Your minimum tenant qualifications policy has four pillars: income, credit score, background and criminal history and rental history. By setting your policy you're choosing objective criteria that all future and current tenants will be benchmarked against.
The first category you'll see is income. Here, you can choose a minimum multiple of the rent that your tenant should earn by month or by year. For example, if your rent is $1000 per month and you would like your tenant to earn three times that post-tax, you will be looking for tenants who earn roughly $55,000 per year pre-tax.
Choose a minimum acceptable credit score.
The most common setting for rental history is not to accept applicants with any history of eviction.
The most common setting for criminal history is not to accept applicants with any felony history, which is appropriate if a history of felony may put your existing tenants as risk. Read more here about fair housing guidance from HUD regarding rental applications with criminal history.
Other things to know about your tenant qualifications policy
- Sometimes it is not possible to verify an applicant's rental history and/or income in the same day. If we are waiting to hear back from verifiers, you will be notified that the verification is progress. Your applicant may appear as *unverified**
Ways that we are improving applications
We are working to improve the tenant qualifications and applications experience as quickly as we can. Below are improvements that have already been requested and our on our roadmap:
Require verified identity documents in addition to a credit check and background check, or for landlords who would like to see verified identity but do not need to see credit or background
Give you the ability to set one policy for all current and future units
Have an idea for improving applications? Let us know.