What Do the Income Qualifications Mean When Renting an Apartment?
Landlords screen prospective tenants carefully before accepting their applications for tenancy. Careful screening helps landlords identify tenants who are at risk of defaulting on their lease agreements because of insufficient income or financial or personal irresponsibility. Problems in one area of a prospective tenant's application can be overcome by a particular strength in another, so tenants who understand the screening process have the best chance of having their applications accepted.
Income
Most landlords weigh a prospective tenant's income more heavily than they do other factors because it's the strongest indication of whether the tenant is likely to be able to pay his rent. Ideally, the rent will comprise no more than 30 percent of the tenant's gross monthly income. A tenant who meets this income qualification is likely to find his rent to be affordable.
Credit History
The tenant's credit report shows how much credit she has outstanding compared to how much she has available. It also details her payment history, showing how many payments have been on time and how many have been 30, 60 or 90 or more days late. If any of a prospective tenant's creditors has turned her account over to a collection agency or written the account off as uncollectible, her credit report will reflect that action.
References
References from employers and former landlords are important to an application because they give a landlord a sense of how responsible and dependable a prospective tenant is. References also verify information the prospective tenant gives in his application, such as his income, his rental payment history and the length of time he has been at his job.
Criminal History
Not all landlords require a criminal background check, but many do. A criminal history doesn't automatically mean the landlord will decline the tenant's application. If the crime happened a long time ago or can be chalked up to a "youthful indiscretion," or the prospective tenant can show evidence of having worked to resolve the issues that led to her arrest and conviction, the landlord may offer her a second chance.
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