Applicant Criteria for Apartment Rental

Applicants

All persons 18 and over must qualify in each of the following categories, with the exception that the combined income of applicants equals the minimum requirement.

We do not accept reusable tenant screening reports.

All applicants must be able to show ID and provide social security number for the purpose of running the credit check.

All applications must be processed by mail

All applicants must have viewed the unit in person, or had an authorized agent view it

1. Income Verification:

Minimum income of $3000 a month

Must be able to prove consistent source of income for last 12 months.

If self-employed, applicant must provide (1) the priors year’s tax return with Schedule C form, with the applicants affidavit that anticipates applicant’s NET earnings for the next 24 months; (2) CPA/accountant’s statement of the prior year’s tax returns and anticipated NET income for the next 24 months; or (3) 24 months of certified, or uncertified, financial statements (including accountant’s calculation of straight-line depreciation expense, if accelerated depreciation was used on the tax return or financial statement).

For multiple applicants, income will be combined and the recommendation will be based on the same qualifications outlined above

2. Credit

  • All applicants are subject to credit check through TransUnion.

  • If any bankruptcy found in last 5 year that has not been discharged, application will be denied.

  • All applicants must have a minimum credit score of 650.

  • All current accounts must be in good standing

  • We do not accept a cosigner to compensate for a credit score under 650

For multiple applicants, highest credit score will be utilized for qualification purposes for the unit. A score of 300-599 may still result in denial.

3. Rental/Mortgage History

Must be able to verify rental history of 2 year minimum. Previous landlords must respond within 48 hours.

An eviction, skip or money owed to current or previous landlord will be denied, unless paid in full. Applications reflecting a foreclosure will be denied.

4. Occupants

Occupancy of the apartment is limited to those persons listed on the lease, and is based on the number of bedrooms in a unit. A bedroom is defined as a space within the premised that is used primarily for sleeping, with at least one window and a closet space. Occupancy guidelines are no more than two persons per bedroom plus one, i.e. three (3) persons in a studio apartment, five (5) persons in a two-bedroom apartment. Any person under the age of 18 intending to occupy the apartment must be identified on the application, and listed on the lease, or such person will be considered an unauthorized occupant.

5. Holding Fee

Application fee is separate from Holding Fee, and requires a separate payment. If Application is rejected, the holding fee will be refunded. If approved, holding fee will be applied to move-in costs.

6. Additional Considerations

Grounds for denial may result from the following on all applicants:

The following additional considerations may determine the outcome of the application:

  • Unverified Information- if certain information cannot be verified through the consumer report it may result in denial.

  • Incomplete Application- if not all information is provided on the application it may result in denial after screening.

  • Fraud Alerts- if certain accounts are flagged with fraud warnings, it may be subject to further review or ultimately denial.

  • Falsification of rental application

  • Unverifiable social security number

  • Verified (unpaid) eviction showing on credit report or confirmed with landlord

  • Unpaid rental collection verified on credit report and/or any balance owing to landlord

  • 3 or more late payments, non-sufficient fund checks, noise complaints and/or lease violations within a 12 month rental period

  • Lack of established credit history with derogatory credit (unpaid collections, judgements, past due accounts) history reporting.