Each resident 18 years of age or older must submit a separate rental application, even if they are not employed or have no credit history. All applicants must meet all of the following rental history, credit, criminal background and income requirements, to qualify on their own. If an applicant does not meet these criteria, a Co-Signer may be allowed as described below.
Rental History:
Each applicant must provide 12 months of residential history, including landlord contact information. Applicants with negative rental history, evictions, judgments, and/or foreclosures will be denied without the option for a Co-Signer.
Credit:
Each applicant must have a minimum FICO score of 640. If the FICO score is below 640, then a Co-Signer may be allowed.
Criminal Background:
Each applicant must agree to a background and criminal history screening. Applicants who have been convicted with a serious criminal offense, such as domestic violence, assault, possesion of illegal firearms or narcotics, fraud, roberry, theft, burglary, breaking and entering, will be denied without the option for a Co-Signer.
Income:
Each applicant must show their income individually to be at least 2X the monthly rent. If income is generated from employment, then applicant must be employed for at least 3 months (subject to employment verification). Only the following forms of employment income verification are acceptable:
- 2 most recent third party paystubs (i.e. issued through third party payroll company)
OR
- 3 most recent complete personal bank statements. Note: The name on the bank statements must match the name on the rental application.
Alternatively, an applicant may satisfy the income requirements if they have a bank account with a current balance of at least 10X the annual rent which has been maintained for at least 3 months.
If the income criteria is not satisfied, then a Co-Signer may be allowed.
Co-Signer:
A Co-Signer will only be allowed if the applicant has satisfied the rental history criteria. A Co-Signer must meet BOTH of the following credit and income criteria.
Co-Signer Credit: A Co-Signer must have minimum FICO score of 700.
Co-Signer Income: A Co-Signer must show their income to be at least 5X the monthly rent. If income is generated from employment, then Co-Signer must be employed for at least 3 months (subject to employment verification). If the rented premises will be the permanent residence of the Co-Signer, then Co-Signer may satisfy the income requirement with the standard tenant income requirement