Implementing New Applicant Screening Requirements During COVID-19

[Amber Carter]

With the novel Covid-19, Many Americans are battling economic uncertainty.

Over 6 million Americans are seeking Unemployment and are experiencing a significant decrease in their household income. Treading uncertain waters, many furloughed employees still, may be without a job even after this pandemic ends.

Mortgage lenders have now taken steps to implement more strict lending requirements by raising minimum credit scores, increasing down payments and even eliminating some loan types altogether.

Many States have postponed eviction proceedings during the Covid-19 Pandemic. Renter’s are taken heed to this information and aware of their options when it comes to Rent Relief.

“Leasing Season” is upon us and Renters still need housing. A lot of Renters may now only have one household income or significantly less due to only receiving unemployment benefits. While unemployment benefits are temporary how will you as a Landlord now calculate rent - to -income ratio?

As a landlord, have you implemented new screening criteria for applicants, whether that be more strict or less strict and why?

Fast Forward to 2021-2022, if a resident has an eviction due to financial hardship during Covid-19, will you still accept their application or automatically deny?