Requirements for a Tenant | HotPads

Requirements for a Tenant

There are specific rental, income, and credit requirements that you must fulfill before you can become eligible to rent your dream place. Outlined below are ": What you need to have...before you can have what you want."

Generally speaking...

  • A positive photo ID (meaning of yourself) is required for all rental applications and showings.
  • Only married couples may qualify jointly as rental applicants. Everyone else must qualify on an individual basis.
  • Married applicants  All applications must be filled out in entirety and signed by both married spouses.
  • Student applicants A lease co-signor/guarantor is needed if you have no prior rental history.
  • Application fees must be paid by co-signers prior to application processing.
  • The minimum age to enter into a lease agreement is 18 years old.
  • Prepayment of last month(s) rent is mandatory of all applicant(s) at time of lease signing.
  • If you have pets (and are allowed), pet deposits are required at the time of lease signing.

Rental Requirements:
  • Must provide verifiable rental/residence history referenced by a third party landlord or a co-signer if no rental/residence history exists.
  • To prove home ownership you must submit a tax return statement of a credit report.
  • Tax returns are required from all business owners.

  • Avoiding rejection...
    • One or more 3-day notice to pay rent or vacate from a past landlord may jeopardize your applicant approval.
    • More than one NSF check within the past two years may jeopardize your applicant approval.
    • Unpaid past due rent or damage balances expressed in rental history may jeopardize your applicant approval.
    • Past unlawful detainment or eviction may jeopardize your applicant approval.
    • Non-recommended re-rent made by previous landlord or management may jeopardize your applicant approval.
    • Previous noise complaints (a.k.a. Disturbance of the Peace) and pet violations recorded on rental history may jeopardize your applicant approval.
    • Please be aware that if you are an active or reserve military personnel your rental application may be revoked.
    • Section 8 or HUD subsidized rentals applications may be revoked.

    Income Requirements:
    • Student applicants may be waived of all income requirements if a co-signor is used to secure a lease.
    • Record of secure employment history supported by a telephone call or letter.
    • Proof of income that is at least 3-4 times monthly rent
    • If the previous income requirement is not met an additional one month prepaid rent or qualified co-signer may be used.
    • Co-signers income should equal 5 times monthly rent.
    • Unemployed individual(s) applications will need to provide some form of verifiable income source.
    • Tax returns, bank statements, paychecks, or employer confirmation are acceptable income reference material.

    Credit Requirements:
    • Proof of good credit is required via a reliable credit report.
    • The non-existence of an existing credit rating may in result denial or require a lease Co-signer.
    • Outstanding bad debt(s) being reported on credit history report may result in denial or require an additional month(s) pre-paid rent.
    • Collections on credit report may result in denial or require an additional month(s) pre-paid rent.
    • Non-discharged bankruptcy(s) on credit report will result in denial.
    • Discharged bankruptcy(s) on credit report may result in denial or an additional month(s) pre-paid rent.

    Grounds for automatic application denial are listed below:
    • Registered sexual predators or offenders.
    • A felony offense.
    • A criminal conviction where the applicant has been out of jail less than 10 years.
    • A criminal offense of committed assault on persons or damaged property.
    • Incomplete or unverifiable information on rental application. (Leave no empty spaces on application)
    • Discrepancies between rental application and verified information will discredit your application. (Meaning don?t lie)

    If you cross your t?s and dot your i?s then you will be living in your dream place in no time.
    Fair Housing and Equal Opportunity
    © 2018 HotPads