BASIC REQUIREMENTS TO RENT A HOME IN ARIZONA
- Proof of Income
- Credit Score does matter-slightly
- No open bankruptcies
- No evictions or landlord judgments
- No criminal history (felonies)
- Pets?-no agressive breeds
- Payment of application fees, first months rent, security deposit, cleaning deposit, pet deposit required to rent.
I have successfully placed over 30 families/individuals into rental homes in the past 6 months. I have a 99.9% success rate. The 1% that I couldn't place either lied to me about their situation or lied on their application.
This is what owners and property managers are looking at in detail:
Your total gross monthly income from all sources needs to be atleast 3 times the rent.
Example: Rent is $1000 per month-GROSS monthly income requirement is $3000. (Gross income is your total income before deductions. IRS, state taxes, ect)
I realize that if you had good credit-you would probably be purchasing your own home. Your credit does not have to be perfect but if your credit score is in the toilet (under 540 give or take) be prepared to put down a higher security deposit or have a co-signer. Medical bills, foreclosures and short sales are common and usually don't count against you however, if you have outstanding collection accounts, car repossesions, unpaid utility bills-this could stop you from renting from some property management companies. I recommend that you obtain a free credit report online first if you are not sure what is on your credit report. I always recommend my clients to write a Letter of Explanation describing what happened to get them behind and what they are doing to correct the situation.
If you are in the middle of a Chapter 7 or 13 Bankruptcy and it has not been discharged-you will not be able to rent until you receive your discharge notice. Making payments on a Chapter 13 bankruptcy to a Trustee may not be considered an "open" bankruptcy but you will want to confirm this before you apply for the home.
If you have ever been evicted from a rental or a landlord or property management company has filed a judgment against you that has not been paid-you will be denied to rent in the future. In some cases if the eviction is over 3 years old and you have good rental history since the eviction date you may be able to rent again with a higher security deposit. A Letter of Explanation is recommended.
Most companies will not rent to you if you have any felonies in your criminal record. Landlords and property management companies run a background check on all applicants 18 years and older. Some misdeameanors can be cause to deny an applicant as well. DO NOT LIE ON YOUR APPLICATION! The background checks are thorough and they are nation wide. A Letter of Explanation is recommended.
Pets? If you have pets-be prepared to pay a pet deposit fee for each pet and some companies charge a "pet rent" fee which is added to the rent every month. There are only 2 Property Management companies that I know of that will accept "agressive breed" pets. Agressive breeds include: Rottweilers, German Shepards, Chows, Pit Bulls, ect. This restiction is usually required because of the home owners insurance policy. Some owners will require an additional pet rider on your rental insurance policy.
- Renting is expensive. Plan carefully. Example of move in costs based on a $1000 per month rental:
First Months rent: $1000
Security Deposit: $1000
Cleaning Deposit: $200 (average)
TOTAL: $2200 not counting any pets
Pet Deposit: $250 (average per pet)
Keep in mind that you must be moving into the new rental within 30 days of your application being approved. I do not show rental homes to anyone that isn't moving within the next 5 weeks. (one week to look, apply, get approved and put earnest deposit down to hold the unit for the next 4 weeks) The earnest deposit is typically $500 and is credited to the security deposit at move-in.
Search for rentals here.
Please feel free to contact me with any questions you have about renting, selling or buying a home.