Housing With Lease In North Carolina
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A recent North Carolina Housing Coalition report found that 48% of North Carolina renters — 604,365 households — have difficulty affording their rents. As set by the U.S. Department of Housing and Urban Development, fair market rent in North Carolina is $1,083 per month, 38% higher than it was five years ago.
Potential tenants in North Carolina typically need to demonstrate financial stability, a positive rental history, and pass a background check. Landlords can set specific criteria but must comply with fair housing laws, preventing discrimination based on protected characteristics.
What credit score are apartments looking for? Credit score requirements are up to the property management company or landlord to decide. Generally, the minimum credit score is around 600 to 620. Any credit score above 670 is considered great, and you shouldn't have any issues with having your credit approved.
Rental Requirements Include : Provide complete Employment Verification. Credit Check will be preformed. Criminal Background Check will be preformed. Proof of Renter's Insurance - $300,000 liability coverage is REQUIRED.
Length of Time on the Waiting List. The length of time your application is on the waiting list depends on the number of applications ahead of yours and the amount of available funding. Housing agencies generally have long waiting list (3 to 4 years).
In broad terms, North Carolina is considered a landlord-friendly state, but that doesn't mean tenants don't have legal rights and protections, too.
Your family's income must be 50% or less of the median income for your county. Public housing agencies are required to distribute 75% of vouchers to applicants whose income is less than 30% of the median county income.
Rental Requirements Include : Provide complete Residence History. Provide complete Employment Verification. Credit Check will be preformed. Criminal Background Check will be preformed.
A standard lease agreement often covers a fixed term like one year. During this term, neither the tenant nor the landlord can change the lease terms without mutual consent. For leases over a month, North Carolina law permits security deposits up to two months' rent.
If your credit score is at least 670, you're starting off in a good position. If it's within the fair credit score range (580-669), you may need to bring in a co-signer for your lease to reassure your landlord that you cover the rent payments.