What to Know Before Applying for a Lease

A government-issued ID, like a driver’s license, is typically required along with your employment status.

To show you can afford to pay your rent, you may need to provide proof of income such as recent paystubs or an employment offer letter showing your salary. If you are a small business owner or part of the flexible labor market, i.e., “gig economy,” your income may still be verified through bank statements, 1099 tax forms, and other methods. If you are not employed, a landlord may accept bank statements showing you have the funds to rent the property through the lease period.

Many landlords check your credit report or credit score to understand your likelihood to pay back debts. Applicants with lower credit scores may be denied or approved with additional conditions like a higher security deposit. Be aware that credit checks can impact your credit score.

In most cases, a landlord will conduct a criminal background check before deciding on your application. Sometimes landlords will also conduct a screening of your employment history. Learn more about your rights related to background checks from the U.S. Dept. Of Housing and Urban Development (HUD).

A fee is charged to review your application and perform credit and background screenings. Remember to plan for application fees in your rental budget.

The security deposit is money that will be held in a bank account until you move out — in case it’s needed to pay for any damage to the home beyond “ordinary wear and tear,” cleaning costs, or unpaid rent or fees, if applicable.