Top 5 Things To Make Sure Are In Good Standing To Rent A House
If you are wanting to rent a home, there are several things you can do to increase your chances of being able to rent the property you are interested in. All of these items are important and the better the requirements are met, the more desirable of tenant client you become.
Secure Job
The landlord will want to make sure you have the ability to pay rent. The most common means of showing this is through your employment history and that you are currently employed. Once the landlord verifies employment, they will not only look at the income you make but look at what percentage of your income will be needed to cover the rent. Typical rule of thumb is the rent should not be more than 30 percent of your income. The more your income level is above this requirement the better potential tenant client you become.
Good Credit History
A potential landlord will want to look at your credit history. They will be checking if there are any late payments or large outstanding debts. These are potential red flags and will slow down your rental process. Landlords are searching for tenant clients who are responsible with their finances. A favorable credit report will make it much easier to get you rental application accepted.
If your credit reports indicate you have non-payments or late payments, you should work to get these removed as soon as possible. A credit repair company may help you get your credit report back in good shape.
Favorable References
A potential landlord will want to see rental references as part of the rental application. The landlord will ask for your rental history. They will contact your previous landlords asking for references to help establish your credibility. Typical questions asked include length of rental and the timeliness of rental payments.
Clear Background Check
Be prepared to have to submit to a background check. The potential landlord may want to see verification of your employment history. They may want to check your criminal record to see if there is any history of dishonest or violent behavior. Make sure your record is good. If there are issues, make sure that you can explain the issues to their satisfaction. If your records are not good, it may be difficult for you to obtain a successful rental application.
Security Deposit
Before the rental process is completed, you most likely will need to pay a security deposit. This is a fee that landlords charge upfront that covers any potential damages that may be incurred during your rental period. This is not a rent payment. A typical security deposit is one month’s rent. It may be more if you are considered higher risk or if you have pets.
These are the main items potential landlords look at. To improve your chances of obtaining a successful rental agreement, you should work to make sure all of these items are in good standing. If not, then take action to get them in good standing.