STEPS TO RENTING A HOME

BEFORE YOU HIRE A REALTOR®

  • Review your own pros and cons of renting an apartment vs a private residence
  • Narrow down your rental location(s) ie, by county, city, zip code or neighborhoods. 
  • Make sure you have the required funding for your lease
  • Interview and hire a REALTOR ® that is knowledgeable and services your area of choice.
    Text RENT to (240) 284-4114 to start your rental process

BASIC QUALIFYING TERMS FOR LEASES

  • Credit Score: 680 [Ask me about an alternative option]
  • Income Requirements: Household income must be at least 3 times the rent
  • Security Deposit: The amount is usually the same amount as first month's rent
    (Certified Check)
  • Move In Month's Rent: Prorated (Certified Check)
  • Application Fee: $50 per applicant
  • Application Requirements: Everyone over the age of 18 must submit an application
    and be placed on the lease
  • Pets: If pets are allowed, they are on a case by case with a pet deposit
  • Renter's Insurance: You will have to have renter's coverage of your belongings
  • Lease Terms: Typically, leases are for 12 months
  • Tenant Responsibilities: All utilities, lawn care if there is grass, replacing filters in furnace
  • and batteries in smoke detectors
  • Application Documentation: Two most recent paystubs or offer letter if recently transferred,
    driver's license, application (type depends on the method of listing agent)
  • Fee for Tenant Representation: The owner pays the tenant representation fee. However, I charge an
    additional $250 for tenant representation due at lease signing payable to my office.


HOW TO CALCULATE THE REQUIRED INCOME FOR A LEASE

Use this formula to calculate the yearly gross income, you will need to qualify for the lease.

  1. Monthly rental amount x  3 = Monthly gross income
  2. Monthly gross income x 12 = Yearly gross income 
Monthly Rental Amount Monthly Gross Income Yearly Gross Income
$2,000 $6,000 $72,000
$2,250 $6,750 $81,000
$2,500 $7,500 $90,000
$2,750 $8,250 $99,000
$3,000 $9,000 $108,000
$3,250 $9,750 $117,000
$3,500 $10,500 $126,000
$3,750 $11,250 $135,000
$4,000 $12,000 $144,000


REQUIRED FUNDS TO LEASE (Based on 1 applicant)

Application Fee $50
Security Deposit $2,500
First Month's Rent $2,500
Tenant Representation Fee $250
TOTAL AMOUNT NEEDED $5,300