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5 Common Lease Requirements for Renters

Renting a single-family home will require a complete application and the ability to meet the homeowner’s tenant qualifications. Homes are financial investments for the owner and consequently owners want tenants who will take good care of a property. The only way to establish whether a person is a good potential tenant is to delve into their history.

Whether you’re working with a property management company or directly with a homeowner, the rental application process is likely to involve these items:

  • Credit Check - Applicants who pay their bills on time usually fly right through this requirement. It makes sense that a landlord will want to make sure you make enough money to pay your rent on time. An unresolved or ongoing financial situation, including a series of late payments or a personal bankruptcy, can disqualify you.
  • Criminal Background Checks - A history of violent behavior or child abuse can disqualify an applicant. Pending court cases and past convictions may also cause an applicant to be disqualified.
  • Rental History Verification - Previous landlords are contacted and asked about the applicant’s rental history. Information about whether or not rent was paid on time, a tenant’s behavior, the duration of the former lease and the cost of monthly rent paid can be requested.
  • Income Verification - Current income information may be requested to establish the ability to pay your rent. You’ll probably be asked to provide your last three months of payment stubs or invoices.
  • Security Deposit - Property management companies and homeowners who manage their own rental properties will ask you for a security deposit during the lease signing process. Security deposits are usually equal to a month’s rent. You may be asked to pay more if your rental or financial history doesn’t meet the lease requirements.

Keep in mind when renting a home that you’re accepting responsibility for its upkeep during your tenancy. A rental application is typically required of each adult living in a home. Businesses renting family homes may be asked for additional information and deposits.

11-30-2017
ML
Just for Tenants
11-30-2017

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