Everything You Need to Know About the Rental History Report

Applying to become a tenant for an apartment is a pretty tiring business. But as rental applications become more high-tech, the good news is that a portion of the process is cut down. This is all thanks to the rental history report.

As the name suggests, the rental history report is a report that details the rental history of a potential tenant. It’s a valuable piece of information for landlords because it allows them to screen quality tenants. Beyond that, there are other things to know about rental history reports, which we will discuss in this article. Read on below to get started.

More about the Rental History Report

A rental report is essentially a background check on a potential tenant. It contains information about the applicant’s previous rental history and credit history. This means that past landlords will be asked to provide a reference to the information they provide. This way, the chances that misleading information will be provided is reduced.

What’s in It?

A typical rental history report contains the following:

Credit Report

The credit report also has information on the applicant’s payment history beyond the person’s credit score. This is valuable to an apartment owner because it shows a person’s ability to pay their monthly rent. This way, landlords have a clearer idea of who they’re renting to.

The report will also have an applicant’s credit history, which records their previous use of credit services, such as credit cards.

Evictions

Most people think that having been evicted once harms one’s rental history. While it’s true, it doesn’t mean that if you were evicted, you would never be able to rent an apartment again. The truth is, there are cases wherein a person has been evicted, and they were able to rent an apartment after that. However, they may have to pay a higher security deposit.

Landlord Reference

Landlords can choose to provide references for potential tenants who apply for their apartments. This gives landlords more information about a potential tenant’s previous rental history, as well as their character. This can help them decide if they want the prospect as a tenant.

Verification of Employment

Another requirement of a rental history report is that potential tenants must provide verification of their employment. This can be a letter from their previous or current boss or even a pay stub.

Criminal History

A rental history report can also serve as a background check, so it might be no surprise that it includes any history of criminal behavior. This is done by checking public records, and if the applicant has a criminal record, the report will contain that.

How to Get a Rental History Report

Getting a rental history report is easy. Just visit your local apartment rental agency, and you’ll be able to request a rental history report. However, this is only after you’ve completed the application process. In most cases, you will be requested to pay a fee of $30, which gives you access to the report for a month. You will then be expected to visit the agency to make a payment every month after that, just like you would do when your rent is due.

For First-Time Renters

You won’t have a rental history if you’re a first-time renter, but you have a credit score. This is one of the factors that landlords will use in deciding whether or not to give you an apartment. If you have a good credit score, you’re on your way to renting an apartment.

Fixing a Bad Rental History Report

Even if you had an incident in your past that made you a bad renter, there are ways on how you can fix your renter score.

This involves asking for a letter of recommendation from the property owners you previously dealt with. You request them write a letter explaining why you were a good renter. Most landlords will allow this for people who need to improve their rental history. The rental history report will then be updated with their statement, making the bad mark disappear. If all else fails, you can always set the record straight with your potential landlord if they have any more questions about your bad marks.

Conclusion

Being a renter isn’t easy. You’ll have to undergo a lot of scrutinies, especially when it comes to your background. The good news is that a rental history report can erase most of those doubts, and you’ll be one step closer to your dream apartment.

Quest Real Estate is a property management company that can help you manage your investments for sales, property development, or tenant placement. We understand how important your investment is for you, so our team of experienced real estate professionals will work with you to meet your needs. Contact us today to learn more!