Rental Qualification Guidelines

1. Purpose 

This policy establishes the rental qualification criteria for all prospective tenants to ensure fair, consistent, and non-discriminatory application processing. 

2. Occupancy & Age Requirements 

  • All applicants must be at least 18 years old or meet the legal adult age under applicable laws. 
  • Each person 18 and older will need to complete a separate application. 
  • The maximum occupancy limit is two people per bedroom, plus one additional person per property. 

3. Income Requirements 

  •  The household’s gross monthly income must be at least 2.5 times the monthly rent. 

4. Credit & Rental History 

If more than one applicant, an average will be taken to determine an overall credit score.
– Standard Approval: A minimum credit score of 650 is required, with a security deposit equal to one month’s rent. 
– Conditional Approval: Applicants with credit scores between 599-649 may be approved with a security deposit equal to two months’ rent. 
– Denial: Credit scores below 599.

  • Denial Criteria: 

No established credit history. 
Open bankruptcy. 
Eviction(s). 
Unpaid housing debt on credit.
Rental Verification 

  • No more than three late payments in the past 12 months. 
  • No unpaid rent balances or unresolved lease violations. 
  • Lease agreements must be settled or satisfied. Proof of lease buyout may be required if applicable. 

Bankruptcy 

  • No open bankruptcies. 
  • Bankruptcy filings must be older than three years. 
  • All bankruptcies must be fully discharged. 

5. Employment & Income Verification (Not required to provide upon placing application) 

  • Employed applicants must provide: 
    • A letter from their employer, dated current, listing their start date, rate of pay, # of hours worked.  If a remote worker, the letter must confirm that.

6. Alternative & Self-Employment Income 

  • Additional legal sources of verifiable income may be accepted. Examples include social security, child support, disability, retirement, bank statements, and any other legal, verifiable income. Applicant must provide three (3) consecutive months of bank statements if an additional source of income cannot be confirmed from its source.
  •  Self-employed applicants must show the most recent tax return in addition to personal bank statements showing income.  

7. New Employment Applicants 

  • Applicants with new employment must provide an official job offer letter, including: 

       – Start date. 
       – Compensation or salary details. 

8. Insufficient Income Alternatives 

  • In instances where sufficient income requirements cannot be met, Landlord may elect to accept pre-paid rent for the lease term.

9. Criminal Background Check 

  • In evaluating an Applicant’s criminal history, Landlord will conduct an assessment of the risk to persons or property posed by an Applicant that may consider:

(1) the type of crime;

(2) the severity of the crime;

(3) the facts or circumstances surrounding the crime;

(4) the length of time that has passed since the crime;

(5) the age of the Applicant at the time of the crime; and (6) evidence of rehabilitation efforts.

  • Convictions for the manufacture or distribution of a controlled substance will result in an automatic denial of the application.
  • Landlord will not deny an Applicant solely on the basis of arrests or pending criminal actions.
  • Denied Applicants may petition Landlord for reconsideration by providing additional information to assist Landlord in its review of criminal history.

10. Renter’s Insurance 

  • Tenants are required to maintain a minimum of $100,000 in liability insurance coverage prior to move in. 
  • The Landlord must be listed as an Additional Insured on the policy. 

11. Pet Policy 

Pet policies vary by property. 

  • If pets are permitted, Applicant(s) must complete a pet screening profile which will determine the pet deposit (refundable) + monthly pet rent, except for verified ESA or Service Animals, which must be legally verified through a third-party screening company. 

– Required Documentation: Completing a pet, assistance, or support profile through PetScreening & updated vaccination records.