For Tenants - Looking for a Home to Rent
Unlike purchasing, where the seller’s main concern is that the buyer has enough money to buy the home, landlords require a lot more information. They want to make sure you can pay the rent AND that you will be a good tenant. Usually, landlords will require you to have a minimum credit score of 640, can show proof of income (currently payroll stubs), have good references and a positive background check. They may also require that your income is at a certain level (for example, that your monthly income is three times the monthly rent). Upon review of your application, the landlord may call you or want to meet with you to further discuss the rental and your tenancy. Although you may love the place and be ready to move in, it is ultimately the landlord’s decision as to whom he/she will rent. Sometimes it is a good idea for the potential renters to include a letter with the application telling a bit about themselves. This can be particularly helpful to explain a poor credit score that may have resulted from unexpected job loss, illness or other unforeseen circumstances.
Typically, the ‘move in’ amount is 3 months’ rent. If there are pets, an additional security deposit may be charged. It is important to discuss the move-in costs with your realtor to ensure you have the cash needed. Remember there are often other costs you will incur to have the utilities, internet, etc. put in your name once you move.
Contact us today for an application, and to further discuss your rental options.