"Do You Qualify To Rent A Home? If So, How Much Do You Qualify For? Read This List"

Keep in mind this list is not used 100% every time. It's up to each owner.

These Are The Most Common Qualifications That Property Managers & Landlords Use To Choose A Renter - Aside From The Application Form

  • Total Household Income Must Be 3 Times More Than The Rent - Here is how to calculate this. Add up you (all incomes of registered adults) gross monthly income, then divide it by 3. For example: If the gross income is $7500, then divided by 3 and that is $2,500. $2,500 is the maximum acceptable amount a landlord assumes a renter can pay comfortably. If the rent was over this, they would assume a renter may have difficulty paying the rent and may likely reject the application. Sufficient income is the #1 decision factor.
  • A Background Report with your Rental/Credit/Criminal history: - Practically all rental properties (apartments, homes, townhomes) managed by Real Estate Agent property managers and their client owners always ask for a background report. This report must be submitted along with the Rental Application form.

    Keep in mind that having a criminal history will not disqualify you from being accepted to rent. Many renters have a criminal history with a DUI, drug felony, assault, it happens. Landlords are more concerned about the more serious cases. I have helped many people with criminal histories and it is not a huge hurdle. The past does not dictate the future. 

  • What landlords care more about is, do you have a history of paying your rent on time. Have you broken an apartment, home, townhome lease in the last 2 years and if so, why? If you have a good reason, you have a good chance of still getting approved. 
  • Your Credit Score: - Ideally, landlords and property managers want to get applicants with credit scores at 620 and above. A 580 is often accepted with no problem. Even if you have a 500 landlords often accept that as well.  However, it depends on the owners and sometimes, an owner will reject an applicant at first. So, in order to soften them up, we usually ask the owner to consider 2 or 3 months of rent in advance as a sign of trust. Or you might be able to give a larger deposit instead. Giving more money in these situations often makes the landlord feel more secure and then they will accept the application and say yes to renting.
  • How Much Money Will Be Needed To Move In? - You will need to have the deposit, which is usually the same amount as the monthly rent, and you will need the first month's rental payment by your move in date. In addition, expect to pay about $39 to $50 per renter application.

    This means if there are two adults in the home, each will likely need to pay the fee. These fees usually go toward the Credit/Rental/Criminal history background report. However, I have seen some landlords and property rental companies charge another $100 just for the application.

    If you have pets, expect to pay another $200 to as much as $500 for a pet deposit. Some landlords and new property management companies are even charging a monthly Pet Renter Fee of $100, $200 and even $300 per month for your pet to stay on the property. However, each rental property is different. 
  • What If I Don't Have A Social Security Number? - The landlord might accept another form of identification in order to approve an application.
  • What qualifications do you need to rent a home or townhome, condo, apartment? - Click the link below for all the details.

Thinking of living in McAllen TX soon? How about moving to Edinburg Texas or moving to Mission Texas? If so, I can help you find a home in 956 or apartments, townhomes or for sale before relocating.

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Broker: Imperio Real Estate | RealtorĀ®: Ralph Prado | Lic#702257
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