Renting a Home
When searching for a rental, especially if you are making the move from another state, there are understandably lots of questions stirring up in your mind. At the forefront of all of those thoughts is probably “what does the rental application process look like in Orlando? What documents will I need to present with my application or what requirements do I have to meet before securing a rental? Below we’re going to outline all of the requirements needed when applying for your dream rental home.
When applying for a rental, you’ll want to have the following ready and available to present with your application.
- Valid photo id (Driver’s license, state issued I.D. or passport)
- Social security number. If you do not have a social security number, proof or permitted stay is required.
- Two to three previous rental addresses, so that the rental agency can verify your rental history.
- Contact information for any additional references you would like to include to attest to your reliability.
- A detailed letter if you have filed for bankruptcy or if you are subject to any lean on debt, this will provide clarification for the rental agency when considering your application.
- Application fee per adult (18+). All adults 18 or older are required to fill out a rental application. This fee can range from $50-$125. This fee covers the cost incurred while processing the application. Approved applicants will sign a rental lease as a responsible party or an occupant.
Next, we’ve broken down requirements most landlords, property management companies, and apartment communities include in their rental application process.
Note* These are the most common requirements for rentals in the state of Florida. Fees & credit score requirements may vary depending on the discretion of the rental agency.
Proof of Current Income
Landlords, property management companies, and apartment communities want to see a valid source of income that will cover the term of your lease. This may look different for everyone, so we listed what is required under each different source of income.
If you are Currently Employed, you Will Need
- Pay stubs from the past 30 days. If you are paid bi-weekly, two pay stubs will be required and four pay stubs if you are paid weekly.
- If you have been employed for less than 30 days, provide any pay stubs received along with an employment letter confirming your date of employment and hourly rate/salary.
- 30 days of most recent bank statements that show all of your employment income deposits if you are paid via direct deposit.
If you are Starting a New Job (As Many of you Making the Magical Move will!), You Will Need
- An official signed and dated letter of employment that includes your current employment status and pay rate. It may also be required to submit any recent pay stubs from your current employer. Your start date should be within the same 30 days that you submit your rental application. The party you are applying to rent from will verify employment through the application process.
If you are Self-Employed, You will Need
- At least two years of tax returns, 90 days of most recent bank statements, last 3 months of bank statements, and some agencies will require a business license that validates ownership.
If you are Retired, You will Need
- 90 days of most recent bank statements showing retirement income deposits
- Two years of tax returns
Social Security, Disability Benefits
- Award letter or statement from issuing agency
Child Support and Alimony
- Award letter (if available) and 30 days of most recent bank statements that show the deposits of support.
- Formal financial aid documentation that specifically reflects Room & Board allowance. Aid must be currently active.
Most parties will require that your combined monthly gross income of all applicants is equal to or exceed three times the total rent of the selected home or apartment.
Credit History Requirement
Credit must be satisfactory. The most common reasons for denial in regards to credit are:
- Property management or landlord debt in the past 7 years
- Collection accounts exceed 24% of your credit profile
- Delinquent accounts exceed 24% of your credit profile
- Eviction within the last 3 years, or multiple evictions within the past 10 years.
It is common that rental agencies will require a deposit that is equal to a first full month of rent in addition to any pet fees. Some rental agencies may require both first and last month’s rent. If your credit is a little less than satisfactory some rental agencies will require a larger deposit.
Criminal Background Check
Most rental agencies will require that your criminal records contain no convictions
If you have any questions about renting, please reach out to us at any time on our contact us page.