Key Questions to Ask in a Residential Rental Application

A rental application is more than just a means of gathering data on paper. It is a document from which you can better make a determination about a potential candidate, based on both past history and the current earning situation of the individual (or individuals) looking to become your tenants. Therefore, you need to ask the right questions to ascertain information that will help you build an accurate profile of the potential candidate(s).

Along with the basics -- name, address, social security number -- you should ask for income and bank account information. Income information, along with the length of time the individual has been at his or her current job, can give you a sense of the individual's financial stability.

Determine the monthly amount a person can reasonably afford in rent by calculating roughly 30 percent of his or her monthly salary. For example, if you are asking for $1,100 per month, you should consider only those candidates earning $3,500 per month or more. Such a candidate should be able to afford the rent, at least based on available income information.