Tenant Application Guide: Maximizing Approval Success

As a tenant, upon selecting your property, you will be required to complete an application form/document that will require you to include various items as to your credentials, background, income, credit references, rental and/or mortgage history, etc. Here, we will discuss these as each one will have a bearing on being accepted or declined, and the better understanding you have as a tenant, the better your success in being accepted vs declined.

All applications will require basic information from names, addresses, phone numbers, social security #, etc. You will always want to make sure to list all fields noted so as to make sure your application stands out and is as complete as possible. As a perspective tenant you will want to include all your current rental or mortgage history as requested on any application, don’t leave gaps, this is also true as to employment history. Rule of thumb go back at least 12-36 months when possible. Always make sure to include contact names and numbers as each reference will be checked. When listing rental property always make sure prior to submitting any application that an appropriate termination notice has been served to the current Landlord as this is required for the new Landlord to get verification of any past rentals.

When completing the head of Household/Employment this would include all persons that are working no matter full or part time. The more income noted the better chance or being approved. Always remember that Landlords are looking for income of 3 1/2 + times the rental value on a monthly basis. Also, note that may renters may not have a traditional type pay stub or pay process and may be required to furnish additional financial (bank statements, tax documents, etc.), documentation as to financial requirements. Always ask up front when in a unique situation as to what will be required.

Always include an emergency and personal contact as these will also be verified and in the event of any emergencies these persons would be needed as contact situations.

And last but not least always make sure that all parties sign the application documents. Without appropriate signatures it is like you never submitted an application and the Landlord is open to accepting others that are signed and complete.

This is a very general overview and when submitting an application for any rental property always ask as many questions as needed to make sure that you have provided everything necessary so that you have the best chance of being approved as well as to address any unique or out of the ordinary circumstances that may be relevant to your situation etc.

Stay tuned to our blog for additional postings on this topic and many others in the weeks/months to come.