Getting an up-front answer from your landlord that you’ll be able to afford his rent doesn’t make life any easier. In fact, it’s oftentimes more stressful when you’re dealing with having to prove your finances, such as by gathering paperwork and bank statements. That’s why many landlords and property managers often require prospective tenants to get rental pre-approval for their income before they consider your application.
Knowing how to get pre-qualified for a rental property application is always a good idea. If you’ve never applied for a loan before, the process can seem daunting and intimidating. Thankfully, it’s not nearly as difficult as you may think. And knowing what to expect ahead of time can greatly reduce the chances of being turned down.
Include a cover letter
When searching for a new home, it can be easy to feel daunted at the prospect of looking at so many potential properties. There are seemingly endless homes on the market, and it can be hard to sift through hundreds of listings for houses that fit your budget and meet your needs. But if you include a cover letter with your online rental application, the rental agent or landlord has a much better chance of noticing your resume and calling you in for an interview.
Include all required documentation
If you’re planning on renting a home, you need to be sure to include all required documents when applying for a lease. This includes your most recent pay stubs, bank account statements, and proof of employment. And including all the required documentation is one of the best ways to get rental pre-approval for tenants.
Improve your credit in advance
Improving your credit before applying for a rental apartment is always a good idea. It will help ensure that the landlord looks at you as a low-risk tenant and will also enhance your chances of being offered the apartment. While there are some things you can do on your own, like cutting back on your debt and keeping an eye on your credit report, you can also take a proactive approach and request additional information from the lender or landlord. This gives them the chance to take a closer look at your creditworthiness, which may help you qualify for an apartment with a better rate or with a lower down payment.
When a tenant decides to leave a rental property, the landlord needs to vacate the property as quickly as possible. If the property remains vacant, the landlord may lose money on rent for the period the residence remains empty. Also, vacant properties can attract criminals, which could cause liability. And having the property go to foreclosure can cause more financial damage to the owner than having to vacate the premises.
Know what landlords are looking for
When it comes to renting, prospective tenants have a lot to consider. From calculating their budget to looking up reviews, there is a lot to do before your lease is up. But one decision that can always be put off because it seems daunting is finding a new place to rent. Fortunately, when you know what to look for, finding a new place to live becomes a piece of cake. Landlords have a lot to do when looking for a renter. Not only do they need to make sure the property is safe, but it also needs to look presentable. That’s why curb appeal is so important because tenants often judge a property by their first impression. So, what can a property owner do to make their property more appealing? Great tenant screening is one of the best ways. Not only will it help keep a renter that will treat the property with respect, but you’ll also be less likely to deal with damages, evictions, and other problems.
Getting your rental pre-qualification letter for tenants can make or break a deal. It can be the difference between a new tenant and not getting a new tenant at all. Our apartment landlords tell us all the time: “If we can’t find a tenant based on their credit score, we don’t need your income to qualify.”