Tenant Requirements Policy
Decide how qualified all of your current and future tenants must be.
Requirements policies act as gatekeepers for rental properties. They are fixed, objective sets of criteria that are applied consistently to all applicants and always clearly listed for anyone to review.
There are two core sets of tools that make policies work: the dynamic list of requirements and the tools that decide whether or not renters meet these requirements
How qualified must a tenant be in order to know that they will pay the rent reliably? This can be assessed using multiple different kinds of data. Commonly chosen requirements include:
- Income must be greater than a multiple of either monthly or annual rent
- Credit score must be greater than a fixed number
- No history of civil court claims or judgements
- Assets must be greater than a multiple of either monthly or annual rent
- Debt-to-income ratio must be below a certain number
You can specify how applicants prove they meet a specific requirement by choosing your preferred verification method. Certain verification methods are completely automated and verified instantly while others require manual review with written confirmation from a reference.
- Most recent 6-12 months of payroll data with employer contact details for written confirmation
- CPA letter corroborating income with contact details for written confirmation
- Most recent 6-12 months of bank transactions showing a pattern of direct deposits with corresponding contracts
- Most recent 12 months of bank transactions showing rent payments with corresponding lease agreement
- Previous landlord contact information for written reference check
- Offer letter corroborating income and employment status with employer contact details for written confirmation
- Stripe identity verification
- Transunion credit score
- Nationwide background check from Transunion
- Nationwide eviction check from Transunion
- Blockscore Address Verification
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