I have written several posts about Los Angeles homes for rent, providing tips and advice to navigate what is ever becoming a frustrating tight market. There are many sites and apps out there offering rental listings but if you are looking in a more upscale market then it might make sense to use a Realtor®. Landlords in higher rental brackets tend to use the services of a Realtor® to list their homes and handle all the application details.
It seems that many of these landlords are requiring a stronger vetting process. It often used to be that all that was required from a prospective tenant was to provide a credit report, references and proof of employment. Now the provision of additional information may be needed, such as:
- A background check. This can be combined with the credit report information. The credit report will be a full report on all three bureaus and an acceptable score will be at least in the 700s.
- Proof of funds and proof of income. Generally a landlord is looking for enough funds to cover three times the annual rent.
- Many landlords require the tenant to carry renter’s insurance and provide proof that this has been obtained.
- Often the rental contract includes the provision that the tenant have the unit professionally cleaned after they move out or pay for the service.
- Some homes are offered both for sale and rent and a requirement of the lease might be that at the end of the lease, at least one month before, the tenant allow the unit to be shown to prospective buyers with agreed upon notice.
There are circumstances where a unit is being offered fully furnished, but the landlord will consider storing the furniture at the tenant’s expense or allow the tenant to store it. When working with a Realtor® there is often a form that will be filled out called Move-In/Move-Out Inspection or MIMO. It is advisable that one of these is filled out even if not indicated in the contract. This is where the tenant will note any defects in the unit and is especially important when there is furniture involved. This will avoid any argument when the tenant moves out and the landlord suggests that they may have caused damage to the unit.
Working with a Realtor® will help ensure that nothing falls through the cracks as it possible could when working directly with a landlord. As with buying a home your Realtor® is there to help you through the process and make sure that your interests are protected.
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