Default Tenant Requirements Policy
Standard, recommended policies for screening tenants.
We provide recommended tenant qualification criteria and set your account up with these criteria by default. They aim to assess the applicant's ability to pay the monthly rent in a transparent, objective and evenly-applied way. Each category - income, credit, and rental history - should be included in all policies.
Income means the amount of salary earned before tax payments. Pretax income should be at least 3 times the monthly rent on a monthly basis or 36 times the rent on an annual basis. For example, the minimum qualification for a $1,500 per month rental would be $54,000 ($4,500 per month).
|Verification methods for >3X income to rent multiple|
|>6 months of payroll data with corresponding paystubs|
|>6 months of payroll data with corresponding bank statements|
|>6 months of payroll data provided by employer|
|Employment letter with contact details for a verified representative of the current employer|
|CPA letter with contact details for the applicant's current CPA|
Documents will be reviewed and confirmed with written confirmation from the point of contact listed on the documents. See procedures.
If the applicant has history as a renter then require a late payment record of less than 10% and no eviction records.
|Verifications for clean rental history|
|>6 months of rent payment receipts|
|>6 months of bank statements showing rent payment transactions|
|Letter from previous housing provider with contact details|
|Most recent address with 2 corresponding utility bills|
|Nationwide eviction database check performed by Transunion|
Credit scores and reports present an overall picture of the renter's financial health. If an applicant has exceptional credit then the score paints a clear picture, but in cases with gray areas the full report is required to understand tenant risk.
|Verification methods for minimum 650 credit score|
|Most recent credit score provided by Transunion|
|Explanation letter with corresponding Transunion credit report|
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