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  • Writer's pictureKarol Lucan

3 Steps to Renting a Home in Las Vegas or Henderson


What's going on in the rental market? Are you struggling to find a rental on your own?


In early 2020, you could rent a three bedroom, 2 bath, 1400-1600 square foot home for $1,200-$1,300 a month. That same home today is renting for $1,600-$2,000 per month, depending on location.


A shortage of rental properties has driven prices higher and has changed minimum qualification requirements that landlords and property managers expect from tenants. The limited inventory also has tenants competing for homes, many times paying multiple application fees before being accepted for a property.


Here are my three recommendations that will help you find and get approved for your next place to call home.


CREDIT & BACKGROUND

Do you know what is on your credit report? What about your background history? Property managers and owners will look to check how you utilize your credit, how much you have, whether or not you are paying your creditors timely, and if you have collections or other negative items such as a recent bankruptcy. They will also review your background history looking for evictions and criminal records. Knowing what is on both of these is your first step to determining if you meet the qualifications for a particular property.


All consumers can get a free copy of their credit reports from TransUnion, Experian and Equifax once per year at annualcreditreport.com.


Many banks and credit card companies are now offering free credit scores for their customers, such as Chase and Discover. You can also see your TransUnion and Equifax credit scores and reports by opening a free account with creditkarma.com.


INCOME

How much do you need to earn to qualify for a rental property? Most will require that you earn 2 1/2 to 3 times whatever the rental rate is. So if your gross income is $6,000 per month, you could qualify for a property that rents for up to $2,000 to $2,400 per month. Ideally, you want to stay within the 3 times income range to allow yourself enough cushion for your other expenses.


They will also verify your income through your employer or via copies of your paystubs or bank statements showing direct deposits of your paychecks.


Self-employed? Then you will need to provide 1-2 years of your tax returns showing your income. Get paid in cash? If you aren't reporting your income on your tax returns and do not show consistent monthly income being deposited into a bank account, your chances of being approved decrease significantly.


WORK WITH A REAL ESTATE AGENT


Finding a rental property on your own can be challenging. As a real estate professional that understands the rental market, I can save you a lot of time, and application fees. My service includes verifying availability of properties, confirming that you meet the qualifications of the property, providing you with all the details to apply, and scheduling to show you several properties at a time, making your home search much less of a hassle.


Don't go it alone! Fill out my rental questionnaire and let's get started!

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