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Rental Application Guidelines

Every owner should develop clear application guidelines which can be written down and provided to prospective applicants. This can be done low-tech, in the form of a simple 3-fold brochure you create in MS Publisher or some other Desktop Publishing program, or high-tech by providing them on the Internet website you use to promote your apartment units.  If you have the time and energy, the best thing is to provide your application guidelines in both locations.

The most important thing is that you provide written guidelines so that every applicant understands what is required of them in order to qualify for your apartment unit. 

 

 

There are three, and only three, valid and relevant questions which an owner should ask and have answered before approving an application for the rental of their rental unit:

  • Can the applicant afford the apartment? This is the Income component of your application.

 

  • Will the applicant pay the rent? This is the Credit component of your application.

 

  • Can and will the applicant follow the rental agreement? This is the Prior Rental History component of your application.

 

Second Opinions and Third-Party Management Perspectives

 

 

 

 

 

 

 

 

 

 

 

 
Last Revision Date: 10.10.2008
V. 1.02