When a potential tenant is interested in occupying a property, he or she must fill out a rental application. The purpose of this application is for the landlord to evaluate whether the potential renter will qualify to live in the unit, and whether he or she is a good potential risk.
Though rental applications may vary, there are several major items that must be filled out on most every version. These include the legal names and current addresses for all proposed occupants of the home, telephone numbers including land lines and cell phones, and employment information including a supervisor’s name and contact information. Applicants will likely be asked how long they have been in their current position, since landlords consider this a sign of stability.
Since a rental application allows a landlord to judge the risk of a potential tenant, it will almost certainly ask about past rental history. These questions will include how long a person has lived in their current home as well as time spent in past residences. In addition, most rental applications ask if the potential renter has any evictions on his or her record. It is important for these applications to be filled out completely and truthfully as any falsehoods or omissions may result in a denial of the application.
Financial information is also required by rental applications. Applicants will have to list where they have checking, savings, and/or credit card accounts, and in some cases provide the balance on those accounts. They will also need to say how much they’re currently paying for rent as well as how much money they make on an annual basis.
One thing people might not know is that some rental applications enable a landlord to check a potential tenant’s credit. This means that apartment-shopping can put dings in a credit score since each check of one’s credit costs him or her a few points. It is therefore wise to carefully consider exactly which properties for which one wants to apply, since applying to too many can backfire, hurt a credit score, and worsen the chances of an application being accepted.
Once a rental application is received by a landlord, he or she will begin calling any references who are listed. In addition, they will likely run a check on the applicant’s credit. There is no hard and fast rule as to what credit score is acceptable for a successful application, though scores of 620 – the national average – and above are more likely to be accepted. Renters with questionable credit scores should either consider staying in their current home or discussing the situation with the potential landlord before the credit check is conducted.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites