Whether you are moving out on your own for the first time or you are transitioning from being a homeowner to being a renter, it can be helpful to know what to expect when you are applying to rent a home. Being ready with the right information, money, and documents can make the rental application process move more smoothly. Here are some tips and helpful information to help you through this process.
When you have found a house you want to rent, you will fill out a rental application with the rental office. Included with the application is usually an authorization for the agent or property manager to gather information about you, including your credit history. The agent or property manager will want to know how your payment history has been in the past, so they will get a copy of your credit report.
Different property management companies may have different criteria for approving and denying rental applications. But, major credit problems can result in your application being denied or you having to pay some rent up front or a larger deposit. Major credit problems that can affect your application decision may include bankruptcy, foreclosure, repossession, a charge off, or any delinquency showing on your credit report that you are currently behind on.
If you have any of these credit problems and are concerned they may cause you to be declined, ask the agent or property manager about their policy on your bad credit situation. It can be helpful to know beforehand if your credit situation will cause your application to be declined. This can save you paying the non-refundable application fee they will use to process your application. Rental application fees can cost anywhere from $60 to $150 per applicant. The fee is non-refundable because it is used to pay for your credit and criminal check, and to pay the employees to process and review your rental application.
Most agents and property managers will want to get your criminal history report to see if you have any serious offenses on your record or have served time in prison for a felony. They can use this information to determine if you would be a good tenant in their property. They may not want a sexual predator or someone who has problems with domestic abuse living in their property, as it could become a legal liability.
With your signature authorization, the agent or property manager will need to see your identification to gather your background information. This is to show them you are the person who is applying for the rental contract. This is also to help prevent identification fraud in your name. Without checking your identification, anyone could use your name and information to apply for a rental. Then, any legal or non-payment problems with the property would go on your record.
The agent or property manager will also want to make sure you can afford to pay the monthly rent, so they will ask to see your paycheck stubs from the past few months. It is a good idea to get this together beforehand so you aren't scrambling to get copies from your employer at the last minute. If you are self employed, you should be ready to provide copies of your tax return for the past couple years.
Along with your income, the agent or property manager will likely want to make sure you still work at your job. Just because you have a paycheck stub does not not always mean you still work there, so they may call your job for confirmation.
This information can help you be prepared for a rental house application process. For more information, contact a local rental company like Sunworld Group Inc.Share