Most Landlords and Housing Providers use standard lease agreements for their properties. These leases can be dictated by local laws, but often include similar provisions. In many cases, the lessee or Tenant is responsible for paying rent and utilities, maintaining the property, and following any other rules set forth in the lease agreement.
The ability for Landlords to report Tenant rent payments to credit bureaus is relatively new. But it is one that is making waves across the country as Landlords seek to attract Tenants with histories of timely payments and avoiding those who have long lines of late payments, delinquencies, and even evictions in their past.
When a rental unit becomes vacant, a landlord or property manager needs to fill it with new occupants who will pay their rent on time every month and leave the property in excellent shape. To find tenants, property owners and managers may be inclined to run an ad, see who turns up to visit, and go with their intuition.