About 36% of households in the U.S. rent property rather than own. The number of renters is going up because of high housing prices.
Rent prices increased dramatically over the last two years, increasing by 7.8% in 2021 alone. It makes finding an affordable apartment very difficult to do.
There are a ton of other people vying for apartments in the same price range. Your home rental application needs to be submitted early and without mistakes to have a chance at getting an apartment.
What do you need to have during the rental application process? Read this rental application checklist to get into the best rental possible.
1. Proof of Income
You need to show that you can pay the rent on time every month. Bring the last two months of pay stubs to show your income. If you’re self-employed, bring bank statements.
You may get asked about outstanding debts. Landlords know that you could make a lot of money, but it makes them nervous if most of it goes to student loans and credit card debt.
Landlords use property management services to manage their investment properties. Reference requirements vary between property management companies. You’ll find that some rental applications don’t require references, while others ask for two or three references.
Come prepared with a couple of work references, personal references, and previous landlords or rental references. Contact the references in advance to give them a heads up that they may get a call asking about you.
This is relatively simple. Bring your driver’s license or government-issued photo ID. Have your social security number handy, too.
You don’t need to bring the card with you, just the number so the landlord can run a credit and background check.
4. Rental and Job History
Prepare to give your rental and job history. This is important because it shows stability. Landlords want to rely on you to pay rent and see out the lease.
If you move and change jobs every few months, you’ll come across as unreliable.
5. A Good Credit Score
Landlords will run a credit check to make sure there aren’t bankruptcies or other issues with your finances.
Don’t worry too much if you have negative marks on your credit report. Some landlords will work with you if to tell them in advance.
6. Application Fees
There are fees to run a background and credit check. These range from $20 to $50 per application. It shows that you’re serious about renting the home.
If you’re lucky enough to get chosen for the home rental, make arrangements to pay the security deposit as soon as possible to lock it down.
Navigate the Home Rental Application Process With Ease
Finding a new home to move into is stressful. You want to have the perfect place in the perfect location. Make the process easier by knowing what to bring for the home rental application process.
Check the home rental requirements and use this application checklist to fill out the application quickly. You’ll get the best chance to move into the perfect rental home.
For more home and real estate trends, check out the other articles on the blog.