The rental market is a competitive place. To make sure that your application gets accepted, you’ll need to know what to expect and how to get an edge on the competition. It’s important to have a good credit score, be well prepared with documentation, and maintain a clean background. If you want to be a renter who stands out from the crowd, these tips will help you optimize your chance of success.
The best way to optimize your chances of being accepted is by preparing your application. Do you have references? Can you show a good payment history on your current residence? Do you have any evictions on your credit history? These are all important questions to property managers and potential landlords.
Have all the documentation you need with you when turning in the application. The property manager may sit down with you and go over it right then, so be sure to bring everything you need for an increased chance of getting approved on the spot.
Fill out the application and leave no blank spots. The property manager or leasing agent will probably scan it, and only ask you questions regarding the spaces you left blank. It’s always better to put something there you can explain easily, if asked.
- Tax documents
- Photo identification
- Proof of income (bank statement)
- Proof of employment
- Rental references
- Personal references
- Pet insurance (if you have a pet)
Prove You’re Financially Stable
In the past, rental applications were submitted without references, credit reports, or credit scores. The requirements were very loose, and as a result, a few tenants defaulted on their lease or damaged the rental units, making stricter requirements necessary. Today the requirements have gotten tighter in an attempt to ensure that candidates pass an evaluation before being accepted as a tenant.
One thing the manager will look at is whether or not you’re financially stable and can afford the rent there. The acceptable standard is to make 2 – 3 times the amount of rent. The idea is to keep your debt to income ratio as low as possible. If the rent is only a 1/3rd of your monthly income, it’s a pretty good bet you won’t have any trouble paying on time.
Good Credit Score
Even if your credit score is only average, it shows that you can handle responsibility and are responsible with money. A landlord will be more inclined to rent to someone with a good credit score and be less likely to pull the approval at the last minute if your credit score has taken a tumble.
How Important is Credit Score?
First, let’s talk about credit score. It’s important for anyone who wants to rent a home. While some may argue that your credit score should not affect your chances of getting accepted to an apartment rental, most landlords will factor in the credit score when deciding whether to rent to you. It’s not the deciding factor, so don’t worry if your credit score is a little low.
Coming to the leasing office prepared with all of your documentation and rental references is a good way to make a good impression on the real estate agent or manager. Being properly prepared will definitely increase your chances of getting accepted.
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