Finding the right rental apartment can be difficult and time consuming, but once you’ve found your ideal rental the work isn’t over, you still need to secure the lease, and that is where many hopeful renters come undone.
Here are the top five reasons rental applications are rejected:
1.Your credit rating was too low.
Your credit score is a number you can’t cheat. It takes into account your credit account payment history, amounts owed, how many credit accounts you have and more.
If your credit score is under 700 it indicates to leasing agents that you may have difficulty covering your debt obligations in the past. If this is the case, they will accept the application of a tenant with a better credit score who has less risk of defaulting on rent.
2.The rental application you submitted was incomplete or illegible.
The rental application is an important document, and great opportunity for you to show the agent or landlord that you are a careful and diligent person. If the agent cannot make out the details on your application, or you failed to fill out all sections of the form, they will move on to applications that are legible and complete. Neatness and accuracy count when it comes to rental applications
3.You have a bad rental history.
If you have been evicted, have a nonpayment of rent, or an unverifiable rental history, the agent is unlikely to want to rent to you. The best way around this is to offset the bad with some good. Bring references from employers and people within your community who can attest to your suitableness as a tenant. Also, some landlords are willing to look beyond evictions that took place awhile back. Getting some time in between your last eviction and establishing a good track record going forward can offset the negative effects of an eviction.
4.You have a patchy employment history.
If you have long gaps in your employment history a potential landlord may see you as a higher risk tenant and reject your application. Agents and landlords are looking for tenant who will pay rent on time and maintain the property well.
You can offer the leasing agent or landlord an explanation for gaps in your employment history by attaching a personal statement, and any supporting documents, to your rental application. Bank statements, personal references, and any further documentation you can come up with that points to you being a responsible and able tenant could be just what you need to get you over the line.
A main criteria the landlord looks at is your income. Do you have a regular income paid bi-monthly? Or do you work for a commission based salary that can have dry spells? Also, what percentage will the rent take up of your total income? A rule of thumb generally used by landlords is that your income should cover 4x the rent amount or more. This further ensures that you won’t run into problems when it comes time to pay. If your income doesn’t cover more than 4x the rent, it’s a good idea to look for a place more in your price range. Otherwise, you’re putting yourself in a position to miss rent payments in the future.