Outsmart the Competition With a Renter Application Packet



renter application packet

Image by Victor1558 via Flickr

In a competitive rental market, it’s no longer effective to go to an apartment showing with only your checkbook, ready to hand in a deposit. In cities such as San Francisco, renters can arrive at a showing to see a line of 40 other applicants vying for the same unit. So what can you do to get your foot in the door? Create a renter application packet.

In order to have a good chance at landing the apartment, you need to show the landlord that you’re qualified from the get-go. You can make a good first impression by being prepared and having all necessary documents neatly packaged in a file and ready to submit when you step through the door.

Here are a few tips to help you get started.

Essential documents

Gather the following paperwork to create your file:

  • Identification: Make a photocopy of your driver’s license or passport.
  • Proof of employment: Ask your employer for a letter confirming your employment. This letter should specifically state your name, position, length of employment and salary.
  • Pay stubs: Many landlords have minimum salary requirements. Make copies of at least your three most recent pay stubs.
  • Bank statement. Including this shows the landlord you are financially stable and capable of paying the rent.
  • References: Create a sheet with the names and phone numbers of previous landlords, business references or other contacts who can confirm your financial trustworthiness. If you have a letter of recommendation, include it in your file.
  • Rental application and fee: Some property management websites have applications that you can print and fill out in advance, or you can search for a general rental application online. Don’t forget to attach a check for the application and credit report processing fees.

Extra considerations

Additional materials that might be required include a copy of your most recent tax return, or if you have a co-signer, copies of the previously listed documents from your guarantor. Depending on which state you’re in, some of the documents may need notarization.

Double-check the application requirements before you attend the showing. These can vary depending on the landlord, and some may require you to pay additional fees or deposits. Don’t forget to bring your checkbook so you’re prepared to act quickly if the showing and approval process go smoothly.  Remember, a lease is a legally binding document, and you need to read it carefully before signing your name on the dotted line. Best of luck!


See our online application at www.theperalgroup.com under the tenants tab

Courtesy of your Arcadia Real Estate Agent

1.7 million new renters expected in next three years

Posted by kpanchuk on 11/6/12 at 8:59am

The changing dynamics of today’s housing market could create 1.7 million new multifamily renters between now and 2015, Freddie Mac’s Multifamily Research Group said this week.

The government sponsored enterprise expects the homeownership rate to fall 1 to 2 percentage points if the slow economic recovery continues.

The nation’s expanding renter pool is the result of economic stress, high foreclosure rates and changing demographics, the research group asserted in a new study.

The takeaway from the study is that rental demand is only expected to rise in the coming years.

Individuals and families looking for homes to rent also increased in recent years as the pool of qualified homebuyers shrinks.

The single-family rental market has grown 16% since 2007, suggesting renting is popular across housing product types.

“The research supports the optimism that currently pervades the multifamily market,” said David Brickman, senior vice president of Freddie Mac Multifamily. “It confirms that multifamily is a bright spot in the real estate market and the economy more broadly, and it will likely continue to shine for quite some time.”