Rental applications require prospective renters to attach extra documents to determine their eligibility. Simply filling out your information and documenting your previous apartments isn’t sufficient for the landlord to establish whether you’re dependable.
1. Credit Report
In the Houston/Dallas area, nearly every landlord will need a credit report. You will discover there’s no set of standards when it concerns credit requirements or credit score. Therefore, having a bad score doesn’t always imply that you’ll face denial.
While some landlords require a specified minimum score, others merely expect you to have a reasonable payment history for a certain duration before leasing, for instance 12 or 24 months.
Using details from your credit report can allow the property manager or landlord to establish whether you’re likely to make timely payments, so make sure you resolve any erroneous information.
2. Proof of Income
Property managers who conduct an income check frequently satisfy internal due diligence in order to ensure you meet affordability prerequisites. Therefore, if you’re an employee who receives an hourly wage or salary, most property owners will only need a recent paycheck stub that reveals your income.
The stub should also have a year-to-date figure to show income stability. If you’re a self-employed rental seeker, tax returns, bank statements, or some other form of documentation that reveals your income may be necessary in Dallas.
Generally, you must prove that you can afford the rent. Therefore, it’s advisable to have several months’ pay stubs when filling out the application.
In certain competitive markets, you should probably demonstrate income stability over numerous years, so make sure you have copies of your tax returns for the last two or three years.
If you obtain revenue from sources such as child support, social security, trusts or insurance settlement, the landlord may need some extra documentation in the Dallas area. Besides the paystub, most property owners will at least call to verify your employment verbally.
If you intend to move before beginning your job and obtaining your first paycheck, most property owners will accept an employment letter that reveals your monthly revenue as long as it’s of an adequate amount to qualify for the lease.
Although this is less common, some property owners will request you to offer phone numbers and names of personal references. Besides your references and rental history, organize a list of personal references that can vouch for your character and responsibility.
Once you provide your references, inform those people and issue the name of the new building manager or landlord so they can anticipate the call. A reference letter can be particularly helpful if you have pets.
In this case, a new landlord wants to ensure you are a responsible pet owner and frequently this is verifiable through a current or past landlord.
4. Rental History
A history of previous rentals is also a necessary documentation. The property owner or landlord will usually want to recognize your last three rentals or all the apartments you’ve rented in the last five years.
You’ll need to offer the address, name, and phone number of every former landlord. Bear in mind that your potential landlord will check with former landlords to verify whether you were a problem tenant or if you didn’t make timely payments. Prospective landlords will also inquire whether you left any damages when you moved out.
When applying for a new rental, property managers and owners want to ensure that they’re renting to someone who will make timely payments and maintain the apartment. Consequently, you’ll need to provide some of the listed documentation.
For more information on what to take with you when viewing a rental property, contact us at Apartment Agents or leave suggestions.