Renter Prequalification
Become familiar with standard rental criteria so you can be confident in your rent qualifications.
We provide a summary of the rental criteria on this page and a comprehensive explanation in our Renter Edu. Use the rent calculator to determine your financial qualifications.
Fix problems that you can in your qualifications. Talk with prospective landlords to see if there are ways to reduce their risk. When your qualifications match or exceed the rental criteria for a property you gain trust.
If you follow these steps you will save time, money and avoid frustration by applying for rentals that fit your current qualifications. Make improvements in your qualifications over time.
We do not guarantee a landlord will rent to you, but you will have a better understanding of the strengths and weaknesses in your qualifications.
Rental Criteria
Learn the basics on rental criteria landlords and property managers use to evaluate rental applications.
1. Household Income
- The combined household income (take-home pay) of adult applicants 18 years of age or older.
- Income may include wages, fixed income, or liquid assets that can be used to pay rent.
- Be prepared to show pay stubs or documents that verify your income or assets.
- Our rent calculator evaluates your your income and debt level to show what you can afford.
2. Employment History
- Refers to the length of time in a trade or job sector.
- Some landlords want to see 6 months to 2 years of verifiable income.
- Some landlords only verify current employment or ability to pay.
- Without sufficient work history, income or assets, you may need a co-signer.
3. Credit Score
- Some landlords require a minimum credit score which is often 601 or better.
- Some landlords use a scoring system so you can qualify by scoring well on other rental criteria.
- The amount you pay monthly on debt effects your credit score and your ability to pay rent.
- Debt incurred in the last 2-3 years is weighed more heavily.
- Use our rent calculator to determine how much rent you can afford.
- Get your credit score free with a soft inquiry from:
— Credit Karma
— NerdWallet
— Credit Sesame
— Mint Credit Score & Bill Negotiation
4. Rental History
- Landlords usually look for references from at least 1 or 2 previous landlords, or verifiable payment history on a mortgage.
- If you were homeless for a period of time, talk to a local housing organization about a rapid rehousing or emergency voucher program.
- Negative feedback from previous landlords can be grounds for denying your rental application.
- If you have less than 6 months to 2 years of rental history with signed lease(s) you may be asked to find a qualified co-signer.
5. Criminal Background
- Landlords are concerned with safety of existing tenants, neighbors and the property they own or manage.
- Rental policies vary taking into account the severity of the crime and length of time since you were convicted.
- Put together a personal profile with references and current aspirations. Show rehabilitation or training programs you have completed.
6. Pets
- You may be asked to show proof that pets have received appropriate vaccinations.
- Landlords may require an additional deposit when you have approved pets, or they may require additional monthly rent.
- Many landlords do not allow aggressive breeds. It is common for insurance policies on rental properties to exclude coverage for any aggressive breeds.
- One way you can reduce risk for yourself and landlords is to look for a renters insurance policy that covers liability for your pets as well as your belongings.
7. Insufficient Income, Credit, or History
- Landlords use rental criteria to evaluate and manage risk in their rental business.
- Policies can vary according to the type of property and business objectives.
- You can negotiate to reduce landlord risk. These are options a landlord has:
— Ask for an approved co-signer on the lease agreement
— Ask for double or triple security deposit (deposit limits vary by state)
— Ask for prepaid rent (some states like Montana prohibit this)
— Ask for proof that housing debt or utility debts have been paid in full
— Or landlord can opt to decline renting to you
8. Automatic Denial
- Any of these conditions may result in automatic denial of your application:
— Withholding or giving false information on the Rental Application
— Credit Score in the “Decline” range
— Anyone recently filing a bankruptcy
— Having been evicted by a previous landlord for cause
— Any unresolved debts to a utility company
— Any unresolved debts to a landlord or mortgage holder
— Certain types of criminal conviction within a specified period of time
Proceed to the Rent Calculator for your next step.
Renter Edu – Get a more in-depth discussion of the rental criteria, how to review your existing credit report for free, and how to dispute errors on your credit report. We ask you to register, it’s free.
Rent Calculator
Household Income / Rent shows the rent you can afford with your monthly household income. This estimate is accurate if you have little or no monthly debt payments.
Rent / Household Income shows the minimum household income you need for a monthly rent payment. This estimate is accurate if you have little or no monthly debt payments.
Household Income & Debt / Rent shows the maximum rent payment you qualify for based on your income and debt levels. Use this calculator for a more accurate rent qualification.
Renter Prequalification and Rent Calculator provided by Jasnia
www.jasnia.com/renter-prequalification
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