How to get the most out of your rental application.
An application is the first step to ensuring that you take on as little risk as possible when you sign new tenants.
When potential renters reach out about your listing, you should always disclose that you require a credit score and background check for all applicants, and have a standard rental application ready to send. This helps keep the process impartial and free from discrimination, in accordance with the Fair Housing Act. This is also an easy way to gauge the seriousness of someone’s interest. Unqualified applicants or people who don’t have strong intentions to rent tend to drop out at this point.
You can place your own stipulations on who is able to apply. For example, to gauge whether tenants will be reliable enough to make the monthly rent payments, a good rule of thumb is to require tenants to earn at least three times the rent amount in monthly income. Other questions, such as whether the applicant smokes, owns pets, or requires a guarantor are all handy to know upfront.