With studies finding that 50% of all renters in the United States are under 30 years old, it should serve as no surprise that there seems to be an air of mystery and a whole lot of questions regarding the general rent criteria. Even for individuals over 30, it's not uncommon to be unfamiliar with and curious about what it takes to become a renter.
Generally, most renters have the following guidelines:
- You must be 18 years of age or older.
- You must have a valid government-issued ID (for example, a driver's license or state issued identification card).
- You must undergo a background check.
- You must not have any past due rent or outstanding property debts.
- You should have a credit score of 620 or above.
- You are expected to pay a non-refundable application fee.
- You are expected to have a gross income of at least three times the amount of the property's rent.
Any and all cosigners are also expected to meet the above guidelines, as well as any other requirements the landlord may have.
While the following guidelines will vary from landlord to landlord, they are considerations all tenants should keep in mind before going through the rental application process:
- Pet policies - if you have any animals or potentially desire to adopt any for the duration of your residency, it is worth investigating if pets are allowed on the property, how many are allowed, if there are only a specific set of animals allowed, and if pets must be under a certain size.
- Vehicle policies and parking - some landlords may limit the amount of vehicles allowed on the property, while other residencies may simply not have enough space for multiple vehicles per tenant.
- Employment history - while you will generally be expected to have a gross income greater than three times the rent, your length of employment as well as prior employment may be taken into consideration.
- Rental history - regardless of any outstanding property debt, your rental history may be inspected for any reports of property damage, noise complaints, and anything else that may imply unfair treatment of the property or failure to abide by previous landlord's policies.
Whether you fall into the 50% of renters in the United States that are under 30 or not, it's not uncommon to be unfamiliar with the general rent criteria or have some curiosity regarding what it takes to become a renter. For even more information you should know as a potential renter, head on over to our blog. For more about Intellirent, please contact us.