FILL OUT A RENTL APPLICATION
Once you have found the flat you want to move forward with, you will need to fill out an Application for Tenancy form. If you have a co-signer or plan on having roommates, they will also need to do the same. Essentially, every person planning to move in needs to fill out a separate lease application form.
What does a rental application include? it basically asks who you are, where you work, where you currently live, and some other generic questions.
GENERAL APPROVAL REQUIREMENTS
Approval requirements differ depending on the landlord and/or on the building. The following are general guidelines that apply in most instances.
Prospective renters need to prove their financial stability, employment history and provide references in order to secure an apartment.
An important part of the rental application process is providing proof of employment or income. Your verified gross monthly income must equal approximately three times or more the monthly rent plus administration costs. Depending on your job, you may also provide recent bank statements or copies of client contracts, if need be.
This verification is done to insure you have the funds needed to cover other monthly expenses.
PREPARING PART/ENTIRE AMOUNT OF THE YEARLY LEASE AMOUNT
Some landlords would allow an applicant with insufficient income to prepay 3 or 6 months of the annual lease amount, or, in some cases, they will require the whole amount in advance. Please note, you still need to provide the security deposit as well.
POSITIVE RENTAL HISTORY
Good references, housekeeping, and property maintenance from your previous Landlords. If any applicant has a history of late payments, lease violations, evictions, damages, etc., it will disqualify you from renting a flat with To Be Rent.
Generally, landlords require one-month worth of rent plus administration charges as security deposit. In cases where, the landlords deem your application not strong enough, they might give you an option to put more towards the security deposit.
Pls note that there is an Animal deposit in addition to security deposit. Instead of the standard one month rent of security deposit, the landlord may require, for example, 3 months worth of rent towards the security deposit.
The security deposit is usually paid in cash at the date of signature of the lease contract.
You can sign the lease on paper or electronically. You can pay the first-month rent in cash or by bank transfer.
Approval usually takes 1-3 business days. Sometimes it can be the same day, sometimes it could take longer.
Once your application is approved, the landlord will give you 24-48 hours for you to review the lease and provide the funds towards the security and/or the first-month rent (or whatever your unique, specific arrangement might be).
The documents you need when submitting a contract are:
-ID ( passport or driver’s license)
-Letter of employment (or Offer Letter) on the company’s letterhead, with the following:
• Length of employment
• Annual income
-Copy of last two or three consecutive pay slips (the pay slip is what outlines the details of your pay each pay period).
-Copy of most recent bank statement(s) (for self-employed).
-Landlord reference letter (Letter of reference from a previous landlord is one of the most important reference letters a renter can submit to a landlord/management company who is processing their application)