What is the recommended tenant qualification criteria?
We provide the following recommended tenant qualification criteria for income, credit store, and rental history.
Monthly income of at least 3 times the monthly rent
Pre-tax (gross) monthly income should be at least 3 times the monthly rent. The acceptable verification methods for this criteria are listed below. At least two of these requirements must be submitted.
- Connected bank account that shows at least six months of regular deposits
- The most recent annual income tax return
- A letter validation employment from an employer or a letter from a Certified Public Accountant verifying regular freelance income or income from other sources
- Recent paystubs showing a minimum of one month of income earned
Minimum credit score of 600
The only acceptable verification method for a credit score is a TransUnion SmartMove report provided to the applicant by Caretaker within the three months previous to the application's submission.
If an applicant has a lower credit score they can submit an explanation letter with details about the items that negatively affect their score. The landlord can decide to accept the applicant based on this letter but is in no way obligated to.
No history of eviction judgements from the last three years
TransUnion provides eviction history for tenants. A previous eviction is often (but not always) a warning that a tenant may have issues paying rent.