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
- 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.
- Monthly rental amount x 3 = Monthly gross income
- Monthly gross income x 12 = Yearly gross income
|Monthly Rental Amount||Monthly Gross Income||Yearly Gross Income|
REQUIRED FUNDS TO LEASE (Based on 1 applicant)
|First Month's Rent||$2,500|
|Tenant Representation Fee||$250|
|TOTAL AMOUNT NEEDED||$5,300|