Debt Review & Lease Agreements
The Debt Review process is a frustratingly slow process – debt counselor / credit providers and the consumer must all provide input.
A person under debt review cannot apply for any credit, but they can enter into a new lease agreement. This is high risk, as the applicant probably already feels over-indebted. On the other hand the applicant might be trying to cut costs by renting something cheaper.
TPN suggests, the landlord or estate agent phones the debt counselor to ask “What the applicant through the debt counselling process has budgeted for the monthly rent?” The debt counselor will be able to give you the budgeted rent amount – you can cross reference back to the rent applied for to ensure affordability.
Also a good idea to have someone co-sign or stand surety.
Vacancy Survey 2023 Q3
The demand for residential rental property remains strong. Vacancies have declined nationally to 6.76% in the third quarter of 2023, the lowest since 2017. Despite a constrained economy, tenants have continued to meet their rental obligations with te…