Tenants

Tenant Requirements:

Below are some requirements you may run across. Keep in mind every landlord is different and as long as they are not breaking any laws they may add or remove some requirements or restrictions, if they so wish. Anyone that is 18+ years old is required to submit and pay for an application.

Give Proper Notice: Find out when your lease is up so that you can give “written notice” that you will not be renewing your lease. It is extremely important that you give your notice via email to your landlord in order to keep a proper paper trail. If you give your notice only in paper they may lose it or claim they never received it. Your signed contract will state if they need a 30, 60, or a 90 day notice. Check your contract. Check your lease/rental agreement to find out how much it is to renew month to month in case you have a hard time finding your next spot.

When to start your search: Don’t wait 2 weeks until you have to turn in your current keys. This could put you in a predicament. Start your search well in advance of your lease end date. Most landlords will not want to hold the property more than 2 weeks after you sign the lease. They lose money waiting for tenants to move in. So they would rather wait to rent their property to someone that is ready to move in immediately.

The HUNT: Remember that you are going to be renting, not buying. Even though we would love for you to get exactly what you’re looking for, it is important to not get too wrapped up in the details; like the color of the walls or layout, especially if you’re in a time crunch. In most cases you may only rent for one year or so. Don’t sleep on it. When you’re sleeping on it, someone else is turning in the application and getting screened.

Income: It is normal to ask applicants to make a minimum combined gross income of three (3) times the monthly rent. Applicants will be asked to produce their most-recent pay stubs for the last 4-6 weeks from the application date. Additional sources of verifiable income may be considered. These sources may include: child support, grants, pensions, GI benefits, disability, trust funds, social security and savings accounts. In some cases, applicants may be asked to produce additional financial statements/records. 

Employment: If the applicant is starting a new job or changing jobs soon, the applicant should provide a “letter of intent” to hire, from the employer. The offer letter must be on a company letterhead, and include the applicant’s full name, expected salary/wages, position/title, and company contact information (provided directly from the employer).

Credit: A credit report will be completed on all applicants to verify credit ratings. Income, plus verified credit history will be considered to determine rental eligibility and security deposit levels. The application may be denied for unfavorable accounts which include, but are not limited to: previous evictions, balances owed to previous landlords, collections, charge-off, recent delinquencies, and open bankruptcies. For applicants with little to no credit history, or low credit scores you may expect to pay an additional security deposit. Security deposit amount is typically equal to one month’s rent.

Criminal History: A criminal background check will be conducted for each applicant and occupant ages 18 years or older. The application may be denied for any crime or felony convictions. Make sure to disclose to your agent if you have anything that will show up, state or nationwide. This will help your agent discuss this with the landlord’s agent prior to you paying the application fee, which in most cases is non-refundable.

Rental History: Applicants may be required to have verifiable rental history or mortgage payment history for the last 24 months. The application could be automatically denied for any evictions, broken leases or outstanding debt to a previous landlord within the past five (5) years. When little or no rental history exists, an additional security deposit may be required or a co-signer could be required. The co-signer would need to submit and pay for an application. This may vary depending on the landlord.

Renter’s Insurance Requirement: Residents will more than likely be required to obtain and maintain renter’s insurance policy, covering loss or damage of personal property through the entirety of the lease agreement. The tenant/s must have their insurance provide the declaration page directly to the landlord.

Pet Policy: The landlord may prohibit certain types of pets and/or have restrictions to certain breeds and any mix of them. Non-refundable pet fees are common and can vary anywhere from $100+, depending on the landlord. Another thing that is also common is an increase in monthly rent per pet, which can be between $10.00-$50.00 or more; again depending on the landlord.

Owner Association: If there is an Owner Association monthly fee, the landlord typically will take care of the bill since he/she is the owner. Be sure to obtain the copy of the HOA Rules & Regulations, and be prepared to pay for any violations incurred during your lease agreement.

Yard: Landlords could maintain the lawn at landlord's expense or pass that responsibility to the tenant/s. Plan to review the rules on maintenance and watering. You would be incharge of watering the foundation of the home.

Applications: The application fees are usually non-refundable and are required for anyone 18+ that will be occupying the property. Along with the application they will need to submit a copy of a valid Driver License and 4-6 weeks worth of their most recent pay stubs.

We know that renting a home is temporary, as you are paying someone else's mortgage. We would love for you to experience all the perks of homeownership. We have preferred lenders that offer different programs for different buyers, as well as down payments assistance. We love our Veterans! There are also special programs available for you as a Veteran. Ask us how we can help you in your home purchase. We are excited to hold your hand and guide you as your Realtor® all the way to the closing table and beyond!