Qualifying for our Properties
We are often asked “What do you need in order to qualify?” We take a number of things into consideration, but the three main components are your Credit/Background check, Employment/Income Qualification, and Rental History (if applicable).
We do a credit check with the 3 main credit bureaus. Having no credit is not a problem and isn’t viewed negatively. With negative credit, we look at what type of negative history it is and how recent. Medical and student loans do not hurt your chances like a car repo, bankruptcy, etc. We also weigh heavily on good employment and rental history. Additional security deposit will be required with negative credit history, and at times can lead to the application being denied.
EMPLOYMENT / INCOME QUALIFICATION
When considering applicants for our rental properties, we pay close attention to the applicant’s current employment status and length on the job. In order to qualify, 30% of the household’s gross monthly income must cover the monthly rent for the property you are applying for. So if the asking rent is $1000/month, the household’s gross monthly income should be at least $3,350 per month. Proof of income through the most recent paycheck stubs is required when applying. If you are self-employed you will need to provide the last 6 months of bank statements and the previous two years tax return and Schedule C.
If you are currently leasing or have leased in the past, we do contact your previous landlords for a reference.