Rental Applicants — Acceptable/ Unacceptable

The credit score is a starting point — Have a Plan

Just like how employers screen the first cut of applicants based on grades, landlords do the same with credit scores. The other criteria will be highly scrutinized to the point where the landlord/employer will find reasons not to choose this applicant.

Landlords don’t have time to go through every single line-item in the credit report. The landlord wants to analyze the credit score and any explanations that has been provided. The credit score is the first thing landlords look at in a tight rental market.

Applicant must have a minimum of one-year verifiable rental history.

Tenant Risk Assessment

Tenant screening is risk assessment, pure and simple. In landlording, high risk does not equate to high reward. Quite the opposite is true. With high risk tenants you may find yourself spending more time, more energy, and more money to either salvage the tenancy or end it at an earlier than expected date. Why waste your resources on a marginal tenant or install a tenant with a history of risky behavior?

Risk Categories

The Best

Credit score FICO 690–800

Credit quality: The best — not issues

References: One landlord references and the results are great

Employment: Long time employment and the wage is high enough for the rent payment. Applicant must be able to furnish acceptable proof of income.

Prior Eviction: None

Criminal background: No occupant can have a felony conviction. Certain misdemeanor convictions also could be grounds for denial

Deposit: Amount: One month’s rent

Good

Credit score FICO 640–690

Credit quality: A slow pay — The rest ok

References: One landlord references and the results are great

Employment: Medium term employment and the wage is at least 2.5 times the rent payment. Applicant must be able to furnish acceptable proof of income.

Prior Eviction: None

Criminal background: No occupant can have a felony conviction. Certain misdemeanor convictions also could be grounds for denial

Deposit: Amount: One month’s rent

Marginal

Credit score FICO 610–640

Credit quality: A few old late payments are generally acceptable. Past due payments that are still outstanding are generally unacceptable. A medical collection, a 30 day late — the rest should be ok

References: Two landlord reference. Check sources so that the landlord is actually a real landlord.

Employment: Short term employment and the wage is at least 2.5 times the rent payment. Applicant must be able to furnish acceptable proof of income.

Prior Eviction: None

Criminal background: No occupant can have a felony conviction. Certain misdemeanor convictions also could be grounds for denial

Deposit: The maximum by law, Try to get first month rent and last month rent and deposit.

Cosigner required: Cosigners must prove gross monthly income of five times the monthly rent and have a credit score of at least 650. Cosigners must be over age 18 and must not plan to live in the property you’re applying for. Cosigners must complete a separate application. A credit report will be ordered.

Statement boiler plate

Fair Housing Act: We adhere to the Fair Housing Act, which prohibits discrimination on the basis of race, color, religion, sex, disability, family status and national origin. We are an equal opportunity housing provider.

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