The rental market is tremendously competitive, and every tenant, for every piece of rental property on offer, can find themselves locking horns with numerous other applicants, with a significant possibility of having their applications rejected. In this article, we will discuss some ways that you can reduce the competition and increase your chances of getting your tenant application approved.
1) Find a house within your budget:
Landlords are in the rental business to earn profits and are therefore primarily concerned about their tenants not being able to pay the required rent timely and in full. Therefore, as a tenant, it is important for you to identify your budget and then search for a house within that price range. This way, you will know that you can pay the rent and will be able to prove the same to your potential landlord, making them more inclined to rent you the house.
2) Prepare and provide relevant documents:
Missing information on the tenant application drastically reduces your chances of getting an approval. Make sure that you provide all the below documents with your application form:
- Valid identification (passport, driver’s license, utility bills, et cetera).
- Proof of income and employment (bank statements, recent pay slips, tax returns (if you are self-employed or a freelancer).
- Proof of employment.
- Letter of employment (if you are about to start a new job).
- Resume of your rental history.
- Cover letter.
- Reference letters.
- Pet references (if needed).
- Cover letter (more on that in the next point).
In addition, make sure that you fill the entire application form and do not leave any sections blank.
3) Prepare a cover letter:
A cover letter includes a brief introduction and your reason for moving. Mention the reasons you found this particular property attractive, and be frank about things like your credit history and pet ownership. If you are going to live with other people, make sure to also introduce them. Next, write why you think you will make a great tenant (for instance, you are fiscally responsible and/or do not drink or smoke). Address your letter to the property manager or landlord, and do not make it too lengthy (ideally, it should not exceed one page).
4) Find a guarantor:
If you do not have a particularly impressive credit history or have not rented a property before, a financial guarantor can help you establish credibility. Your financial guarantor will also sign the lease, submit the same application documents that you will, and be held responsible should you damage the property in any way or fail to make rental payments. People moving out for the first time can have their parents as guarantors, while tenants with poor credit history should look for a friend or family member with an excellent credit history and decent income to be their guarantors.
To conclude, these are some of the ways you can stand out from the competition and make yourself a desirable prospective tenant. If you apply and do not receive a response from the property manager or landlord, wait for a couple of days before following up with them.