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While no one is perfect, and most Landlords realize this, and are willing to work with different credit situations, they will likely take into account your Income, Employment Status, Rental History, Credit Report, and Criminal History in determining whether or not to approve a rental application.
The Owner or Landlord of each property will set their rental standards and they will vary from property to property. Below are some of the most common standards that we see landlords use. In addition, please make sure you read our minimum approval criteria that is used for most of the properties we manage.
Income Requirement: Most Landlords require that the tenant earn 3X the rental amount to qualify. If the rent is $1,000 per month, then the tenant will need to earn $3,000 per month gross. Most often, child support, spousal support, and governmental support, such as social security income, can count towards the income requirement.
Rental History: The landlord will likely verify your rental history to check to see that in the past you have paid rent on time, not had excessive bounced checks, have not had evictions, or caused excessive damage to a property. The Landlord will normally also check to see that the addresses provided in your rental history match the addresses in your credit report.
Employment Status: You will need to show your employment history and current employer on your application. Additionally, you will likely be asked to provide recent pay stubs indicating that you meet the income requirements. If you are self employed or can meet the income requirement independent of being an employee, you may be asked to provide recent tax returns or bank account information. You should expect to sign a release allowing the Landlord or their representative to verify your employment information
Credit Report: The Landlord will likely run a credit report. They will use the information in the credit report to verify your rental history (check to see your addresses match your rental history) and to see if you have a history of making payments on time or have any evictions, or liens. Your credit report may be a key determining factor in the Landlord making a decision to approve or reject your application. The landlord may also require an additional deposit based on information in your credit report.
Criminal History: Many Landlords will not rent to tenants with certain criminal histories. You should expect the landlord to run a criminal history report.
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