This is one question I believe an adequate number of us have asked ourselves in our expedition to growth and independence. It is a question that one is likely to ask themselves every time they consider getting a new apartment for rental, “Do I qualify to rent that property, in that area? Within that price range? And unless we put ourselves on the line, we never know what exactly landlords look for when searching for a tenant, or what qualifies one as a prospective tenant. Let us look at the following tenant qualifying criteria
- Identification of Tenant.
A prospective tenant needs to be one who’s identification can be verified to be true and valid with both the banks and the South African Department of Home Affairs. Your identification number needs to be recognized at the department of Home Affairs as who you claim to be on the application forms for renting out a property.
- Income Verification
The number one concern for any property investor, landlord and or agency looking to rent out their property is ensuring by all means possible that the prospective tenant can afford the rent and will be able to make payments as per the requirements of an agreement that shall be present between landlord and the selected tenant. For this reason, a pay-slip, salary advice and bank statement may be required to ensure you have received an income that will be enough for you to be considered as affording of a price bracket. It is advised that your rental amount should not exceed 30% of your net income.
- Number of Tenants taking occupation.
Each property has a number limitation as to how any individuals it can host, and this is normally counted by the number of bedrooms in the property. Each bedroom can accommodate a maximum of two individuals. The number of tenants taking occupation in a property is important to ensure the risk of damage to the property as a result of daily use is minimized as much as is possible.
- Evictions and Criminal History.
Property investors want to leave their investment properties in good hands, to an individual with a good and clean reputation. Someone who will not practice illegal activities in their property, someone who does not have a habit of just squandering in the property and causing it potential damage. You need to be an individual responsible enough to be able to look after the property as though you are the owner, not just a tenant who pays rent to sleep there. Tenants whose background checks come back with results that they have been convicted of a crime that may endanger fellow residents as well as the property, are most highly likely to be rejected.
Landlords look for someone who will live peacefully with fellow residents in the area, maintain the cleanliness of a property and honest individuals who will also respect the property. In a nut shell, be considerate of others and lead a harmonious life among the landlord’s neighbors. The landlord’s investment should not become a liability as a result of your residency there.
The above-mentioned pointers are just a few of many of its kind that are used to qualify a tenant worthy of a rental agreement.
Quality Growth International