You've finally found it - the perfect apartment. It checks off all your boxes, is in the desirable neighborhood, and is even updated - what a dream! Now comes the final step, applying for the rental application. Making a lasting first impression with your tenant profile on your application can mean the difference between securing the lease or starting your search all over again. What are some things that you can do to build a good tenant profile?
Establishing and Maintaining a Good Credit Score
Don't know your credit score - no problem. Requesting a copy of your credit score from any of the three major credit bureaus is easy. A link Equifax, Experian, and TransUnion can be found here. Review your report to confirm that all of the information is correct. According to FICO, an exceptional credit score is between 800-850, a very good score is between 740-799, a good score is 670-739, a fair score is 580-669, and a poor score is anywhere between 300-579. Having a good credit score shows your potential landlord that you are responsible with your money and make payments on time.
Meeting and Exceeding the Income Requirements
Another area to focus on when creating a good tenant profile is your income ratio. When applying for a rental most landlords prefer to see that you are making 2 . 5 - 3 times the rent (or more) to meet the income requirements. This ensures that you won't run into financial problems when it comes to paying your rent on time. A basic and easy-to-understand example of this can be found below.
Rent of 123 Main Street: $1,000/per month
Required Income: $30,000/per year or more.
You should be aiming for the 3 times or more as mentioned above, bringing you to $36,000/per year at 3 times of the rent.
Having the Right References
Think of applying for an apartment like you're applying for a job. A potential employer will comb through your employment history, ask questions, and even call some of your former management and employers. The reason a new employer does this is easy to understand - they want to get a good idea of your work ethic, your skills, and your attitude. How much more important is it then for a potential landlord to know who exactly will be living in their property!! Having good references from people such as your previous landlord and your employer gives your potential landlord a better insight into how well you will treat their property. Having your family and friends as references isn't a good idea; why? It all comes down to honesty. Your family and friends might not give off the right impression of you or overinflate you. Landlords simply can't trust the
word of your family and friends because they have too much to lose with you. A former landlord, on the other hand, owes you nothing and will be honest. When including a reference in your tenant profile, be sure to include the following information:
The reference's name
Their relation to you
Their phone number
Their email address if it's available
Having the four above-mentioned items allow your potential landlord to learn about you without asking you too many back and forth questions that you might not have time for.
Concluding Thoughts
No matter where you are in your home renting journey, it's always a good idea to consider your options. One great option as a tenant is to work with Orchid Homes. They work with tenants in providing them with quality homes and apartments to rent that have been updated to luxury levels. For more information on their current vacancies, check out their website at OrchidHomesUSA.com.
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