Congratulations!

You’ve decided that you are ready to rent a home, congratulations! That is an exciting first step. After this initial decision you are probably left with a lot of questions…What do I do next? When do I start looking? How much money do I need?

Timing

With rentals, timing really is everything! Most rental homes will start to be advertised as available around 30-60 days before you are able to move in. So, figuring out when you need to move and when you need to start looking is crucial. We recommend that you start your search around 60-90 days before you plan to move.

Documentation

Each property management company and private owner will have their own requirements for you to qualify for a property, and based on those qualifications, what documentation you will need. Below are some common documents you should be prepared to produce:

  • Pay stub or if you’re self-employed a W-2
  • Verification of employment
  • ID (driver’s license)

In addition, you should also be prepared to have your credit, background and rental history checked.

Requirements

This is another area that each company or owner will differ in. Below are our basic requirements to rent one of our homes:

  • No collections or judgments within the last two years
  • 24 months of satisfactory rental history on a lease or mortgage with no evictions in the past five years
  • Monthly rent amount cannot exceed 35% of gross monthly income (your income is three times the monthly rent)
  • Cleared a criminal background check with no history of felonies in the past 10 years or convictions on any sexual related offense

Some companies might be a little or less stringent with their requirements, but this is a good starting point when looking to qualify for a home.

Financial Requirements

In order to be financially prepared it’s recommended that you save three times the rent amount. This will cover the deposit, one month’s rent, and moving expenses (including deposit for utilities, moving trucks etc.).

These are the five main areas that we recommend focusing on in order to prep renting a home. If you are ready in these main areas, it will mean smoother sailing for the entire process. You’re always welcome to email us at service@goldenrulepm.com with any specific questions. Happy House Hunting!