7 Things Landlords Look For In A Tenant
Getting approved for a rental property in today’s competitive market can be difficult, below are 7 things landlords look for in a tenant:
1. A High Credit Score
Obviously, in a perfect world, a landlord ideally wants to see a credit score of 700 or above. If your credit score isn’t great, some of the following things can work in your favor.
2. Steady Income
Out of the 7 things landlords look for in a tenant, this is the most important one. Typically, a landlord wants to see that you make 3-4 times the rent. And this is cumulative between you and anyone else living in the home. They prefer W-2 employees to ensure that you can pay the rent every month, but overall what they’re looking for is consistency. Make sure to watch the video for some excellent tips when it comes to this.
3. On-Time Past Rental Payment History
Maybe you don’t have a great credit score, or you’re not a W-2 employee, but if you can pull your bank statements that show you’ve paid your rent consistently over a long period, it can go a long, long way with a landlord.
4. A Good Referral From Previous Landlord
If you were a great tenant and can get a glowing review from your previous landlord, this could tip the scales in your favor.
5. Good Rental History
That means no broken leases, no evictions, and no bankruptcy on your screening report.
6. Criminal Background Check
You’d be surprised how many people are affected by this one. I have experience finding a way to work around this one with clients who have minor infractions on their record. If this is something you need assistance with, you can contact me for a consultation.
7. Double Or Triple Security Deposit
If there are better-qualified applicants, someone can move in sooner than you, or your credit is less than desirable, a landlord may request an extra deposit. A landlord can ask for a double or sometimes a triple deposit on top of your first months rent. I usually have a conversation with my client when this happens, because sometimes this combined amount of money is actually enough to make a down payment on the purchase of a home. I am always working in my client’s best interest, so these conversations are important.
Need Help Finding A Rental?
Getting approved to rent a house can sometimes be a tedious task. Remember, the landlord is looking for someone trustworthy and dependable to add value to their investment. They’re also looking for someone financially stable to make their rental payments on time. If you need help renting a home, contact Living Houston to assist you in the process.
