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An Arkansas rental/lease application should be completed by applicants who wish to lease a property from the owner or manager. Using this rental application form, all pertinent information about the applicant can be collected in one place. A credit/background/reference consent must also be obtained to verify a candidate's suitability for the lease. Using such an application allows landlords to conduct a thorough background check while ensuring that sensitive information about tenants is safeguarded.
Application Fee - There is no restriction on how much a property manager may charge as an application fee. It’s generally just enough to cover the expenses associated with processing the tenant’s application.
Security deposit: The equivalent of two months' rent is the maximum amount applicable to a security deposit. The owner (s) of fewer than five (5) residential properties are not subject to this rule (§ 18-16-304 & § 18-16-303).
As a landlord, it is necessary for you to establish the screening criteria you will use to evaluate potential tenants in Arkansas. It is a good idea for landlords to create a list of ideal factors for tenants before they start to sort the applications.
In tenant screening lists, tenants are often required to release information on the following areas.
Minimum credit score
Requirements for pets
Rent-to-income ratio
Restrictions on smoking
Previous criminal records
Previous bankruptcy records
Previous eviction records
In addition, landlords need to pay attention not to discriminate against protected classes as laid out by the government. A variety of details about protected classes can be found on hud.gov.
It is possible for landlords to identify which applications need to be rejected from the tenant screening list while others can be approved if they use a tenant screening list consistently. These standards must always be adhered to by them and no exceptions can be made at any time, regardless of what they do.
Even a simple decision by a landlord may be misconstrued as discriminatory if it is interpreted in the wrong way by tenants. Having the same policies applied consistently is the best way to avoid discrimination lawsuits in the future.