How to Become "The Tenant"!
So, you think you're ready to move out on your own. Do you own thing. Make your own rules, live the way you want to. That’s great! Are you really ready though?
Today we’re going to walk you through what new landlords (because we are ones ourselves) are looking for in tenants to get you all ready to submit those applications and to help you get that dream apartment. In recent years landlords, due to an increase in demands for rentals, have become very particular in what they are looking for. No longer are rentals sitting on the market empty. What they are experiencing now is homes that rent quickly with a lot of applicants to choose from. Allowing landlords to be more selective in who they are allowing to live in their homes (within reason of not violating any government discrimination laws that is). As an applicant you want to make sure you’re in tip top shape to compete with others and make them want to choose you.
Gathering Information: Be prepared for an impressive application with lots of information. Such as dates and phone numbers of employers, places you lived and references. Landlords will want the names of everyone living in the unit with you, including pets if allowed. They’ll want to see all government ids as well to confirm you are who you say you are. They may want to run a criminal check for everyone too. So, they can see what the histories of the tenants look like. Have you done time for selling illegal drugs? If so that maybe a hard no for the landlord. Landlords want to make sure the person they place in their property is abiding not just by their rules but by the laws of the area. They do not want someone who will be disturbing the peace in the neighborhood. This causes problems for them with neighbors and townships something landlords don’t want. Many will also want to see a renter's insurance policy as most require one now. This is not a bad thing to have and Its usually fairly inexpensive. It’s also well worth it, should a fire ever break out in the rental without it your items will not be replaced.
The Money end of things: Landlords will take a look at paystubs and possibly tax returns to see your income as well as the income of those who will be sharing the rental with you. Landlords obviously don’t want you missing payments so they will be checking paystubs, tax returns and references. Most landlords want to make sure the combined pre-tax monthly income off all parties is three times the amount of the rent. This ensures that you can afford the rent, your other bills and still be able to live. If the price point you are looking at exceeds three times your gross monthly income then you need to scale back your expectations. They’ll also want to take a look at your credit to see how you have been paying your debt as well as how much debt you have.
What type of Tenant are you: Landlords want someone who will take care of their investment, so if you rented before they will check your references’. They do this for a couple of reasons. Again, they are checking to see if you were ever late, if you shorted your lease or if you skipped out on your rent. They also want to know how you left the place. Normal wear and tear is expected but did you purposefully break out windows. Did you fail to report normal wear and tear such as a leaky roof that caused more damage. Did you leave the house dirty with trash everywhere? Did you follow the rules or were you having loud parties to wake the neighbors? What kind of tenant you were? If this is your first rental don’t be surprised if they call mom or dad to see how you are at home.
The Meetings: Should the landlord want to meet with you to go over your information, to show you the rental, or whatever make sure you are early or at least on time. Landlords are busy people too so be respectful of their time. If you are running late, call them to tell them as soon as possible. Remember this could cost you the rental. Bring everyone who will be sharing the rental with you so the landlord can meet them as well. Bring everyone who has influence in your decision even if they will not be residing with you. If your dad isn’t going to live with you but you value his opinion before you move in bring him. This may be the only shot you get at this in this high demand market. If you have to see it more than once the landlord may go with someone else who is ready to pull the trigger on the lease. Be prepared with questions on utilities, school districts, etc. This way if the landlord doesn’t know they can find the answer for you before your next conversation.
Increasing your odds: There are ways to increase the likelihood of getting approved should any of these items be lacking in your life. You can offer to move in quickly, offer more of a deposit or offer more money per month (again keep it within your means though). Give lots of references, and no not just your high school best friend or dear old mom. Think of some people you have worked with or for, done business with, or anyone that can tell this potential landlord what type of person you are. Be open and honest with the landlord about your situation. If you were convicted of selling drugs at 18, and not since explain the situation. If you are current on your bills but had some medical issues four years ago that caused your credit to go into a downward spiral but are getting back on your feet again tell them this. Sometimes it helps to explain the situation and sometimes landlords will help you out for your honesty by giving you a second chance. Also tell them how this move will benefit you for example this place is closer to work for me, I need more room for my growing family or anything else. You’d be surprised at how often this can make the difference. If your situation betters as a result of the move you may be less likely to not pay your rent in order to keep it.
To roommate or not to roommate: Getting a roommate can be beneficial to you especially as a single person or new renter. They can help you afford the bigger or better apartment for one. They may also have experience, better credit, a better job, etc. making you a better candidate for the rental. Make sure prior to deciding you want to get a place with your best friend from college though you are checking them out first and not just a yeah, we lived together at the dorm so you’re good. Agreeing to get a place and then starting the process of doing so may turn up some surprises you weren’t expecting hindering your ability to get that dream place. Make sure you’re having the conversations regarding their income, their employment, their credit and their previous rental history. If you do this you won’t be in a for a shock with the landlord refuses your application because that roommate has a low credit score or skipped out on his last apartment.
Well I think that’s about it everyone. Some landlords may look at other things but remember they have screening laws too so freshen up on those or stay tuned for our next post. H
appy house hunting. Until next time.
