When it comes to renting a property, submitting a complete and well-presented application package can make all the difference in securing your dream rental. But what exactly are landlords looking for when they review prospective tenant applications? Here are some key elements that landlords typically look for in a rental application package, along with how you can stand out.
Completeness of the Application Package
Landlords want to see that you've taken the time to complete the entire application package and have provided all the requested information. This includes personal information, employment details, rental history, and any other required documentation. Incomplete applications can signal a lack of commitment and may be less likely to be considered.
Presentation of the Application Package and Clear Offer Terms
A well-organized and clearly presented application package can demonstrate that you are a serious and organized applicant. It is also important to include a clear offer of terms, such as rental amount, lease term, and move-in date, to help the landlord quickly and easily understand what you are looking for.
Professional and Personal References for Each Applicant
Providing both professional and personal references can help give the landlord a better idea of your character and reliability. This could include references from previous landlords, employers, colleagues, or personal acquaintances.
Proof of Employment and Income
Landlords want to ensure that tenants have a reliable source of income to cover their rent each month. This means providing proof of employment, such as a recent pay stub, and demonstrating that your income is at least three times the annual rent for the unit. If you don't meet this requirement, having a guarantor with strong credit and proof of income can also be beneficial.
Strong Credit for Each Applicant (or Their Guarantors)
Having a good credit score is an important factor in demonstrating financial responsibility. Landlords typically prefer tenants with a credit score of 650 or higher, but some may have different requirements. Today, many landlords are interested in seeing credit over at least 700. If your credit score isn't strong enough, having a guarantor with good credit can also help.
Photo IDs for Each Applicant
Including a photo ID with your application package can help verify your identity and ensure that you are who you say you are. This is a required element for our application package, and the landlord will need to have it on file if your applications are approved.
Any Supplemental Information That Will Help their Decision
If you have any additional information that could help the landlord make a decision, such as a letter of recommendation, a pet resume, or an explanation for any gaps in employment, be sure to include it in your application package.
How to Stand Out in a Sea of Applicants
Sometimes landlords and owners might be overwhelmed with multiple, strong application packages that meet all of the elements and criteria mentioned above. If you are looking for ways to stand out among other rental applications, you might also consider writing a cover letter to include with your applications and offer package.
A "Get to Know Your Applicants" should be brief, not overwhelming, and used as an introduction to yourself and your household - any roommates or pets that will be joining you as well. Providing the landlord with a sense of who you are and why you are an excellent tenant is not required, and therefore, may be more memorable to someone who could be reviewing countless applications.
Consider sharing a bit about your lifestyle, your career or school situation, what you like to do, and really any honest information that sets you aside as a reliable and responsible tenant. Short and sweet should do the trick! This should be brief, supplemental information, not a groveling act of desperation.
Partnering with a Realtor® for Rentals the Right Way
One of the best things you can do is partnering with a Realtor® who will help you find and secure your next home. Depending on your market and inventory, it can be extremely hard these days to even get a response from online inquiries, and ensure you and your information are safe if applying for rentals that may or may not be real.
Your Realtor® should have a proven process to help you succeed in any market, as they collaborate and work with both sides of the transaction in an ethical manner. They may suggest strategies to make your offer package more appealing, and can provide you with accurate information on all of the available options for applying to rental properties. Your Realtor® should also provide access to valuable rental resources and tools, and timely communication to ensure your interests are advocated for.
In summary, landlords are looking for complete, well-presented application packages that demonstrate your reliability and financial stability. By including all the required documentation and providing clear offer terms, references, and proof of income and employment, you can increase your chances of being approved for your desired rental property.
Looking for your next rental? As a Boston-based Realtor® with years of experience, I’d love to help you find the perfect place to call home. Whether you're new to the city or relocating, I can assist with every step of the process. Get in touch with me today, and let's start your rental search!