Many landlords have requirements they use to process and approved applications. We will next talk about things that could potentially get someone denied, or require a higher deposit.
Income Rental Requirements
Some landlords require a minimum income amount to rent certain properties. They usually require their potential tenants to make a certain amount over the monthly rent amount. The landlord could require this to be sure that not only are the potential tenants able to pay rent, but they are also able to pay their other bills. Some landlords also require a maximum income amount if they work with government funding programs.
Background Check Rental Requirements
Landlords can also do background checks, and deny a person due to evidence found on a background check. Things that could be denied would be a money judgement from a previous landlord, previous evictions, utility bills in collections and some criminal charges. These don’t automatically get a potential tenant denied, but is used with other screening information to consider. If the landlord does decide to rent to the potential tenant, and there was evidence of something the landlord didn’t accept, the landlord may decide to give the potential tenant a higher deposit amount in order to move into a property. The landlord could also choose to do a higher deposit, and require a qualified co-signer as well.
Credit Rental Requirements
Many landlords also do background and credit checks on all potential tenants over the age of 18 that will be residing in the property. They may do this because all adults need to be added to the lease, and the landlord needs to verify everyone’s information and history. The use of the information on the potential tenant’s credit report for processing the application is at the landlord’s discretion. Meaning that if someone doesn’t meet a certain credit score the landlord requires, they may automatically deny a potential tenant. Other landlords may look more so at the payment history on the credit report instead of just focusing on the score.
Application processing and procedures are usually a first come first serve bases. Most landlord’s will continue to market the property until there is a signed lease, and a paid deposit. Landlord’s may do this in case the approved application falls through, or they have other properties available. Usually if the landlord has other properties available a potential tenant’s application can be used for all available properties. Landlords usually list properties 60 days before the property becomes vacant to ensure a smooth transition between current tenants moving out, and a new tenant moving in.