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Martin Group of Realtors®

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General Rental Requirements

Proof of Current Income

It is important that you provide the source of income that will cover the term of the lease. Acceptable proof of income: Pay stubs, W2 Form, retirement, court decree on child support or alimony. Self-employed or retired applicants must provide last 2 years of tax returns.

Income Requirement

Applicant: Gross monthly income must meet or exceed about three times the monthly rent amount. Multiple applicants’ income will be combined.

Credit History

The agent will get a current Credit Report which must show a satisfactory credit score. The exact credit score requirement is usually written in the listing for rent. The most common reasons for denial are: too much debt in the last 7 years, delinquent accounts exceed 24% of your credit profile, or eviction within the last three years.

Criminal History

Must have satisfactory criminal background. The most common reasons for denial are: Applicant has ever been convicted of any sexual related offense or VCAP (Violent Crime Against Person), has a felony record, or a 1st degree misdemeanor that was adjudicated guilty, or applicant has falsified information on the application.

Fees Required

The Home Owners Association, the owner of the property, if have pets, and the brokerage firm may all require a fee. Usually the first and last month’s rent are collected, plus a security deposit.

Signed Lease Agreement

The real estate agent or a lawyer will provide a lease agreement for all parties to sign, including children 18 years of age and older living in the rental unit. 

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Is Now the Time To Buy Instead of Renting?

According to recent data from Realtor.com, median rental prices have reached their highest point ever recorded in many areas across the country. The report found rents rose by 27% from the same time last year. As it notes: Rents across the country are surging.

Typically rents fluctuate less than 1% from month to month. Recently, rents increased by 3.0% and 3.2% from each month to the next. If you’re a renter concerned about rising prices, now may be the time to consider purchasing a home.

Monthly Rental Prices Vs. Mortgage Payments

When you weigh your options of whether to buy a home or continue renting, how much you’ll pay each month is likely top of mind. According to the National Association of Realtors (NAR), monthly mortgage payments may rise slightly this year, but they’re still significantly lower than the typical rental payment.

NAR indicates the latest data on homes closed shows the median monthly mortgage payment is $1,204. By contrast, the median national rent is $1,575 according to the most current data provided by Realtor.com. In other words, buyers who recently purchased a home locked in a monthly payment that is, on average, $371 lower than what renters pay today.

Rents have increased in all areas, with some rents growing more than 30% year-over-year. Ouch!

With rents continuing to rise in south Florida, consider that NOW might be the right time to buy. There are multiple benefits to buying sooner rather than later. Talk with the Martin Group, your trusted real estate advisors, so you can make an informed decision. Text or call 561-339-1779 to schedule your free consultation.

Ready to Buy, Sell, or Rent a Condo or House?

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The Martin Group of Realtors®

Doug Martin

Realtor® Emeritus Broker

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Jason Martin, PA

Residential Realtor® Agent

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