When landlords and property managers receive rental applications, they often use consumer reporting agencies to screen applicants before making a decision. However, when an applicant is denied or accepted with additional terms based on the contents of their report, the Fair Credit Reporting Act (FCRA) requires landlords to provide an … Read More
Introduction: As a landlord, denying a rental application is an unfortunate but sometimes necessary part of the job. However, communicating that denial to the applicant can be a difficult and uncomfortable task. In this guide, we’ll walk you through how to deny rental application, from reviewing the application to communicating … Read More
Renting a property can be a daunting task, especially when faced with the challenge of evaluating a tenant’s rental history, including any prior evictions. An eviction record can be a significant red flag for landlords and may raise concerns about the tenant’s ability to fulfill their obligations as a renter. … Read More
A tenant’s residence history refers to a record of where the tenant has lived in the past, typically including information about previous rental properties and landlords. This information can include the addresses of previous residences, the length of time the tenant lived at each location, and the reason for leaving. … Read More
When renting out a property, it’s crucial for landlords and property managers to screen prospective tenants to ensure they are a good fit for the property and can meet their financial and maintenance obligations. To do this effectively, landlords should have a set of standard questions to ask on tenant … Read More
To assess a tenant’s affordability, investors and landlords determine the rent-to-income ratio by calculating the monthly rent as a percentage of the applicant’s income. The industry standard is a maximum of 30% of gross income going towards rent. According to HUD, tenants who exceed this 30% threshold are considered to … Read More
Proof of income is documentation that verifies a person’s current and ongoing source of income. It is important for landlords to request proof of income from potential tenants because it is a reliable indicator of the tenant’s ability to afford monthly rental payments. Landlords want to make sure that the … Read More
Landlords and property management companies often conduct background checks on potential tenants to verify their identity and check for any potential issues, such as a history of evictions. The scope of these checks can vary, but typically they include information such as past rental history. Wondering exactly what does a … Read More
As a landlord, you don’t want to deal with a tenant who doesn’t pay rent on time or at all. Eviction can cost anywhere from $3,500 to $10,000, and you’ll be left with a vacant unit that you’ll have to pay for out of pocket. That’s why tenant screening is … Read More
Your credit score can affect many different aspects of your life. Good credit is generally required for large expenditures or investments like a car lease or purchase, a house purchase, or a property rental. Credit history is an easy way for dealerships, realtors, or landlords to know how you’ve handled large … Read More
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