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We require your gross income to be at least 3x the monthly rent amount. All income must be from verifiable sources. Unverified income will not be considered.
Here is some info on how we calculate your income:
A Rent-to-Income Ratio determines the monthly or annual gross income a tenant must earn to be able to afford rent each month. There are two ways to solve the ratio equation.
1. Calculate backwards from your gross yearly or monthly income to determine the maximum amount a renter can afford to pay in rent each month. Our standard is 33percent (1/3). In other words, no more than 33 percent of a renter’s gross annual income should go toward housing costs. The math would look like this:
(Gross Annual Income ÷ 12) = Monthly Income
Monthly Income/ 3 = Maximum monthly rental income
For example, an applicant who makes $60,000 could, under this standard, spend up to $1,500 per month on rent. The math:
($60,000 ÷ 12)/ 3 = $1,667 maximum monthly rent
2. Calculate minimum income required using the rent amount. In this case, our multiplier is 3. That means that the applicant should make at least three times their gross monthly income to cover rental expenses. The math would look like this:
Monthly Rent X3 = Minimum monthly rental income
For example, if the rent on an apartment costs $1,500 per month, then the applicant must gross a minimum of $4,500 per month in income. The math:
$1,500 X 3 =$4,500 Minimum monthly income required
We require a minimum credit score of 600 or greater and exhibit a responsible financial life to rent with us. Credit scores sub-600 will require property owner approval and we will require a double deposit. We do not allow tenants with active bankruptcies or bankruptcies discharged within the last 6 months unless the tenant can document a clear extenuating circumstance.
Ensuring that a tenant is financially stable and has a positive rental history is one of the crucial metrics of our tenant screening process. That's where a credit check comes in.
A summary of your credit history is called a “credit check.” These glimpses into your financial history are conducted by service providers, banks, or lenders and are often used during the prospective tenant application process.
We perform credit checks because they provide essential information regarding debt to previous landlords, on-time payment history, and previous bankruptcies. In short, most of what is needed to determine whether a prospective tenant is likely to pay rent on time.
The three major credit reporting agencies, Equifax, Experian, and TransUnion, use proprietary methods to determine your Fico credit score. These credit scores give us insight into your credit health.
A background check will be performed on all applicants over the age of 18. The applicant may not have any evictions or unpaid judgments from previous landlords. Overall, the applicant's background must exhibit a pattern of responsibility.
The purpose of the rental background check is to see any issues that might be hiding beneath the surface.
It’s a simple way to identify red flags and avoid problematic tenants or potential evictions.
What Is A Rental Background Check?
A rental background check is an additional screening tool that allows us to see various aspects of a tenant applicant’s past behavior.
The majority of the data we see comes from the three major credit bureaus:
This data helps to paint a picture of how responsible a tenant might be.
Some landlords look at the overall credit score while others pay specific attention to the details of the report. We look at both to get a full picture of each tenants situation.
One of our rental background checks may consists of, but not limited to:
Address History
Full Credit Score
Employment History
Tradelines & Liabilities
Collection accounts
Consumer Statements
Credit / Rental Inquiries
Public Records (Bankruptcies, Judgements, etc)
Eviction Records
Criminal Records
AKAs (Other names you're known by)
We require that all tenants submit supporting income documentation and identity documentation. This helps us better qualify the tenant.
Identity Documentation Requirements:
Income Documentation Requirements:
In addition to your employment history, we require documentation to support your income. Please upload the following in accordance with your income type:
W2 Employee:
1099 Subcontractor:
Self Employed:
Retired / Unemployed / Etc.
Our properties occupancy is limited to 2 people per bedroom plus 1 additional person.
Some of our additional requirements include:
In general, we do NOT allow pets. However certain properties can allow it depending on the owner's requirements.
Whether or not a property allows pets is based on the approval of the property owner. Please refer to the individual property description to see if it allows pets.
If you are interested in a property that allows pets please note the following:
Due to federal and local laws, we must accept ESA. We do require a signed letter from your physician dated within 3 months of the executed lease and will require a new letter upon lease renewal or extension.
Here is some additional information on ESA:
The federal Fair Housing Act requires housing providers to make reasonable accommodations in rules, policies, practices or services when needed to give equal opportunity for a person with a disability to use and enjoy the place where they live. Disability is defined under the Fair Housing Act as a physical or mental impairment that substantially limits one or more major life activities.
If a property does not allow pets, a person with a disability can give a Reasonable Accommodation request to her housing provider and the housing provider must allow an assistive animal, when needed. This is to allow the tenant an equal use and enjoyment of the property. The person requesting the Reasonable Accommodation may need to show documentation from a qualified professional (e.g., physician, psychiatrist, social worker) to prove they have a need for the assistive animal.
You can read more about Fair Housing laws here: HUD Fair Housing Act
