the previous place; they'll just know that your landlord got your rent payments, which is the important thing. I can only speak as a tenant since I'm not a landlord, but when I was in grad school with only savings/scholarship/loans I didn't have a hard time finding a place on my own.
Different landlords look for different qualities in potential tenants, so your situtation may not even be an issue. It sounds like you probably have good credit, and for many landlords that will be assurance enough.
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