Renting a Property with a Poor Credit History

When renting a property with poor credit, you should keep a few things in mind. This does not automatically disqualify you from renting, however, there are some important pieces of information you may want to be aware of.

1. On application to rent a property, your rental agent is obligated to run a credit check.

We suggest being honest and upfront about your credit history and provide any explanations for a poor credit to the agent who can take this information to the landlord in motivation of your lease agreement.

2. Take action.

If you do have poor credit, and you are worried that this may affect your ability to rent a property, we suggest taking immediate action to improve your credit wherever you can.

3. Poor credit history does not automatically mean that a landlord will not rent to you.

Your lease application as well as supporting information (such as your credit history) will be presented to the landlord who will use his/her discretion in awarding you the lease agreement. The more information your agent has with regards to your credit history the better.

4. Poor credit history may mean that the landlord will look for more security.

If the landlord chooses to award you the lease agreement in the context of your poor credit history, it is understandable that he/she may do what he can to minimise this risk. This may mean that the landlord could ask for a 2- or 3-month deposit rather than a one month's damage deposit. He/she may also call for a utilities deposit. Being able to provide these securities may make you a more attractive risk to the landlord in question.

Wakefields' team of professional rental property specialists are here to assist you with all your letting questions and queries. It is time to rent the #WakefieldsWay

Email rentals@wakefields.co.za