The rental application process can be likened to a job interview: it’s all about the first impression. There are many competitors fighting for one spot, and there will undoubtedly be some apprehension. Early preparation can set you apart from the crowd.
Applying to rent is no longer as simple as answering a few questions on a piece of paper. The rental housing landscape has changed significantly in the last decade and rental homes are filling up quickly, with over a third of North America’s population now renting. To stand out, you must have a strong rental application, and part of that requires preparing the right paperwork. Here are some tips to create a strong renter’s resume:
Credit is King
Having your credit report primed and ready is absolutely essential. Credit bureaus like TransUnion, Equifax, and Experian can provide your full credit report, and sometimes at no cost. Landlords look at your credit score to see how you manage your debts and to get a sense of your financial responsibility. If you manage your debts well and pay your bills on time, it’s likely you’ll likely pay rent on time. If you have poorer credit, don’t try and hide it; instead, offer an honest explanation and enhance your credibility through the subsequent items discussed in this article. Just like in a job interview, your GPA may not tell the full story, so highlight the other aspects that make you a worthy contender.
Pro Tip: Pay off your credit card bills before you request your credit report. High balances on your credit cards can have a negative impact on your credit score.
Prove yourself by proving your income
The last thing landlords want is to receive a late rent payment, or worse, no payment at all. Landlords want to sleep soundly knowing that their tenant is financially stable and ready to make payments. Show your landlord you are diligent and well-equipped to pay rent. If you are employed, have a recent pay stub ready to go. If you receive disability benefits, print out your social assistance statement. If you obtain student loans, provide proof of enrollment and a loan statement. Gather your proof of income early; you should account for delays like your employer repeatedly forgetting to write you a reference letter or your paycheque winding up in the wrong mailbox. Landlords want to see that you are taking the application process seriously.
Some good ol’ character references
Landlords want to hear from someone who can speak to your character, as a person, tenant, or an employee. Landlords need to know that you are trustworthy and dependable, and speaking to people who know you well is one of the most foolproof ways to validate your authenticity. You should be prepared to provide a minimum of three references: a personal reference (i.e. a friend or colleague), a previous landlord, and a previous or current employer.
Choose your references wisely. They should be competent and more than willing to speak highly of you. Just like you would at a job interview, let your references know ahead of time to expect contact from the landlord.
Show your cash flow
An extra precautionary measure would be to write out post-dated cheques with the monthly rent amount for the duration of the lease. This shows the landlord that you are confident you’ll have sufficient bank funds to cover monthly rent and it minimizes the chances that you’ll forget to make a rental payment. Show your commitment by preparing these cheques in advance; the money’s eventually leaving your bank account anyway, so you might as well have them ready.
A strong rental application presents itself well in both content and in form. Organize all these documents into a neat binder and triple check you have everything you need in advance of the viewing. It’s your renter’s resume, and like any resume, you want to portray yourself in the best possible light to make the best first impression.
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