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When using the standard Rental Application, the landlord is required to gather the tenant’s personal information and employment details, and to obtain their consent to perform consumer reports such as credit reports and background checks. Additionally, the landlord must provide the tenant with a Fair Credit Reporting Act (FCRA) Disclosure.
Most Recent US Home Facts
- Population (2023): 334,914,895
- Median Households (2022): 125,736,353
- Median Household Income (2022): $75,149
- Owner-occupied Households (2022): 64.8%
Source: U.S. Census Bureau
Rental Application Process Explanation
Tenant Completes a Rental Application
- Required from the applicant to the Landlord: Name and employment information.
- Consent from applicant for consumer report: Background check and a credit report.
- Fair Credit Reporting Act (FCRA) Disclosure
Non-Refundable Fee
Average amount charged by landlords: $30
Obtain a Credit Report
- Credit score: Landlords usually want to see an above 670 credit score from applicants.
- Rent-to-income ratio guidelines: Monthly rent should not exceed 30% of the monthly income.
- Different rental markets: Certain places, for example, New York City may have higher rent-to-income ratios.
Recommended Screening Services
- Description and cost of limited consumer report: RentPrep.com ($21)
- Description and cost of detailed consumer report: MySmartMove.com ($39.99)
Verifying the Tenant
- Methods for verifying tenant’s employment: Employment Verification Letter
- Documentation required from tenants: Pay Stubs and Tax Returns
Communicate with Former Landlords
- Reaching out to former landlords especially with applicants who have red flags on application.
- Tenants with questionable history: Tenants who have multiple rentals in one year period.
Check the Sex Offender Registry
Legalities surrounding the verification process: Federal law prohibiting rejection based solely on sex offender status
Make a Decision
It is the Landlord’s responsibility in approving or rejecting the application. There are certain steps to be taken after approval or rejection.