how would i know if i qualify to rent a apartment, without throwing so much money away in credit applications and then being told you do not qualify. what do they look for? how do they determine there calculations?and could i calculate this myself at home without having to throw money away and be denied?and do all apartments use the same calculations?
2007-09-15 03:07:36 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Every place is differ. You can ask them when you go in and get an app what they go by to be approved. Most places you have to have good credit or someone decent and then someone who signs with you have good. Also they want to know how much money you make to know if you can pay the rent. Some places go off income base and you have to make a certain amount but not to much. Some places work with you if you have bad credit. It just all depends. Ask when you go into apply. Good Luck.
2007-09-15 03:19:46 · answer #1 · answered by jennie 4 · 1⤊ 0⤋
This is something that will vary with each landlord and also in the area you are looking at. I'll give you what I look for then some insight into the process that others can take.
I look for a minimum of 3 times the rent as total gross income for the month. This income has to be from a proven source. I don't accept the word of an under-the-table job. If the person applying has an under the table job the the owner who pays the person will have to sign a statement listing how much the person makes each week and how long they have worked there. I also look for a credit score above 650 and a history of working at the same place for a minimum of 2 years. I do not accept anyone who has had an eviction in the past no matter if it was 10 years ago or 2 days ago. I will accept a bankruptcy if it was discharged more than 3 years ago and the credit has been good enough since then to bring the credit score up. I won't accept any felons. I would accept minor crimes, but haven't run into that yet.
I charge a $35 application fee to cover the criminal, background and credit check. The reason I charge the fee is to ensure that the person is interested in the place. If I didn't I would have everyone filling out applications and spend a fortune on running checks on people who knew they wouldn't qualify up front but were banking on me not doing a full check. I also don't accept any paperwork provided by the potential tenant. I work in the IT field and know how easy it is to doctor up a document and make it look completely true. I want verification myself through my sources.
Many landlords will tailor their criteria to the individual property. You should ask the landlord what their criteria are. I actually have mine printed out on the front of my application for everyone to read. this way they know if they will qualify and won't waste my time filling out an application if they won't pass the screening. I want to rent my place out as fast as possible. Landlords don't make my money running applications, they make it on a rented place.
The area also has a lot to do with what is done. In lower income areas I know landlords who have lower criteria than I do. they need to because in the area they have places no one would qualify by my standards. They also only do a credit check and verify the person is not on the sex offenders listing, which is published online in this state.
Application fees are a standard for this area. I know there are areas of the US that it falls back to the landlord to cover the costs. It's a local type of thing. If many landlords are asking for app fees then you are probably in an area that accepts it as a standard.
2007-09-15 04:21:00 · answer #2 · answered by Patrick 5 · 1⤊ 0⤋
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2016-09-10 05:19:28 · answer #3 · answered by Wallace 3 · 0⤊ 0⤋
Everyone qualifies to rent an apartment. It's just a matter of money. You can never have enough!
Seriously, don't pay a penny on apps or credit checks. That's not your job, it's the landlord's. Provide them with the needed banking info. and/or financial info. = but that's it !!!
Only pay them money if you want to throw them some cash to secure an apartment that you really like, or do your best to show them that you have a steady source of income and start apartment hunting.
2007-09-15 03:19:29 · answer #4 · answered by leesa 4 · 0⤊ 0⤋
Every landlord has their own criteria. I used to look for monthly income at least 3x the monthly rent and a minimum credit score that varied with the individual property. No evictions in 3 years was a given. No felonies within 5 years and no sex offenders.
2007-09-15 03:37:52 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
it may recommend that there are one mattress room residences for $800 and 2 mattress room residences for $one thousand. That advert could be from an organization or proprietor who has numerous homes. you're able to ought to call them to make certain what they recommend. The community real property industry and the owner's costs make certain what he's keen and waiting to settle for as lease.
2016-11-15 07:13:00 · answer #6 · answered by ? 4 · 0⤊ 0⤋
there is no 'qualify' for renting. they just want to know you have good credit and can pay the rent.
2007-09-15 03:10:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Landlords typically look at how likely is it that they will get their rent. The only thing they have to go by is your history.
2007-09-15 04:46:53 · answer #8 · answered by divepassion 2 · 0⤊ 0⤋