Leasing or Renting a Property?

Viewing Properties
Finding the ideal rental property can be frustrating and time consuming. Knowing what to expect when embarking on this journey will help ensure a smooth process.

When you visit a property pay attention to the specific rental unit as well as the overall property. Does it seem clean, well maintained, and in good repair? Is there a well-lit parking area? Are common areas tidy and well-lit? Are the amenities as advertised? Is the appearance of the property acceptable? While it is easy to be in a hurry to sign a lease it can be beneficial to view different properties to find one that meets or exceeds your original expectations. This should be remembered especially if you are going to be living there for a while.

Rental Application
Once you’ve decided on a unit, you’ll probably be asked to fill out a rental application. Each person who is renting has to fill out a separate rental application. This helps the landlord determine each person’s credibility as a potential renter. You may have to submit a processing fee, application fee and security deposit along with the rental application. If your application is denied, the security deposit will be returned within a specified time frame, usually one month.

The rental application typically asks for your:
– name
– current address
– phone numbers
– email address
– driver’s license number
– previous address
– pets, if applicable
– employment and income information
– emergency contacts
– personal references
– background information, including questions about criminal charges or previous bankruptcies
– vehicle information

Credit and Background Check
You may have to give consent (by signing and dating the application) to the landlord and its agents to obtain a consumer credit report, landlord/tenant credit record search, criminal records search and registered sex offender search. The credit and background checks help landlords determine if applicants would make suitable tenants, in terms of character, income and financial responsibility. The Fair Housing Act makes it illegal for a landlord to deny housing to a tenant on the grounds of race, color, gender, religion, disability, familial status or national origin.

Co-signers
If you lack sufficient personal credit, you may designate a willing person as a guarantor. By co-signing a lease, that person agrees to share legal and financial responsibility for the terms of the lease. The cosigner, who is often a close friend or family member, will have to submit a co-signer application, sometimes called a guarantor application, and a co-signer agreement. The landlord typically requires the latter to be legally notarized.