In the U.S, over 6 percent of renters were served with eviction notices in 2016. Since then, COVID-19 has struck and more people than ever are struggling to pay their rent during tough economic times. In fact, that is the most common reason for eviction: renters cannot afford to pay their rent.
Savvy landlords are getting wise and are seeking the best and most financially prosperous tenants. That can put many perfectly capable renters, like you, at an unfair disadvantage.
In this article, you’ll read about tenant screening as a tool that landlords are using to root out unwanted renters. This article is your chance to get ahead and be well prepared so you can get the property you want.
Do the Math
Your prospective landlord will want to know how your income compares to your outgoings. A simple rule of thumb that many will accept is that whatever is the rent, you should be earning at least 3 times that amount per month.
Make sure you calculate the numbers first yourself. Then when your prospective landlord asks you, there won’t be any surprises. In fact, the more open and upfront you are about your finances, the more likely they will trust and prefer you as their next tenant.
Long-Term and Stable Wins
Money isn’t the whole story when it comes to getting past tenant screening. Every time a tenant moves out of the property, it is a time-consuming hassle arranging for new tenants. Sometimes it can be expensive to pay agents and to refresh the decor.
Therefore, another major contributor to the tenant screening process and your potential success is being able to demonstrate that you’re a long-term prospect. Make sure you’re prepared to demonstrate how long you’ve lived at previous addresses.
Can You Prove It?
A landlord will want to see evidence that supports your claim to be an amazing tenant. It is standard screening for them to ask for background checks, eviction reports, and even credit checks. You can get ahead by preparing some of this information yourself.
You can produce a recent copy of your credit check and references from your previous landlords. This will impress your landlord and could win you their favor as their new tenant. Many landlords use Realty Management services, so it’s good to be familiar with the types of information they want from prospective tenants.
Do Your Homework
Landlords are going to ask you about pets and other living habits that may affect the property or neighbors, like smoking. So make sure you already know the requirements. This is going to make life easier and avoid disappointment.
Prepared for Tenant Screening
In this article, you’ve read about what potential renters should know about tenant screening. Being forearmed with the insights in this article puts you in an advantageous position compared to others. If you are well-prepared when you meet your prospective landlord and have your information in order, then you’ll likely be their choice.
Remember, if you meet the landlord’s criteria, you’re now in a stronger position to expect your landlord to fulfill their side of the rental agreement. Check out other lifestyle articles and legal tips on our website.