Screening an Applicant’s Income
Have you ever wondered how much income a resident should have in order to qualify to rent your home?
The amount of income used to qualify a resident varies from property manager to property manager. Here at RDM Realty, we look for applicants who can document income that is at least 3 times the rent amount. Why 3 times? In our experience, when housing costs begin to eat up more than a third of a resident’s pay, then they are more likely to have problems making their rental payments on time.
However, we do not just take the resident’s word on their income. We have seen applicants bring in fake or altered paystubs. And we have seen applicants putting down their best friend or a family member as their “supervisor” on their rental application, so they can pretend to be their employer. Verifying income is more than just looking at a paystub. At RDM Realty, we also verify that the paystub is real by looking up their employer on the internet and calling their supervisor through the contact information provided on a company website.
We have caught more than one applicant simply lying on their application or falsifying employment information. This is why it is important for landlords to hire a competent and professional property management firm such as RDM Realty, so that we can thoroughly screen your rental applicants to find the very best renter for your property.