Fidelity REB - OKC Metro Rental Guide

OKC Metro Rental Guide

Introduction

Considered lately as one of the three most affordable and easiest to live in, the OKC Metro, is just that, relaxed, accessible and filled with authentic entertainment.  It’s no surprise that housing is in high demand!  Here you’ll find a general rental guide to learn more about renting  with Fidelity Real Estate Brokers in the OKC Metro.

When to start looking

Since homes generally become available about a month before the lease start date, you’ll likely find more choices when looking a month in advance from the time you plan to be in your new home. Starting your research even earlier will enable you to familiarize yourself with the different areas and neighborhoods before you visit in person. We’ve created a series of Neighborhood Guides to help you figure out what neighborhood is right for you and provide some tips on each area.

Brokers and Realtors

Our brokers are state-licensed real estate professionals who help with the search process, accompany you to available homes, advice and guide you through the application process.  Our brokers will inform you about the home, landlord’s policies and the rental process.

Applying & Fees

Working as a property management company we typically review applications in the order in which they are received, so submitting your application quickly can improve the chances of securing the home you want.

To apply you will need to complete an on-line application or in our office if you choose to do so, usually provided on the same page of the home you’re browsing, found via the Apply Now button. The application form typically ask for personal information, employment information, and rental history, including previous landlord contact information. Documents required for a rental application from each tenant often include:

  • Proof of employment letter on company letterhead and signed by a company representative stating position, start date, length of employment, salary, and opportunities for bonuses
  • If self employed, CPA letter stating annual income and source of income
  • Last two pay stubs
  • Reference letters from or contact information for previous landlords
  • Photo ID: driver’s license, passport, etc.
  • Typically we require tenants’ combined annual salaries to equal or exceed 3 times the monthly rent.
  • Most Owners approve Tenants with good credit history, so you may want to check your credit score before applying.  You can request a free credit report from several online sites.  Tenants are approved by individual owners.  Most owners do prefer tenants with a credit score exceeding 600 points.  A double deposit may be required if credit score is below 600 points.

Application process

Once you have applied for a specific home, while timing may vary, it takes us 24-48 hours to review an application, run credit & background checks, and get back to an applicant with a decision.

If you are approved, lease signings typically occur within 24-48 hours, at either our office or via a secure online-agreement to accommodate any out-of-town applicants and to make the process streamlined and comfortable.

Fees

When you apply for a home rental, you’ll pay a nonrefundable application fee, usually $45, that covers the cost of processing the application and running a credit check.

While you will not be obligated to take a home rental you’ve been approved for, you will likely forfeit any application fee or deposit you have provided if you back out after approval.  Before you apply, make sure that it is the right home for you!

Payments at lease signing, in the form of certified check, money order or online-payment, typically include:

  • First month’s rent
  • Security deposit equal to 1 month’s rent

Security deposit: This payment is taken to protect against any damage done by the tenant over the course of the lease.  If there is no damage beyond normal wear and tear of the home, the security deposit will be refunded within 45 days of tenants move out.

Special situations

In cases where the applicant has a limited work history, does not have a U.S. credit history, or does not quite meet the financial requirements, we will sometimes ask for additional rent or security up front, a guarantor, or both a guarantor and additional funds up front.  The amount required varies, and is agreed upon during the application process.

Roommates

We require all roommates and guarantors to fill out a full application, submit personal documentation, and sign the lease. We can look to each individual tenant to cover the full monthly rent, so make sure you and your roommates are on the same page before signing a lease together.

Pets

Pet policy varies by home rental. Communicating specifics about your pet, such as weight and breed, will help you to find the home that best fit your (and your pet’s) needs.