A rental application is usually mandatory, and you need to share it when you connect with a landlord. They want to learn more about you, while also seeing how reliable you are when it comes to paying rent. Needless to say, renting a property has its fair share of challenges, so a landlord wants to keep risks at a minimum. That’s why they want to see comprehensive, detailed rental applications which inspire trust.
Proof of income
One of the main things you want to see as a landlord in the rental application is proof of income. Ideally, you need to share proof featuring the latest month you got paid. Of course, you can also get an employment verification letter, maybe even a tax return or bank statements. All of these make it easy to verify your income.
As a rule of thumb, many landlords want to see that your income is at least 2-3 times the rent you have to pay. Otherwise, it’s a red flag for them. Combined with other red flags, it could lead to your rental application being rejected.
Good credit history
The landlord will also want to see your credit score, for a very good reason. A person that has a credit score of 650 or above is usually a very good candidate. The truth is that you want to show you rarely use credit, and if you do, there are no past delinquencies or minimal issues that arise.
These days, it’s easy to get a free credit report from TransUnion, Experian or Equifax. In case you encounter any type of problems, you do want to dispute the errors in advance. In doing so, it will be easier to prevent issues, while not having to worry about any concerns.
A solid rental history
In the rental application you can also add references, like previous landlords and their contact info. If you have any proof of no eviction or property damage, you may want to include that as well. Even using a utility bill creator is an interesting idea, because it allows you to showcase utility bill copies from previous locations.
As long as you can show that you always pay the rent and utilities on time, that’s what really matters the most. It helps if you were a tenant for a long time and there were no problems. Those things can be effective, and they will help provide a more consistent result in the end.
Proof of identity
The rental application should have some proof of identity in there. Obviously, there’s no reason to lie about who you are. But legally, they are required to have proof of identity to comply with the local and international laws. In order to prove your identity, you can use your ID card, the driver’s license, but also the passport as well. Having a good proof of identity like this is going to be extremely useful, and it will convey an excellent result.
Personal statement
Not everyone adds a personal statement in their rental application. That does help humanize the application. It also shows that you are a respectful person, which is not always the case these days. And not only that, you want to show that you are committed to taking good care of the property. It’s a simple thing, sure, but it is very effective, and something you must take into consideration.
Guarantor or co-signer
If you have limited income or a very low credit score, you will need to use someone else to co-sign for you. The co-signer needs to provide their own documents, ranging from the proof of income to the credit report and so on. It also helps if you have a strong financial background, if possible.
Complete an application form
The application form needs to have all the info, ranging from your contact info to income details, employment history and so on. You can also add the rental history, any emergency contacts that you might have, but also consent for any credit or background checks. These are necessary, but if you offer them, that shows a sense of transparency and professionalism, which is extremely important.
Financial elements considered by the landlord
A landlord doesn’t just take into account documents. He will also think about all kinds of other things, and those will sway them towards a certain tenant as opposed to the others.
- A security deposit is sometimes required mainly because the landlord wants to be certain you will be staying there for at least 1-2 months. If no damage occurs, this can be refunded, although a lot of the time it’s just used to pay the ongoing month.
- Application fees will vary, they can include background and credit checks. Usually, these are not refundable.
- Showcase the last and first month’s rent. You can do that because it allows you to see all the information, and it can help alleviate concerns or problems that arise at times.
- If you have pets, the landlord could ask for a pet fee. While it’s not exactly mandatory, it’s the type of thing that does appear, and you will need to address it properly.
- Sometimes, you can choose to have some optional incentives for tenants. A longer lease term or a smaller premium for the rent could help bring in a great result!
Is it possible to strengthen your rental application?
Of course, and there are certain methods to help you do that, if you can. Maybe the most important thing is to stay transparent and professional. Don’t falsify documents, just be as honest as you can if you are not accepted as a tenant, maybe it wasn’t meant to be in the first place.
Additionally, you want to be as responsive as you can be. Answering inquiries professionally and quickly shows you are interested in being a tenant, which could increase your overall chances. The same thing is valid when you organize documents. Everyone prefers people that are organized, as that will help make things a whole lot better.
When you go to any viewing, you want to dress professionally. Why is that? Every first impression counts. If you make a bad first impression, that one is going to stay with you for a very long time. The same thing is valid when it comes to politeness.
Make sure that you are always polite and professional. People appreciate it a lot more, and you will end up having an excellent outcome going forward. As long as you maintain a high level of respect and professionalism, that can be advantageous. Respect everyone, especially the landlord, and it will be a much better experience.
Closing thoughts
Landlords always want to ensure that they find a tenant who can afford living there, and who they can rely on. These days, a lot of tenants can have red flags, such as low credit scores, they damage the property or they have a history of late rent payments. These are all things you have to take into consideration, and you need to avoid as much as possible. With that being said, it’s recommended to use these tips, as it will be easier to cater to the landlord’s requirements!
