Renting in Nashville (Murfreesboro, Huntsville: low income, apartments, rental market)

[snowydaze108]

Hello:

Hopefully someone can provide some assistance or advice.

In April of 2018, I lost my job and took a 15k a year pay cut. What proceeded to happen, is that my savings and credit went to hell. I have recently gotten a job making more then I have ever made, but I will relocate to nashville.

Is there anyone in Nashville that rents to those with subprime credit scores or who can help me? I know I can pay a higher deposit, but money is very tight until I start my new job. (I'll be getting a 25K a year pay raise.)

Any advice?

[N.Cal]

Ask them up front. Some will have an issue, others won't.

[Serious Conversation]

You may also have to look at less desirable complexes or parts of town. If people are beating down the doors to get in somewhere, you might not get an apartment. In a less desirable area, it probably won't be an issue.

[jjbradleynyc]

If you can get a "guarantor" that has a good credit score, that could help in situations where the landlord needs good to excellent credit.

Also, typically, most experienced landlords look at the "whole picture" when renting apartments. A good credit score is not necessarily predictive of a good tenant. I rented apartments in Brooklyn, NY for 6 years as a property manager and broker, and encountered a few stories of these situations myself. Several tenants over the years had excellent credit and excellent incomes, but they were problematic after being approved. Specifically, I recall they were very high maintenance (constant apartment "issues" but not truly), pretty noisy tenants, pretty dirty and did not maintain the spaces well.

Anyway, I say that to illustrate that a good tenant usually comes with good, hands-on recommendations from previous roommates, landlords or coworkers/managers. Ideally, if you are a good tenant with a bad credit score, provide a landlord (person who knew you and that you rented from) rather than a "rubber stamp letter" management company. A credit score does not give a good view of the type of tenant you'll be.

Bottom line, if you make money, you will be able to pay the rent. I think we denied just a small handful of applicants completely EVER during the 6 years I worked there. This was because of inconsistent letters of landlord references, coupled with bad credit and very low incomes.

I don't think you'll have an issue-especially if you earn more than enough income to pay the rent.

[GWoodle]

where is your new job? Can they hire a relo agent to help you move?

[unxpctd]

How about renting somewhere outside of Nashville where the rent isn't as high? Commute a longer distance for say 1 year then move closer into town.



Just a thought...good luck!

[SpeedAndFade]

I wouldn't really sweat it. As an outsider who toured a bunch of places a month or so ago, my sense of the Nashville rental market right now is that it's extremely oversaturated at the moment. Lots of tower cranes, scaffolding, etc around. The new stuff like most cities is all lux. The ones that have opened are offering all sorts of incentives to sign. One place I visited had decreased their rent from $2100 to $1800 to $1600 by the time I toured. As these other places open, I'd expect more downward pressure on rental prices.

So, my take is that they can't be picky right now. They need bodies. You'll be okay. Showing income will help. Documenting positive rental history previously will also help bolster your case.

[snowydaze108]

Thank you everyone for replying!

Also, what are the desirable neighborhoods? Does anyone have any idea of where I should look?

As for commuting, I am managing multiple units from Murfreesboro to memphis, to Huntsville, AL. My life is a commute!!

Thanks!

[edshaw4947927]

Originally Posted by unxpctd

How about renting somewhere outside of Nashville where the rent isn't as high? Commute a longer distance for say 1 year then move closer into town.
Just a thought...good luck!

Where would you point someone looking to rent or buy a duplex out of Nashville but still near a commuter trail? I was there once and found a couple of towns where the artists who had yet to make it lived, and they were very nice and country. Thx.

[NashvilleTransplant]

Try The Gossett on Church. They have a 1 bedroom 1 bathroom for about 1500 (After a free month discount). Their deposit is also pretty decent (ePremium) and your credit score doesn't really matter.