The eligibility criteria for renting out a unit will vary among properties. Landlords want to guarantee that they are picking high-quality tenants to live in their space.
For that reason, here are some factors that are looked at when determining your potential tenant eligibility.
Monthly income
Your monthly income can be a determining factor in whether it makes you eligible for a rental property. Proving your revenue will be critical in your application. Landlords want to know that your monthly funds can sustain the cost of rent, allowing them to receive on-time rent payments.
Credit history
Your credit score will reflect on how well you make payments or if you have any ongoing debts. Although a poor credit score won't automatically disqualify you as a prospective tenant, a landlord will deem you more eligible for rent if you have a superior credit score.
Police records and criminal history
Some rental properties will require a criminal history check before accepting you as a tenant. The reason being, landlords want to guarantee that their buildings remain safe.
Asking if you have a criminal record is a common question on a rental application. Additionally, applications may also give the landlord legal access to check your criminal history. Although your application can be refused because of criminal history, the U.S Department of Housing affirms that discriminating under the pretense of a poor criminal record is a violation of the Fair Housing Act.
If you have a criminal record, expunging or sealing your record will help make you more eligible for rent.
Rental history report
Some landlords may require a rental history report to make you eligible for their property. If you sign a rental history release agreement, the landlord will be able to investigate your landlord references, check your eviction history, and fulfill a complete tenant screening.
They may also ask prior landlords if you paid your rent on time, damaged the property, broke your lease, or violated any building policies.
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