Embracing a Fresh Start: Second Chance Apartments in Austin
What Are Austin Second Chance Apartments and How Do I Get Approved?
The second chance apartments available Austin are multifamily rental properties that provide apartments to those with a less than ideal rental, financial or background history. While the terms “second chance apartments” may not be an ideal term many apartments communities want to be known for they do provide a valuable resource to those who faced difficulties in their personal life and need a place to live – preferrably with a move-in special. These apartments are meant to provide a second chance and our job as apartment locators in Austin is to ensure our clients locate the right apartment for their lifestyle based on their preferred location, amenities and price regardless if the community is offering a current move in special.
Advantages of Living in a Second Chance Apartment
- Flexible Rental Criteria: Second chance apartments tend to be more lenient with their rental requirements, taking into account more than just credit scores and past rental history but you’ll still need to qualify with a credit score above 600 and make atleast 3x the monthly rental amount.
- Acceptance of Past Issues: These apartments may be more accommodating to people with broken leases, evictions, or other rental issues such as property debt, charge-offs, bankruptcy, foreclosure and even those with non-violent felony or misdermeanor.
- Increased Deposits or Fees: While more flexible, second chance apartments may require higher security deposits or additional fees to mitigate potential risks associated with the applicant’s history so it’s important to work with locator that has local knowledge that will prevent you from loosing your application and admin fee when applying for an apartment that offers a second chance.
Working with a licensed real estate agent that specializes in researching and providing housing options for those who are struggling to find a second chance apartment is what we do. It doesn’t matter if you have a credit score below 600 and/or background issues that may include an eviction, broken lease, property debt, foreclosure or bankruptcy.
Working with a Second Chance Apartment Locator
- All Austin apartment communities accessible with your locator will conduct a Credit and Background check (Be uprofont and honest during your discovery call – we are here to help you, not judge you)
- Every property management company will verify your employement and income (Examples include an employer offer letter, proof of employment with w2 paystubs or copies of your bank accounts)
- Most apartment communities will require 3x combined household income to qualify. (We do have access to some communities that only require 2x and 2.5x)
If you try to deceive your apartment locator or falsify an application, we will not work with you. We don’t want to waste your time and because of the limited availability of apartment units throughout Austin area, you’ll need to be upfront and disclose your credit and background history. If you’re not sure of your credit score, please visit creditkarma.com to check your credit for free. Again, we won’t work with you unless you’re honest and upfront, plus the apartment communities will run your background check and credit check anyway and if you lie, they will deny! On that note, a lot of apartment communities will inform the police about issues involving fraud, and as a licensed real estate agents in the State of Texas, we will follow through with any investigation according to the law.
Now that we’ve talked about why it’s important to be honest in order to help you find a second chance apartment in Austin, here’s a list of common problems that many people face when trying to find an apartment in the Austin area that will work for them.
How to Find Second Chance Apartments with Move in Specials
- Eviction – (Must me a minimium of 1 years old)
- Broken Lease – (Some communities may accept if under $1500. Others will require a paid off account with proof of payment)
- Property Debt – (Under $1500 but may require 600 credit score. Some may approve but require not refundable extra deposit)
- Felony – (Must be non-violent and be over 5 years old for most felonies. Some may require atleast 10 years old)
- Misdermeanor – (Case by case but must be non-violent)
- DWI/Drug Posession – (Case by case but more options if over 1 year old)
- Bankruptcy – Must be closed and/or discharged with proof
- Foreclosure – (Case by case but more options the older it is)
- Bad Credit – (Case by case – must be willing to pay increased deposit if approved)
- No Credit – (First time renter as an example – case by case, may require co-signor or additional deposit)
- No Income – (Case by case – some have no income proof requirements – must have excellent credit)
List of Issues that Results in an Application Denial
- Falisify or fraudulent application
- Violent crime – Felony or Misdermeanor
- Felony conviction and on parole
- Sex crimes
- Injury to a child or senior
- Multifactorial issues involving background AND credit
- More than 1 background issue
- More than 1 property debt
- Active property debt greater than $1500
- Open bankruptcy case
No matter what stage of your life you’re at, we’d love to help you. Request a discovery call with your Austin apartment locator so we can discuss your situation by filling out your apartment request intake form on this page.
If you’re looking for a new place to call home in Austin and the surrounding areas, you’ll also want to know that second chance apartments are located in the following Austin area and suburbs: Pflugerville, Round Rock, Cedar Park, Leander, Georgetown, Kyle and Buda.
Ross Quade
Austin Realtor and Apartment Expert