Your Stress-Free Guide to Renting in Salt Lake City: Credit, Income, and Getting Approved
Landing a great apartment in Salt Lake City, a city we all love for its mountains, culture, and opportunities, is incredibly exciting! But let's be honest: submitting that rental application can feel like the final, nerve-wracking hurdle.
Whether you're a recent grad securing your very first place, a young family moving to a new neighborhood, or a seasoned renter new to the SLC market, understanding the approval checklist is the secret to getting your application greenlit fast.
At The Crossing at 9th, we want your experience to be transparent and easy. Forget the jargon! This guide breaks down the three big things every landlord checks, your income, your credit, and your history, so you can approach your rental application confidently and move closer to getting those keys.
The Money Talk: Proving You Can Afford It
Before anything else, a property manager needs to make sure the rent fits comfortably into your budget. This isn't about judging your spending; it’s about making sure you won't be stressed out by the monthly payment history of your lease.
The Golden Rule: The 3x Income Check
For a market-rate apartment, we typically look for your combined gross (pre-tax) monthly income to be at least 3 times the monthly rent.
- Example: If the apartment rent is $1,500, we want to see an income of at least $4,500 per month.
- The Why: This simple formula ensures you have plenty left over for everything else: groceries, bills, gas, and fun.
- Combined Power: If you’re applying with a partner or roommate, we use your combined income to hit that minimum number.
Your Secret Weapon: The Rent Affordability Calculator
Don't guess! Before you start touring, use a tool to pinpoint your comfort zone. A rent affordability calculator gives you a clear, personalized look at what price point works for you. Start budgeting like a pro right now: Rent Affordability Calculator.
Quick Note on Income Based Apartments
If you hear terms like income based apartments or Tax Credit Apartments, know that these communities have strict federal rules that set a maximum income limit. For market-rate properties like ours, the priority is simply meeting the minimum 3x income rule.
Your Financial Report Card: The Apartment Credit Check
For most people, the apartment credit check is the most nerve-wracking part. But landlords aren't looking for perfection; they're looking for patterns of responsibility.
What Landlords Actually Care About
When we run a renters credit check, we’re reviewing your history as a financial person:
- Payment History is King: This is the most crucial factor. We look for a pattern of consistent, on-time payments across all your financial obligations (loans, credit cards, previous leases, etc.). Reliable payment history signals reliability for rent.
- Debt Stress: How much debt do you carry? We want to make sure adding rent won't stretch you too thin.
- Past Issues: We check for collections or major defaults.
What Credit Score Do You Need to Rent an Apartment?
While every community sets its own rules, aiming for a credit score of 650 or higher puts you in a solid position in the competitive SLC market.
Here’s what your score means for your rental application
700+ (Great): You look fantastic! Likely smooth sailing.
650-699 (Solid): You're right on target. Expect approval, though sometimes a higher security deposit may be requested as a contingency.
Below 650 (Developing): It's not a dealbreaker, but you'll likely need to strengthen your application with a higher security deposit or a qualified co-signer.
Pro Tip for Young Renters: If you’re a young adult who hasn’t built much credit yet, a strong co-signer (a trusted adult with great credit) who agrees to be responsible for the rent is a common and often necessary step! Offering a higher security deposit can also mitigate risk.
The Final Vetting: Background Check and History
Once the numbers check out, we move to the background check and screening. This process confirms your identity and assesses your history as a tenant.
What the Background Check Includes
This crucial step includes your renters credit check and background check data:
- Eviction History: A prior eviction is the fastest way to get a rental application denied, as it shows a broken lease agreement.
- Rental History: We call previous landlords (usually the last two) to verify:
- Did you pay rent on time?
- Did you take care of the property?
- Were there any significant complaints?
- Criminal History: This is reviewed carefully, assessing the nature and recency of any convictions.
Know Your Rights as an SLC Renter
Knowledge is power! To better understand the official tenant selection criteria and your rights as a renter in the city, check out these local guidelines: SLC Renter Resources.
Addressing Affordability Beyond Rent: Utility Support
Getting approved is just the start. You still have to pay the electric bill! Managing utility costs, especially during those hot summers and cold Utah winters, can sometimes put a surprise squeeze on your budget.
If you are looking for ways to strengthen your rent affordability and need help managing energy costs, resources are available. For eligible low-income households, the Utah Low Income Home Energy Assistance Program (HEAT) provides critical support to manage heating and cooling expenses. This is a smart way to maintain financial stability once you're settled in.
Contact Crossing at 9th to get more information on the application process and to ask about floor plan availability.