Renting requirements

Let's say you've found the perfect apartment that rents for $\mathrm{\$}\mathrm{1,200}$‍ a month. Before you can move in, the leasing office tells you that they use the triple rent rule. They want proof that your monthly income is at least $\mathrm{\$}\mathrm{3,600}$‍. To meet this requirement, you'll need to provide recent pay stubs. If your income varies, they might ask for tax returns or bank statements. These documents will help ensure you can comfortably afford the rent.

As a rental applicant, you will be asked to fill out a rental application. On the rental application, landlords typically look into your credit and rental history and criminal records. If you've consistently paid your bills and rent on time and managed your debts well, you'll likely have a good credit history and a high credit score. High credit score will greatly increase your chance of having your application approved.

While good history can help show you're likely to pay rent on time, the criminal history check helps them judge safety risks. Not all criminal records necessarily disqualify you from renting, but landlords are permitted to deny your application based on certain types of criminal histories.

If you have a pet or plan to get one, it's important to understand the rental property’s pet policy. Some landlords might not allow pets at all, while others may require additional deposit or monthly pet rent.

There's usually a cap on the number of people who can live in a rental property, often tied to the number of bedrooms. If you're a family of five hoping to rent a two-bedroom home, there might be some restrictions since it's more than two persons per bedroom.

Beyond the monthly rent, there are several upfront costs when renting. These costs usually include an application fee, a security deposit, and the first month's rent.

The application fee is generally non-refundable and covers the cost of processing your application. This might include running credit checks, criminal records, and verifying your references and income. It's typically a fixed amount, perhaps around $\mathrm{\$}50$‍ to $\mathrm{\$}100$‍.

Next comes the security deposit. This deposit protects the landlord in case you damage the property or break your rental agreement in some way. Often, the security deposit is equal to one month's rent, but it can vary. Using our example of an apartment that costs $\mathrm{\$}\mathrm{1,200}$‍ a month, you'd likely need to have $\mathrm{\$}\mathrm{1,200}$‍ ready for the security deposit. The good news is that you can get your security deposit back if you move out according to your contract and leave the place in good condition.

Finally, there's the first month's rent, another $\mathrm{\$}\mathrm{1,200}$‍ in our example.

When you add these costs together, you might be looking at upfront expenses of $\mathrm{\$}\mathrm{2,450}$‍ or more ($\mathrm{\$}50$‍ for the application fee, $\mathrm{\$}\mathrm{1,200}$‍ for the security deposit, and $\mathrm{\$}\mathrm{1,200}$‍ for the first month’s rent).

Understanding the utility policy is essential. For some properties, your $\mathrm{\$}\mathrm{1,200}$‍ monthly rent might include utilities like water but not electricity. In other places, you might be responsible for setting up and paying for these services yourself. Always ask the landlord, or leasing office what (if any) utilities are included in the rent.

If your rental home has a lawn, discuss who will be responsible for cutting and maintaining the lawn.

Renting a home involves a series of requirements and costs that go beyond the monthly rent. Understanding these requirements beforehand will make the process easier and protect you from unexpected costs or issues. Remember, every landlord and rental property might have different requirements so always read your lease agreement carefully.