Rental Information

Here’s what you need to know about the laws surrounding Florida rental applications in the sunshine state. As a general rule, you should include the following steps.

1: Fill out rental application HERE Note: All applicants 18 years or older must complete the Rental Application.

All applicants are financially responsible unless excluded under the definition of Occupant: Children and other dependents not legally able to bind themselves by contract are occupants by default.

Note: Rental application completed before viewing properties.

2: Gather the necessary documentation to then place an offer on the property you want to rent. What documentation?

Miami

Documents that you will need to submit your offer.

This really boils down to three things:

1. Rental application complete

2. Credit report

3. Proof of funds

Landlords can request proof of income (funds) documents from each potential tenant to determine if they can afford to pay rent and a credit report that list your bill payment history, financial information and also show evictions.

Here are some ways commonly used by renters to show proof of income: Pay stubs, tax returns, bank statements (last 3 to 4 months), and a letter of employment. However, depending on an applicant’s employment status, supplemental forms like Social Security statements or profit and loss statements can provide proof of earnings.

• Pay Stubs (best for W-2 employees) are the most commonly used form to prove income for tenants. Also known as a check stub, pay stubs are a part of the paycheck that lists the details of an employee’s pay as well as deductions for taxes, health insurance, Social Security, etc.

• Tax returns (Best for: Self-employed business owners, freelancers, and contracted workers) also known as 1040s, can be a supporting document for W-2 employees or a primary document for self-employed applicants. They are particularly helpful for self-employed individuals because people who are self-employed do not give themselves pay stubs, so tax returns therefore document their income instead. (Past two years’ worth of tax returns)

• Bank statements (Best for: Reviewing transactions to corroborate with other documents, e.g., tax returns, pay stubs, and Social Security benefits) while bank statements mostly serve as secondary proof of earnings, they do have several unique benefits for landlords to verify tenant income. The statements will show paycheck deposits, the tenant’s entire banking history, and their cash reserves. In addition, it will indicate if the bank account is in their name and confirm their current address.

• Letter of Employment (Best for: Use with pay stubs from W-2 employees) A letter of employment is used as secondary proof of an applicant’s gainful employment and income. It is also a way to determine a potential tenant’s employment length. This shows consistency in income and commitment, which are beneficial traits of a highly qualified tenant.

Broward

The Process, Deposits, Fees, Requirements, and More.

It can seem especially challenging to renters moving from other cities where different procedures and/or requirements are expected. But with the right Realtor to assist you every step of the way, it’s actually quite easy.

Did you know in Florida, the real estate commission is covered by the landlord so there is no cost to the tenant whatsoever.

When renting a condo, apartment or a home in South Florida an amount equal to three or four months rent plus building fees would generally be required. First and last month rent plus security deposit/s (one to two months)

• One: Choose the three best that fit your needs. We coordinate a day and time to go see them starting with the one you like the most. So this way we don't waste any time trust me, rentals come and go fast.

• Two: Once you have made a decision on the property to rent. We’ll then submit an offer called “Contract to Lease” that I will prepare for you (we need all documentation to present an offer)

• Three: If your offer is accepted great! we have a Lease Agreement. Here is where we need to make the first deposit (earnest money), usually two months (first and last)

• Four: Next step would be to apply with the building’s management office (Association/HOA) The application process will include a credit, eviction history, and criminal history check. Condo association may take a week or more to give final approval to tenants waiting to move into the building.

• Five: Once you’ve been approved by the condo association/management office you need to schedule your moving date. All this information should be provided by the condo association/management office.

• Six: The final Walk-through and keys delivered. Here you have a chance to take one last look at the property before move in and to make sure all terms of the contract have been fulfilled.