Searching for an apartment is only the beginning of the process to find and secure a new place to rent. Once you have found an apartment that is conveniently located to your job, school, or other circumstances and fits your needs of space and cost, you can apply to be a tenant. It can be helpful to know in advance what your property manager may need from you to review your application and qualify you to live in the property. Here is some insight about information and documentation to complete the rental application process.
Proof of Income
One of the first things a property manager will ask of you is how much you make from your job or income source. This helps the property manager make sure your income is sufficient to pay the monthly rent and all other expected living expenses. The property manager will usually calculate to make sure the monthly rent for the apartment is a certain percentage of your income. For example, a property manager can check to make sure your rent is anywhere from 20 to 40 percent of your gross monthly income.
To provide proof of your income and employment, expect to show them copies of your most recent paycheck stubs. Depending on the property management company, you may need to provide two or more paycheck stubs, so make sure to save and keep these on hand as you begin to look for an apartment so you can provide them to the property manager.
Rental History Referrals
On your rental application, you will likely be asked a history of where you have lived recently, including up to the past several years. The property manager will want to know if you rented in each of those locations or if you owned the property. They may need to call your past landlords to verify your rental history with them and to find out what type of renter you were, which helps them make a decision in your request to live on their property.
Jot down your past few living addresses in a notebook or on your mobile device so that you have them for ready access. It can be difficult to remember on the fly the last few years of addresses in order to complete your rental application.
Credit and Background Check
Many rental properties complete a credit and background check on all adults applying to live in a property, which they will be able to request through an online check. The credit check helps them make a decision based on your financial obligations and payment history. The background check will tell the property manager if you have had any past criminal history and to what extent it entails.
Contact a company like Icon Norfolk Apartments for more information and assistance.