how to rent an apt without an income, but have savings (Madison: sublets, apartments)

[elpaulson]

I'm moving back to Madison to find employment. I've had several employers and agencies who have wanted to interview me, but since I live so far away, they didn't want to interview, but want me to call when I get to Madison.

I'm coming back and have interviews lined up, but my worry is finding housing.

Does anyone know what it takes to rent an apt without a job lined up, but I have savings for up to 3-4 months rent?

Has anyone ever rented a sublet? Is that a good move?

Hosting houses, I've seen some posted, I can rent by the night or week. Has anyone done that one before?

Not sure the right way to go on this because I don't want to use up all my money in a hotel. Oh yes, my cat is traveling with me.

Any suggestions?

[John7777]

I don't think it would be all that hard to rent an apartment without a job. Perhaps you can pre-pay a certain number of months in advance. Or, pay the whole lease in advance. Come to think of it, I once rented an apartment without a job. I guess they just checked my credit and that was that.

[everwinter]

My current apt Landlord required a co-signer since I didn't have a job at the time. They didn't really care about my current savings even though I was like you & had several months saved up.
It was kind of annoying & embarrassing at my age to ask my Dad to fill out a part of the application & sign it, but that's what they required because I didn't have a job lined up yet.

[7G9C4J2]

If you rent from a major landlord or property management company, you will almost certainly need a co-signer on the lease.

However, many of the smaller landlords, the little guys with two or three or half a dozen properties that they manage themselves, have much more lenient requirements for renting. A lot of them will be happy to rent just based on a good rental reference. The drawbacks are that often the little guys don't advertise online, relying instead on putting a "For Rent" sign in front of the building, so you don't find out about them unless you're here in person driving around. Also, many of those little landlords who do all the work themselves can be slow to respond to maintenance requests, and some of them have a patchy understanding of tenant/landlord statutes.

A sublet is definitely a good option, too, though at this point you'd be most likely to find sublet availability in the UW campus area. That is a mixed blessing, because you can find some pretty sweet deals, but you'd be living in a not-very-quiet part of the city. However, in a situation like yours, where you need a local address for job-hunting and would likely be moving into a longer-term lease within a few months, it could be a workable compromise. Students generally advertise for sub-lessees in places like the Isthmus (free weekly newspaper) or the Badger Herald (campus newspaper). Some campus-area landlords also keep lists of places where they know the tenants are seeking a sub-lessee, so you could try contacting a few of those as well. I know Steve Brown Apartments does (or used to), and probably others do as well.

Good luck to you, and please let us know if you have more questions about a specific location.

[Ragnar]

In addition to the good suggestions by the above posters, it may be tough to accommodate your cat in a short-term situation. Can you leave it with friends or family where you presently are and go back for it once you have a more secure living situation? It's not clear what you mean by "I live so far away."

As a worst-case scenario, you may wish to allocate a portion of your savings toward a pet hotel, in case you cannot leave it behind but your short-term housing solution is not pet-friendly.

It sounds like you really should visit Madison ahead of time on a scouting trip. Spend some time with the resources others have mentioned above, and then explore the apartment locations/options in the city while you are here. Some of the best finds will only become apparent once you start seeing those little "For Rent" signs with your own eyes.

Also, what happens if the job does not happen as fast as you would like? Do you have enough savings to live (live, not just rent) for up to six months while you are looking? It's not clear how much money you mean by "3-4 months rent" saved? Rent is expensive in Madison. Depending your reference point, that "3-4 months rent" can get burned up really fast even with a sublet, and we don't know what your other regular debts and expenses are.

If you presently have a job where you are, I would strongly recommend saving some more $ before your move, and plan a scouting trip or two to look at apartments before you head to Madison. You and your cat don't want to end up living in your car during any part of a WI winter.

[elpaulson]

Thank you everyone for your assistance. I lived in Madison for 18 years and moved out of state for a job and in a city I didn't really care for. I am now moving back home (Madison) because the job is done where I live and I'm having difficulties finding a job in my current state. I have had several people call me from Madison wanting to interview me and have done some phone interviews. I have some interviews lined up for next week when I arrive.

I really have no expenses but my phone. I've been good about being debt free for 7 years. I don't have cash, I don't buy it. Since I'm flying with just a suitcase and a cat, I can live in a small space, which will hopefully keep the rent down. I sold my car to make this move and I am hoping to go green (walk, bike, bus) for at least a year, so there is no cost as far as auto payment, insurance, gas, or repairs. Just the bus pass.

Will contact apt managers tomorrow and see if I have any luck. If not, I will try the suggestions on the sublets.

So nervous, but I have to be here to get the job interviews.

[Ragnar]

That's great that you have no debt! It will make things *much* easier for you when you move. Apartments along bus routes may command a higher rent premium, and not yet knowing your workplace location, you may end up working in a place that requires a long bus ride with more than one transfer. You may not like busing and biking during the WI winter, but that will be temporary and it can be done for awhile until you move closer to work. Not having a car may open some more rental options downtown, but accommodating your cat may be the challenge.

Hope things go well for you!

[goodlife36]

I am glad that you were able to sell the car. In my research, I was told they want to see three times the rent for the duration of the lease. I would recommend renting a room to allow flexibility until you secure employment and settle down. Good luck!

[7G9C4J2]

Ragnar has a point that finding a pet-friendly apartment can be a bit of a challenge, although I will say that often it's easier to find a place that will accept a cat than it is to find a place where you can have a dog. That could still present an issue especially with a sub-lease.

Often those small independent landlords have more flexibility in their pet policies, so you'd be well advised to take some time to just cruise neighborhoods looking for those "For Rent" signs. I assume you'll be renting a vehicle while you're here? Hope so, at least; this is not a fun time of year to be finding your way around town by bus or bike.

The other option you can explore is the Dane County Humane Society's list of pet-friendly apartment rentals, here: Find Pet-Friendly Apartments - Dane County Humane Society. Be aware that landlords ask to be listed there, so it is by no means a comprehensive list of all pet-friendly options. And those that do list there are far likelier to be the big professional management companies who'll want you to have a co-signer on your lease. But it might be relevant to you at some point, once you get relocated, start working and settle back into the community.

[Megan1967]

It is not so hard to find an apartment that will take a cat. You will be expected to do one or both of the following:

1. Put down additional security deposit money which may or may not be refundable.
2. Pay an extra $10-20 per month in rent.

I personally would not rent where the extra security deposit was non-refundable as my cats never did any damage to any of the apartments I lived in and I think it is unfair for the landlords to take the money if the cat hasn't done any damage. You might have limited options given you don't have a job, however.

The others are correct in that most landlords will expect you to have a co-signer regardless of your debt ratio or the amount of savings you have.

If you don't mind me asking, what field are you in? I ask because another poster brought up a good point that it may take more than 3-4 months to secure a job.

How long ago did you live in Wisconsin and were you a student or a person who just held a regular, professional job? If you had Madison landlords in the past that can vouch for you that could help.

As someone else noted, rent is not the only COL to consider. I'm assuming you have enough saved for food, transportation costs (you are going to have to rent a car for somethings), health/renter's insurance, utilities, etc. I agree that you might want to have 6 months savings under your belt rather than 3-4, but then you indicated that you are no longer employed and having trouble finding a position, so I guess that isn't an option. Can you stay with family or friends while job hunting?