Guelph's rental market can be very competitive - especially for affordable rental properties in desired neighbourhoods, such as Downtown Guelph. With our experience in leasing properties for both landlords and tenants, here are our top tips to get your rental application accepted.
Tip #1: Be Prepared
Find out the required documents that the landlord and/or listing realtor is requesting.
- Agreement to Lease
- Schedule B (if applicable)
- Rental Application
- Credit Report
- Employment Letter
- Pay Stubs
- Residential Tenancy Agreement (Standard Form of Lease)*
*To be completed once an Agreement to Lease has been accepted
Tip #2: Complete All Documents
Once you have the required documents for the application, ensure all details are filled out correctly. It's important to complete the employment and references sections. The landlord wants to get an understanding of you as a potential tenant. They will want to know your monthly income, employment information, previous rental history, references, and more. A fully complete and organized application will give the landlord a great first impression.
A real estate agent with Andra Arnold & Associates can help you understand and complete the Agreement to Lease, Schedule B (if applicable), Rental Application and Residential Tenancy Agreement. They can also help you organize the other documents needed, such as the Credit Report, Employment Letter, and Pay Stubs.
Tip #3: Write a Cover Letter
If you have a low monthly income, ask a parent or family member to be on the application as a guarantor. A guarantor guarantees your lease by promising that if you fall behind on payments, they will also be responsible for the payments.
It is recommended that a guarantor is used if you are a student at the University of Guelph or attend a nearby college, like Conestoga College.
Let's circle back to Tip #1: Be Prepared. When communicating with your guarantor(s), it's important to ensure they are also prepared to submit their documentation, as well as sign the application. Landlords will also be looking for the guarantor's employment information, income, and credit score.
Tip #4: Guarantors
If you have a low monthly income, ask a parent or family member to be on the application as a guarantor. A guarantor guarantees your lease by promising that if you fall behind on payments, they will also be responsible for the payments.
It is recommended that a guarantor is used if you are a student at the University of Guelph or attend a nearby college, like Conestoga College.
Let's circle back to Tip #1: Be Prepared. When communicating with your guarantor(s), it's important to ensure they are also prepared to submit their documentation, as well as sign the application. Landlords will also be looking for the guarantor's employment information, income and credit score.
Tip #5: Credit Score
Tell the landlord about yourself and the other occupants. Let them know why you like the home or unit they have listed for lease and why you are the ideal candidate for occupancy. I also recommend stating how you plan on maintaining the property during the lease. It's important for the landlord to know that you are respectful of their property.
Include a photo of yourself and your pets, if applicable. It's nice to add a personal touch to your application.
Tip #6: Use a Realtor®
Realtors view rentals on a daily basis and can help you find a rental property that is suitable to your budget, wants, and needs. A real estate agent can also help inform you on the documentation needed and help you fill out the forms correctly. Then, they will submit your application on your behalf and advocate for why you are an excellent candidate for the rental.
A realtor can guide you through the process, inform you of your rights as a tenant, and help you achieve an accepted offer on a rental property.
The best part is that there is no fee for this service. Any compensation is paid out by the landlord who listed the property.
