I received a call this week from a potential renter. As I asked questions, I found out that there were three college students who wanted to rent a home together. None of the three had a credit score. Only one of them had been working for more than six months. They had not rented a home before.
I’ve written about this before, but I think this is a great time to share the requirements for renting a home in the Monroe NY and entire Orange County NY area.
Landlords are looking for tenants who are going to pay their rent. That’s why credit scores, rental history and references are so important.
Credit Report: A prospective tenant needs to be able to supply an official credit report with a score (we can help obtain that report if they don’t have one). While some landlords are less concerned with a low score if other requirements are strong, the most likely-to-be-accepted credit scores are those that are at least 650 or better. Many landlords shy away from anything 620 or less.
Rental History/References: Having someone attest that you paid your rent on time every month without fail will go a long way towards getting you into the new home you want. If this is your first rental, you will need some kind of references from a professional person regarding your ability to pay debts (school, store, etc).
Employment/Income info: You will need to supply information regarding your place of employment, current salary, length of time in position as well as a contact name and number for a reference. You may also need to supply copies of paystubs or W2s. Again, this is to ensure you have the wherewithal to pay your rent and other debts.
Pets: While not financial in nature, pets can be a big determinant on whether or not you are able to rent the place you want. Many landlords will not allow any pets, and many others have strict criteria about the type or size of pet they will allow. In addition, some insurance policies prohibit certain breeds.
If you want to rent a home and you have no or poor credit, no rental history, no employment history, or don’t make enough to cover rent and expenses, please get those items in order first. Landlords would be happy to let you into their vacant unit once they are sure you can afford to live there!
If you need further information or are looking for rental property in the Orange County NY area, feel free to contact me on 914-419-0270.