How far do you go managing your rental property? A rental application is a reliable application put in place to help landlords to screen prospective tenants. How reliable are your tenants? Why should you submit a rental application to the Zillow Group Consumer Housing Trends Report before signing a lease?
The Zillow’s online rental application and tenant screening tool feature tools like the third-party background checks and credit screening. However, it gives you a secure room for finding your tenants for your property.
What is a rental application?
A rental application is a document designed for landlords or property managers to check on prospective tenants who are interested in renting a room, unit or property at large. They are various information that will be demanded from prospective tenants and they as follows.
- Personal information
- Household information
- Residential history
- Employment and income status
- Background information
The laws of a rental application do not discriminate religion, ethnic group, gender, age, status, and many more and one should be ready to comply with all vulnerable requirements.
Need for a rental application
The rental application contains critical information about the renter’s background and history. And as such, you can feel secure that your application will be able to pay rent each month. The rental application forms consist of your background information and as well, your criminal records.
The average number of people entitled to use the rental application form
The rentals application form those not discriminate provided you are capable to maintain the payment rate. As such you are eligible to use the rental application form. But must you use it all the time? As long as you can employ a consistent system to gather and review information about the renter’s background and history, then there is no need to use the rental application form.
The rental application will provide information in an easy-to-review format and that made it stand out. However, Zillow rental manager offers an easy online rental application and screening process.
But if you are making use of Zillow’s rental application, does each talent need to fill out a rental application?
All prospective tenants over 18 years of age should complete their own rental applications. Therefore, if you are renting your property to multiple people, each of them can list co-applicants on their tenant application form. But if every one of them is up to 18, then they should also complete their own application.
Average rental application fee
Generally, the Zillow Group Consumer Housing Trends Report 2019 says that the average rental application fee according to renters who paid one is $50. The application fee covers the cost of performing a credit and background check. However, fees vary by location. Thus, some states allow landlords to charge a market-based rental application fee while others have a limit on the amount you can charge.
Moreover, assuming you are using Zillow’s rental manager tool, the applicant is expected to pay a $29 rental application fee to use the tool for up to 30 days.
How are rental application fees collected?
Renters are to pay the rental application fees as long as they apply for the renter. In other ways, you can as well pay online with your credit or debit card. But using the paper application, credit or debit card, check or money is accepted.
Connectively, you can use the Zillow rental manager to invite the prospective renters to complete the tenant application form online. Do you wish to send an invite to your prospective tenants? Visit the application tab, click on “send invite” and enter the applicant’s email address.
Details of rental application form
Both on the paper application and online application, the below set of questions is set outright in the form. Therefore, follow the below guide to fill in the details required.
- Personal information
For proper background checks, you need to identify the renter’s personal information very well. The Common identification factors include:
- Household information
Over here, tenants disclose information like; the number of people that will leave in the home, if they have a pet, when they will be able to move in.
- Residential History
Applicants are required to provide a residential history for the past three years, history of owned properties, and other living situations. Some other information is as follows;
- Their current address and any previous addresses in the past three years
- The dates they lived in each residence
- Monthly rent or mortgage payments
- Names and contact information for previous landlords
- Their reason for moving
- Employment and income
Over here, you will be required to fill in the below to obtain your financial status and carrier.
- Current employer’s name and address
- Applicant’s job title
- Applicant’s monthly gross income
- Additional sources of income
- Length of employment
- Supervisor’s name, phone number, and email address
- Background Information
It consists of some worth of yes/No questions and they include:
- Have you ever filed for bankruptcy in the past seven years?
- Have you ever been evicted from a rental?
- Do you smoke?
Your rental application should also include:
- The amount of the application processing fee (and whether it’s refundable)
- Holding deposit paid by the applicant and the total holding deposit (if applicable)
- Address of the residence being held (if applicable)
- Signature and completion date
Ensure that your rental application is signed and dated. This is to acknowledge that both parties have read the application and agreed to its terms.