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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