Are you looking to rent a home or an apartment?
Once you decide on a place to call home, you’re going to have to apply to become a tenant. To improve your chances of success, it’s best to have all of your documents in place before beginning the rental application process.
So, what documents are required in renting an apartment? We’re sharing the five most important documents that each and every tenant must produce for their prospective landlord.
1. An Employment Letter
First and foremost, every single tenant will require an employment letter.
This letter will verify that you’re employed and that you’re able to afford your monthly payments. With this letter, you’ll want to ensure that it outlines:
- Your salary
- Your employment title
- Your terms of employment
- Your length of employment
Remember, it’s crucial to be truthful in your employment terms. After all, 86% of landlords will take measures to verify the information that you provide to them.
If you’re not currently employed, your landlord will likely ask for a guarantor. This person, often a parent, will need to supply their own documentation and guarantee the payment of rent each month.
2. Proof of Income
Next, you’ll need to showcase your proof of income.
For most, this will come in terms of sharing with a landlord your bank account balance or your pay stubs. This is a simple means of confirming to the landlord that you’re able to afford your monthly rent.
Do you need help creating your first pay stub? If so, click to learn how to create pay stubs today!
3. A Credit Report
From here, it’s time to determine just how trustworthy an applicant you are.
In addition to your proof of income, you’ll also be required to produce a copy of your credit report. This report is prepared by an official credit bureau and is easily found online.
A credit report is a detailed breakdown of your entire credit history. It will showcase anything from your car and your credit card payments to any loans or lines of credit that you have.
Based on your borrowing history, you’ll be given a credit score to indicate your creditworthiness. With a range of 300-800, the nation’s average credit score is 675.
4. List of References
In addition to financial documentation, every tenant will need to supply a list of references.
These references can be anyone from an employer to a past landlord. Whoever it may be, the goal is to enlist someone that can vouch for your tenant worthiness. Remember, your landlord wants to feel confident that you will treat their property with respect and pay in a timely manner.
Generally speaking, prospective tenants will often provide their landlord with the names and numbers of their references. However, if you’re looking to go the extra mile, be sure to have a letter from your references on hand.
5. A Copy of Your Identification
Lastly, you’re going to need a copy of your government identification.
This can be a photocopy of anything from your passport to your driver’s license. Either way, you’ll need to ensure that your information is clear and legible for the landlord to read.
This is a simple way to verify that you are a legitimate person and that your name matches the above documentation.
What to Expect During the Rental Application Process
If you’re looking to rent an apartment, you’re going to want to understand the ins and the outs of the rental application process.
In having these documents ready upfront, you’re placing yourself above the competition. When the market is hot and competition is fierce, this advantage is sure to help improve your tenant worthiness!
Did you enjoy reading this article? If so, be sure to visit us again in the future. We cover everything from sports and science to business and lifestyle.