Before you begin looking for a rental property, it’s smart to know what to expect. While every landlord will have their own policies and procedures, there are some commonalities.
BASIC CRITERIA: Landlords and their agents will likely be basing their decision about whether or not to lease to you after reviewing qualifications in three major areas:
WHAT IF you don’t meet the “preferred” standard criteria? Well, there are as many answers as there are renters, and honestly it’s largely dictated by market conditions. If rentals are leasing quickly, landlords can afford to be choosy. If rentals are leasing slowly, they will have to adjust their criteria so they can find a renter.
Don’t panic! It’s not uncommon for people to be just starting out and have no credit, or new to the area with a new job, or to have someone who is from another country and doesn’t have a credit report, or someone who has some less common type of income. But if you don’t fit the “standard” criteria, my suggestion is that you talk with your agent or the sales person and ask what the criteria is, and then discuss concerns up front. This will save you a lot of time, frustration and some money in application fees.
If you are unsure of your credit situation, you can get a free copy at www.AnnualCreditReport.com. You can also obtain your credit score for a fee.
PROCESS: You found the right place, you’re pretty sure you meet the requirements… what’s next?
Once submitted, you wait….. expect the process to take up to 5 days before you are approved or denied. It may not be that long, and it could be longer….it depends on the work load, who is processing and how complicated your situation is.