State Laws
Maximum Application Fee: No state-imposed limit. Landlords can charge an amount they feel is right. Charging an application fee in excess of $50 is not recommended for the majority of properties, as the cost of running the necessary background checks rarely exceeds $40-$50.
Security Deposits (§ 83.49): Like rental application fees, landlords are not capped on the amount they can require for security deposits.
Using the Form
To use the form, either send it digitally to applicants or give it to them in person. Once they receive the form, they will need to enter information regarding the following:
- Identifying information (and info on any co-applicants/habitants).
- Their current employment information (status, name of employer, title, monthly pay, etc.).
- The last three (3) years of their renting/living situation.
- Questions regarding their credit (if they’ve ever filed for bankruptcy, been evicted, etc.).
- References (banking and credit).
- Signature and date of signing.
The applicant will then hand the application to the property manager along with the required application fee (if any).
The property manager should then go ahead with a series of background checks (credit, criminal, etc.) to verify the information the applicant put on the form. If there are any fields where the applicant was clearly lying, they should be denied. To make an honest and fair decision on the applicant, a set of criteria should already exist, allowing the landlord to make a quick determination if the applicant should be accepted or not.