Searching for the perfect home is quite a task. Sometimes it will take you months to find the perfect place. Once you find it – you now need to submit your application. The current rental market is more difficult due to limited inventory and more tenants looking for rentals. Here are some tips to make sure you are ready to put your best foot forward and get the home you want:
Review the application guidelines BEFORE you apply. Each landlord has different qualifications and you need to know what those are before you waste your time & application fee.
While these are some of the items that a lot of landlords review – it is in no means a guarantee that your landlord will view your application in this way.
One of the criteria that landlords or property managers look into when they receive an application is their credit. Some landlords look at your score, some look at the individual trade types and don’t use a score. Protecting your credit is always a good idea, but at Solid Source Property Management, we review the actual credit trades and some like medical collections do not count against you. However, typically if you have previous rental collections – this can be a deal breaker for most landlords.
Often times, rental history is the criteria that impact your application the most. This will solely define your character as a renter. Before you send an application, it’s best that you backtrack the timeline of every lease you’ve signed and if there are any loose ends, make sure that you amend it. Never rented before and no rental history? You may have to establish rental history with a co-signer or pay a higher deposit until you get a track record.
Employment & Income Requirements
Most landlords need to verify your income to make sure that you can afford the rental home. Typically, you need 3 times the monthly rent or more to have enough income to pay your rent and other debts. The more money you make, the easier it will be to qualify.
Most landlords also want to see stability in your job. If you are new to the position just be aware that most landlords will see this as a negative especially if you are in a whole new field of work.
Not all landlords do a background check. If you have been convicted of a crime, you should probably share that before you apply to make sure you are not wasting your time. Most landlords will take into account the type of crime and length of time since conviction, but if you have a history or pattern of excessive convictions – especially if they are crimes against another person or felony drug status – then you may be challenged in finding a landlord who will accept your application.
Now that you have reviewed the basic guidelines, here are some additional tips:
Have Your Funds Available
Moving is expensive and there are a lot of costs involved. You will need a security deposit, the first month’s rent, utility deposits, and moving fees just to name a few. If you don’t have a reserve ready, it may be best to wait until you have those funds secured.
Rent within your means
We talked about the income requirements above, but it is much better if your rental amount is no more than 25% of your gross family income. This will mean that you will be better able to absorb those unexpected bumps in the road that comes with life.
Follow the Instructions, Fill out all the Information, & Be Honest on Your Application
It is always best to follow the instructions provided and submit all the required information at one time. If you submit an incomplete application, you will be wasting precious time and stand a chance of losing the home. If you have something that may be viewed negatively – explain yourself and have verifiable resources to back up your story. For example, if you have had an issue with a past due rental collection and are making payments – be sure to share that and provide proof of your payment arrangement and that you have been paying as agreed.
We hope that you have enjoyed these tips and please feel free to review our specific guidelines and our available listings.