General Basic Requirements to Lease a Home
1. Most landlords will want to see gross monthly income in the amount of three(3) times the monthly rent. For example, if the monthly rent is $1,000, then $3,000 is what they would want to see in gross monthly income.
2. Job stability. Most landlords will want to see 6 months in the same job or same kind of job.
3. Good rental history.
4. No judgments for nonpayment of rent and no evictions.
Landlords will check some or all of the following:
1. Credit Check using a credit bureau. - Landlords will look for broken leases, charged off accounts, bad debt, judgments, etc. The main question they are trying to answer is: How responsible are you with your finances?
2. Rental History. Landlords will call your current and possibly previous landlords to learn your payment history with them. They may also ask about bad checks, how you took care of their property, whether they would rent to you again, etc. The main question they are trying to answer is: Have you been responsible in a previous rental situation?
3. Job History. Usually a minimum of six months in the same job is required. Although some landlords may be looking for at least a year, most will count multiple jobs in the same kind of work as accumulated time in the same job. Landlords may call current and previous employers to verify length of employment. Some employers may disclose your income. Landlords will ask you to verify your income by providing pay stubs to show your monthly income. If you are self-employed, they may ask for one or two years of Income Tax Returns to verify your income. If you are retired, they may ask for verification of your sources of income. If you are disabled, they will ask for a copy of the award letter from Social Security. The main question they are trying to answer: Do you have enough income to adequately support the monthly rent payment?
4. Criminal Background Check. Some landlords will only check this, if a question is raised in other information they have gathered. The main question they are trying to answer: Do you respect the law?
Items Needed to Process Your Application
1. One completed Lease Application for each person that is 18 years of age or older who will be living at the property.
2. Application Fee of $_____ for: each person 18 years of age or older; or each adult who will be signing the lease for a total of $_____. Make check payable to: ____________________________.
Fees are payable by: cashiers check or money order. Walmart sells money orders for less than $1.
3. An enlarged legible copy of each prospective residents Drivers License or Photo ID.
4. Income verification for each person who will be signing the lease. Copies of one months pay stubs are preferred.
5. Signed Authorization to Release Information Related to a Residential Lease Applicant for each person 18 years of age or older. (Page 4 of the Lease Application)
6. Signed Information About Brokerage Services form.
Application Fees are not refundable. It usually takes the landlord or property management company about two to three days to process an application. Delays can result from employers and pervious landlords not responding in a timely manner. Landlords do not have to respond to a request for Rental History unless their tenants have submitted their 30-day notice. Some Landlords require a 60-day notice. Please submit your notice immediately, or this may hold up the Lease Application process. Many landlords and property management companies do not process applications on weekends.