The journey of finding a rental home that you love can be a time-consuming process. Not only do you have to tour multiple properties, but you also have to fill out an application for each one that you are interested in. The Iron Eagle Property Management team wants to help you during this process of finding a rental home. Below, we have listed the most important documents you will need to apply for a rental property!
Income And Employment Record
To ensure the property owners that you will be able to pay rent on time, you will likely need to provide proof of employment and some of your most recent pay stubs. Typically, you will need to make two or three times the amount of the monthly rent. This knowledge will help the property manager know you will be able to afford the home. It is crucial during your rental search that you look for properties that are in your price range to avoid your applications being denied due to not being able to cover your rent each month.
When you are filling out your application, whether that is in person or online, you will need to provide personal identification information. Your potential property manager will need to verify that you are who you say you are and run some background checks on your credit and rental history. This all happens so they can confirm that you would be a responsible and reliable tenant. You will need to provide a government-issued photo ID and your social security number to complete all of the steps for background verification.
What If I Can’t Fulfill These Requirements?
If you are unemployed, don’t generate enough income, or have a bad credit score, then you will need to have a cosigner apply with you. The purpose of requiring a cosigner is to ensure that the property manager will still receive the money charged for rent in the event that you wouldn’t be able to cover it. The next question that may arise is, “who can I use as my cosigner?” The answer is simple… almost anyone can be your cosigner! As long as they have a verifiable source of employment, two and a half times the monthly rent, and a good credit score, they can apply with you as the cosigner of your lease.
Searching for a rental property should be an easy process where you find a place to live that fulfills all of your needs. If you have any further questions on applying to be a tenant, contact Iron Eagle Property Management today!