RENTAL HOME CRITERIA
Each Owner or Landlord will have their own rental standards and they will vary from property to property. Below are some of the most common standards that we see landlords use when considering applications:
Income Requirement: Most Landlords require that the tenant earn approximately 3x the rental amount to qualify. If the rent is $1,000 per month, then the tenant will need to earn $3,000 per month gross. Many landlords will count documented child support, spousal support, and governmental support, such as social security income towards the income requirement.
Rental History: The Landlord will verify your rental history to ensure that you have paid rent on time, not had excessive bounced checks or evictions, not caused excessive damage to a property in the past and don’t have any judgments against you for broken leases. The Landlord may also check to see that the addresses provided in your rental history match the addresses in your credit report. The application contains a release allowing the Landlord or their representative to verify your rental history.
Employment Status: The rental application asks for your employment history and current employer. Additionally, you will likely be asked to provide recent pay stubs indicating that you meet the income requirements. If you are self-employed or can meet the income requirement independent of being an employee, you may be asked to provide recent tax returns or bank account information. The application contains a release allowing the Landlord or their representative to verify your employment information.
Credit Report: The Landlord will likely run a credit report. They will use the information in the credit report to verify your rental history (i.e. check to see that your addresses match your rental history) and to see if you have a history of making payments on time or have any evictions, liens or judgments. Your credit report may be a key determining factor in the Landlord making a decision to approve or reject your application. The landlord may also require an additional deposit based on information in your credit report. The application contains a release allowing the Landlord or their representative to verify your rental history.
Criminal History: Many Landlords will not rent to tenants with certain criminal histories. You should expect the landlord to run a criminal history report. The application contains a release allowing the Landlord or their representative to verify your background/criminal report.
Bad credit: If you don’t have the best credit, we’ll help narrow down homes that will work with your credit history. Many renters don’t have perfect credit (which is why they are renting and not buying). Most Landlords realize this, and are willing to work with different credit situations; they are usually willing to take into account your Income, Employment Status, Rental History, Credit Report, and Criminal History in determining whether or not to approve a rental application. Many times a Landlord will agree to an increased security deposit to compensate for poor credit.
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