Professional Property Management Services Licensed and Insured
Residential Rental Leasing Guidelines
We review applications individually
Each application is reviewed individually to get a good understanding of the applicant's situation. The following are more of a guideline than a requirement.
Income
While there is not a set minimum income, we want to ensure you are comfortable with the amount of rent set for a property. To qualify for a single month deposit, we look for a minimum of 3 times the rent amount as NET income.
(Example: If the rent is $1000, your total household income, to include any other working adult's, would need to be a minimum of $3000 per month.)
Employment History
Changes in employment or household income can be a great thing, however it can add a bit of complexity to the application process.
Change in employment:
- Change from one employer to another, while maintaining the same type of job and in the same industry is not much of an issue.
- Change in industry or job title/tasks can lead to a higher risk to employment instability. This may result in a higher deposit.
Change in income:
- If you have had a significant increase in income, we may use the lower amount to qualify the household.
- Depending on when the change took place, we may use a rolling 12 month average in calculating income qualifications.
Residential History
We look at the previous 24 months of an applicant's residential history. This helps determine if there are any indications that may suggest preferred tenancy or if an additional risk may require additional deposit. Factors include duration of stay, significant housing expense increase, and/or rental history from various sources such as previous landlords, agents, and or database searches. To qualify for a single month deposit, we look for stable resident history, minimal increase to a household's housing expense, and positive rental references.
Credit
We do not require a minimum credit score. We look at items on your credit that may indicate there is a risk to the owner. To qualify for a single month deposit, we look for clean credit history without collections or late payments.
While negative history does not automatically disqualify an application, it may affect other options, rates or any security deposit that may be required. If you have some collections on your credit report, you may have 1.5-2 times the deposit we would normally request.
(Example: if a highly qualified applicant's deposit would be $1000, your total deposit may be $1500 - $2000.)
Evictions
Evictions happen. No one likes to talk about them, and we certainly don't like to have to file them. We are cautious with previous evictions, but that does not mean someone with an eviction history can't rent from us. If you have been evicted within the past 12 months, we ask you call our office to see if a pre-payment option is available. If your eviction was over 12 months ago, but less than 36 months (1-3 years), you will likely see a maximum deposit amount, and possibly some pre-paid rent required. For evictions dated between 36 and 60 months (3-5 years), we typically require 2 times the typical deposit.
An important aspect when looking at any eviction regardless when it was filed, is the balance, if any. Paying a balance from an eviction, even after you have moved out, helps provide a higher level of confidence your account with us will be paid off.
While negative history does not automatically disqualify an application, it may affect other options, rates or any security deposit that may be required. If you have some collections on your credit report, you may have 1.5-2 times the deposit we would normally request.
(Example: if a highly qualified applicant's deposit would be $1000, your total deposit may be $1500 - $2000. Additional funds may be requested as pre-paid rent. Pre-paid rent is applied to the end of your lease/occupancy.)
Criminal History
With regards to an applicant's criminal history, again, we are checking for anything that may indicate there is a risk to the owner. We understand, everyone has a past. The offence date is taken into consideration when reviewing criminal history. To qualify for a single month deposit, we look for a clean recent background.
While negative history does not automatically disqualify an application, it may affect other options, rates or any security deposit that may be required. If you have some collections on your credit report, you may have 1.5-2 times the deposit we would normally request.
(Example: if a highly qualified applicant's deposit would be $1000, your total deposit may be $1500 - $2000.)
Pets
We love our pets. They are part of the family. Each property has a pet policy. For most of our properties, pets are welcome with reasonable restrictions. Generally, based on a property's size, there is a limit on how many pets are allowed. There may be limits on weight, most often to protect a property's floor from scratches. Sometimes an owner's insurance or the neighborhood (HOA), will have additional restrictions on what types of pets or breeds are allowed. We are unable to make exceptions for neighborhood or insurance restrictions.
Some aggressive breeds, require additional insurance coverage. This coverage is often quite affordable and easy to obtain. This does not mean your pet is aggressive, however if coverage is required, we cannot make an exception.
We use a pet screening service to aid in the application process. To submit your pet or service animal, please visit https://1spm.petscreening.com.
If you have questions regarding your pet being approved for a specific home, please provide as much detail on the application as possible.
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Please give us a call at 803-250-1062