LEASE WITH EASE

The Complete Lease Guide
There are a lot of small details to consider when searching for a home to lease.

Working with an experienced Realtor will help to increase your chances of securing a property
that meets your needs, in a timely manner.

The following steps will help prepare for the rental application process
in order to better navigate the rental market with an advantage over other applicants.

STEP 1: Fill Out A Rental Application

This is the first step for the landlord to assess whether they think you will be a good tenant. It is a form that provides a tenant’s personal information, identification, employment, financial details and rental history.

STEP 2: Credit Check

A landlord will review the applicant’s credit history as part of its overall risk assessment to see how financially responsible a potential tenant is, to make a fair decision on whether or not to “take a risk” on someone and to answer the questions of “Does the applicant pay his/her bills on time?” and “Will they be able to pay their rent on time?” A credit score is primarily based on credit report information, including your repayment history, the amount of debt you have and the length of your credit history, typically sourced from credit bureaus. Higher credit scores mean you have demonstrated responsible credit behaviour in the past.

STEP 3: Income Verification

An important part of the rental application process is providing proof of employment and income. Your future landlord wants assurance the applicant has sufficient income to reliably pay the rent on time, that rent will not consume too much of your income.

STEP 4: Reference Checks

Landlords may verify and call references to validate a potential tenant’s character and credibility. Checking with previous landlords help give the landlord an idea of the type of tenant you are, whether you were able to pay the rent in full and on time, and to find out if there were ever any issues to not want to consider renting to you again. Personal references help to vouch and attest for the type of person you are but are generally not seen as objective due to your relationship.

STEP 5: Supporting Documents

Including more information, like a personal letter, will allow the landlord to gain a better idea of who you are. It will help to give a description about you, your family and background, why you think you would be a good fit, what you like about the property and how you plan to use their home. Hearing who will be living in their home can help to put the landlord’s mind at ease.

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