What should be included in my rental application?
Depending on the landlord, a rental application can differ slightly. But for the most part, you can expect the following things to be included:
A proof of income
It’s important that you can assure your landlord that you’ll be able to make rent payments on time every month. In terms of affordability, you should typically be making three times the rent to qualify, and you’ll need to prove that you have this income by providing previous payslips and/or employer references.
Its also advisable to provide any bank statements, tax statements, or a W-2 if you’ve had your job for more than a year. There is also a possibility of the landlord contacting your employer to get proof of your employment dates.
Credit reference
At the time of application, the landlord would also be checking your credit to ensure your affordability is in good standing. Checking on how financially responsible you are is an indicator of how well you’ll pay your rent on time.
If you have bad credit, it may hurt your chances of getting approved, as this is an indicator that shows you’re not financially dependable. However, we understand that this may not always be the case.
New credit may be easier to explain to landlords, especially if you’ve just graduated and now have your first job. You may want to disclose this when you apply. Consider finding a cosigner or ask if the landlord would accept a lump sum of a few months’ rent upfront.
Background check
Within the application, you’ll need to agree that it’s OK for the landlord to do a background check. Like a credit check, a background check shows your personality and dependability.
Previous convictions or pending charges may be cause for concern and hinder your ability to rent the apartment.
An application may give you a space to explain anything of concern relating to your background check report. Providing context around anything that might raise red flags for the landlord may go a long way. Explain your side of the story and why it shouldn’t be a problem.
References
Have your rental history handy to make the application go easier. If you don’t have any past landlords, you can provide personal references.
References can include your network outside of your family, like college professors and employers. These references may give the landlord a better idea of your work ethic and how responsible you are.
Landlords may also request a co-signer if your income isn’t more than three times the cost of the rent — that’s a typical income rule that landlords use. Co-signers or guarantors are people with good credit who can sign the lease with you. This means they agree to take legal responsibility for covering your rent if you can’t.
Cover letter
If your situation is complicated or you know you probably won’t qualify for the apartment, a cover letter sent with the application may help. You can explain things like:
- Bad credit because of medical bills
- A felony in your past
- Low income but with a clear path of career progression
Your words alone won’t get you the apartment, but including more information will give them a better idea of who you are. If they’re on the fence about you, a cover letter could be the push that tips you over to acceptance.
What supporting documents will I need for my rental application?
Every landlord has their own unique form, so be sure to check with the management company or landlord in advance of the viewing to see if there are any unexpected documents or forms you need to bring. This, without a doubt, will help speed up the process. Here’s what you can expect to prepare:
- Photo ID (drivers license or passport)
- Letter of employment
- Copies of last three bank statements
- A copy of at least two previous W-2 forms
- Asset documents (official documents with the value of assets, stocks, real estate, etc.)
- Contact information (your social security number, email, addresses of previous landlords, your current employer and your guarantor, if applicable)
- Recommendations from previous landlords (optional)
- Personal or professional references (optional)
- Pet information (if any)
Following this process, see our previous post about how to be a good tenant!