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A Mississippi rental/lease application allows a landlord to find out a tenant's income and employment information. The application gives landlords permission to check public records and determine if the tenant is a suitable candidate to rent a property. Landlords should request a fee to cover the cost of tenant verification. The regular checks conducted include credit reports, criminal background checks, rental history, past evictions, etc.
Application Fee - There is no law regarding the application charge (no law).
Security Deposit - There is no restriction set by Mississippi regulation on how much the property manager might ask for (no resolution).
Below is the following information that will help you understand all of the pieces of the rental application and how to use them to get a complete picture of each applicant.
The following is a list of the items you'll find on a rental application:
Personal Particulars
Property Specifics
History of Residence, Employment, and Income
Typically, the first thing you'll see on a typical rental application is the applicant's personal information. The most sensitive information about the applicant is typically found in this document because it contains personally identifiable information (PII). This section mainly focuses on understanding who is applying for the property and confirming the applicant's identity. You can also gather some important information that will help you if you need to contact the applicant or request a temporary restraining order.
Another important aspect of the tenant screening process is the social security number. This information can be obtained through a standard rental application. However, there are a few things you should know first:
A standard rental application will usually include some information about the vacant rental property as well. This is critical to ensure that you and the applicant are on the same page and that you can keep applications organized if you are working with multiple vacancies and multiple applicants at the same time.
The rental application includes the property address so that both you and the applicant are completely clear about the property in question. Again, if you have a large number of vacancies and applicants, this can help you stay on top of things.
After you've reviewed the personal information and property details of a rental application, you'll move on to the residence history. Examining an applicant's residence history is critical to making an informed decision about each applicant.
It all comes down to two things when it comes to an applicant's employment and income:
Is the applicant's monthly income sufficient to cover the rent?
Is your source of income consistent and unlikely to change?
The employment section of a standard rental application should answer both of these questions.
This also applies when you create your tenant screening criteria and establish a comfortable minimum rent-to-income ratio (a common rent-to-income ratio is 30 percent ).
This section will indicate how likely an applicant is to meet the financial requirements of paying the rent on a monthly basis.
After the application has been filled out, the applicant will need to sign to approve consent for the checks the landlord wants to carry out.