the steps within the leasing process

The 7 Steps of The Leasing Process

Fill Out A Rental Application

You can reach out to the property that you are interested in or you can hire an apartment locator to find the type of property you want, and they will reach out to the property management and get the lease application for you. For some properties, the lease application is online.

Pay Apartment Application Fee

The application fee funds the credit and background checks that are run on you. The fee can vary depending on various factors like the area, the building, or even the landlord. In some cases, the application fee is accompanied by processing fees, so you might want to ask the property manager about the applicable fees that are associated with the application process. You can also ask the property manager which fees are refundable just in case you decide to go with another apartment at the last minute.

Credit And Background Check

The application process includes a credit and background check, the credit check accounts for how financially responsible you would be as a tenant. In other words, whether or not you’re a reliable person who will pay rent on time. A background check can go back as far as the landlord deems necessary, and they will usually focus on criminal history. It is better to report any relevant background information.

Prove You Can Pay Rent

In this step you will have to provide proof of employment or income, most landlords will ask for copies of tax returns, recent pay stubs, or other forms of receipts from an employer. The employment check and the credit check take the longest which is why you should ask for an estimate of how long it will take if you have a time restraint.

Figure Out If You Need A Co-Signer

A co-signer is a person with good credit who acts as a willing guarantor. If you have bad credit, or insufficient credit history a co-signer will be necessary. The co-signer takes the legal responsibility of paying your rent in case you don’t. You might also need a co-signer if you are a first-time renter, or if your monthly income is less than three times the rent.

Personal Refrences

If you don’t have much rental history, a personal reference might make all the difference these references pretty much vouch for your character and dependability. A reference can come from a friend or a colleague.

Sign The Lease

The last step is to sign the lease! But before doing so make sure you read it thoroughly. See if the lease includes things that might be a problem in the future, like for example what happens if you break the lease, or if there is not a way for you to buy out the lease if you need to end it early. Just remember reading the lease agreement is essential.

The 7 Steps of The Leasing Process

Fill Out A Rental Application

Pay Apartment Application Fee

Credit And Background Check

Prove You Can Pay Rent

Figure Out If You Need A Co-Signer

Personal Refrences

Sign The Lease

BMarie Realty

Office Hours

The 7 Steps of The Leasing Process

Fill Out A Rental Application

Pay Apartment Application Fee

Credit And Background Check

Prove You Can Pay Rent

Figure Out If You Need A Co-Signer

Personal Refrences

Sign The Lease

BMarie Realty

Office Hours

Stay In Touch