Rentals & Leasing: Tips & FAQ
Working with a real estate agent can save you time and stress when searching for the perfect rental home!
Below, you’ll find helpful information and answers to common questions to save you time.
Timeframe
Most properties require you to start a lease 2 weeks after you are approved. Some properties may extend to 3 weeks. Tip: Start 1 month before your move date, unless you need a special/unique home.
Pets
Some places don’t allow pets or have breed or weight limits; sometimes puppies under age of 1 year are not allowed. Be sure to check pets fees which may include pet rent and deposits. Tip: Be sure all immunizations are up to date. If you have a service/support animal, all documentation will need to be current.
Credit Score
600 is often the lowest that property managers may accept, and some require > 650. It is possible to rent a house if your credit is low, but it may require extra deposit. Tip: Before touring a home, be proactive with the property management company to find out their criteria on credit score.
Evictions or Past Criminal Issues
If you have any situations, please inform the agent you are working with. It may be possible to lease a house, but issues may need to be addressed with the property managers proactively and you may need documents if past issues were resolved.
Rental History
Your rental history will be verified by your current landlord. Be proactive and notify your landlord to expect a verification email after you apply for a house. Tip: Check if you are required to give 30 or 60 days notice at your current rental. Keep documentation when you give notice of vacating/moving.
Income
Monthly, gross (before taxes) will be used to calculate income. Most properties require income of 3X the monthly rent to qualify. If a house is $2000/month, you will need $6000/month in gross income to qualify. Your employment will be verified so be proactive to notify employer when you apply for a home lease.
Adults & Relationships
If you are married, you can combine income to meet the 3X criteria. If you are engaged or together for 2 to 3+ years, sometimes property managers may allow you to combine income. If you are roommates, most property managers will NOT combine income and will require each adult to qualify with 3X the income and also credit score level too. Why? Because if one roommate moves, the remaining must be able to support the lease on their own.
Home Needs:
- Budget: Ideal price range. What is your max?
- Location & Type: Area and proximity to work/school; House, townhouse, condo, etc.
- Must-Haves: # of bedrooms, pets, yard, parking, flooring type, # stories, etc.
- Appliances: ~ 75% will have a refrigerator; ~20% may have a washer and dryer. Do you need these?
- Length of Lease: Most leases are 12 to 24 mos. Do you need longer or shorter?
Properties & Showings:
- MLS: Depending on your situation, you may be set up with MLS access to properties. You can ‘favorite’ them and leave comments. Before touring properties, check the fees so there are no surprises.
- Favorites: Pick your top properties and schedule tours.
- Tip: As an agent, I have access to most all properties on the market; If you found a property online, let me know. I can often show them and can check status also.
Payment for Services & Documents:
- IABS – (Information About Brokerage Services) Mandatory document that outlines the types of brokerage relationships available to consumers and the duties and responsibilities of brokers and agents.
- Agreement – Mandatory document that outlines the terms of our relationship including the duration, services, and compensation. If I successfully help you find a property to lease, normally a property manager pays compensation that is set by the property manager. Often it ranges from $200 to $350. As my client, I do not ask that you pay for my services and this agreement defines that.
Info provided by Kathy Masterson (License #788021) in good faith and intention.
All info should be verified by any property you apply!
