As competition for high-quality single-family rental homes heats up, being prepared before you find the perfect home can put you ahead of the race. Here are some things you can do to build an attractive rental resume and qualify for a rental home. 1. Provide proof of income. A property owner wants the security of knowing the residents of the rental home have enough income each month to cover the rent. This is usually based on the combined, total income for everyone on the lease. Many companies and owners have a minimum income requirement. 2. Clear Credit Report. Most property owners will require a credit check for their rental property. One of the best ways to boost your chances for approval is to have a clean credit history for at least the past two years. If your credit is being improved, you may still be able to qualify for a lease with a co-signer. With most landlords, a recent eviction will often result in a denial. 3. Criminal Background Check. A background check free from felonies is sometime required to qualify for rental homes but not always required. 4. Identification. Most landlords require a copy of a valid driver’s license or government-issued ID for all residents of the home rental, as do most other rental companies. This is required to prevent fraud, protect personal information, and ensure the safety of the residents. After working hard to get a good credit score and maintaining a clear criminal background, the last thing anyone wants is to have someone else using their information, and possibly damaging their credit reputation. 5. Clearly state occupants who will be living in the rental home. A property owner will want to know everyone who is living in the home. The owner may be able to evict for unauthorized tenants or start charging additional rent for the extra tenant. It is better to avoid any unnecessary issues and be up front about who will be living in the home. To ensure the health and safety of residents, the recommended ratio of no more than 2 occupants per bedroom. 6. Pets and Breed Restrictions. Many property owners are accepting specific four-legged roommates. There are now breed restrictions which include Dobermans, Chows, Pitbulls and any combinations of the aforementioned. Most property owners will require a pet deposit or non-refundable pet fee, as well as a small, monthly pet rent. Sometimes for furry residents, a pet fee is charged in most states. 7. Deposits and Fees. Many companies and homeowners have assorted fees such as application fees, pet fees, cleaning deposits in addition to the security deposit. The fees and deposits required can vary based on your state’s requirements. Always be prepared to pay for deposits and fees prior to the move-in date. A minimum security deposit equal to one month’s rent is usually the standard. Security deposits may vary based on the state. Contact your local chosen professional to learn more about the deposits and fees in your area. While searching for a single-family rental home, it is important to be prepared for when you find the perfect home. Have all required documentation, proof of funds, and a clear background check to maximize your chances of approval. Rental requirements can vary based on the laws of the state. If you have any questions about a company’s requirements or fees, check their website or call the our chosen professional for more information. |