7 Steps to Qualify for a Rental Home
As competition for high-quality single-family rental homes heats up, being prepared before you find the perfect home can put you ahead of the race. Here are some things you can do to build an attractive rental resume and qualify for a rental home.
1. Provide proof of income.
A property owner wants the security of knowing the residents of the home have enough income each month to cover the rent. This is usually based on the combined, total income for everyone on the lease. Many companies and owners have a minimum income requirement. Waypoint Homes requires a total income of three times the monthly rent.
2. Clear Credit Report.
Most property owners will require a credit check. One of the best ways to boost your chances for approval is to have a clean credit history for at least the past two years. If your credit is being improved, you may still be able to qualify for a lease with a co-signer. At Waypoint Homes, a recent eviction will often result in a denial.
3. Criminal Background Check.
A background check free from felonies is required to qualify for a Waypoint property, as well as most other rental properties.
Waypoint Homes requires a copy of a valid driver’s license or government-issued ID for all residents of the home, as do most other rental companies. This is required to prevent fraud, protect personal information, and ensure the safety of the residents. After working hard to get a good credit score and maintaining a clear criminal background, the last thing anyone wants is to have someone else using their information, and possibly damaging their credit reputation.
5. Clearly state occupants who will be living in the home.
A property owner will want to know everyone who is living in the home. The owner may be able to evict for unauthorized tenants or start charging additional rent for the extra tenant. It is better to avoid any unnecessary issues and be up front about who will be living in the home. To ensure the health and safety of our residents, Waypoint Homes follows the recommended ratio of no more than 2 occupants per bedroom.
6. Pets and Breed Restrictions.
Waypoint Homes and many other property owners are accepting specific four-legged roommates. There are now breed restrictions which include Dobermans, Chows, Pitbulls and any combinations of the aforementioned. Most property owners will require a pet deposit or non-refundable pet fee, as well as a small, monthly pet rent. For Waypoint’s furry residents, a $250 non-refundable pet fee and $20 per month pet rent is charged in most states.
7. Deposits and Fees.
Many companies and homeowners have assorted fees such as application fees, pet fees, cleaning deposits in addition to the security deposit. The fees and deposits required can vary based on your state’s requirements. Always be prepared to pay for deposits and fees prior to the move-in date. Waypoint Homes has a non-refundable application fee of $45 per applicant, and a minimum security deposit equal to one month’s rent. Security deposits may vary based on the state. Contact your local property manager to learn more about the deposits and fees in your area.
While searching for a single-family rental home, it is important to be prepared for when you find the perfect home. Have all required documentation, proof of funds, and a clear background check to maximize your chances of approval. Rental requirements can vary based on the laws of the state. If you have any questions about a company’s requirements or fees, check their website or call the property management office for more information.
For more information on leasing with Waypoint Homes, visit waypointhomes.com.