Standard Rental Requirements

Finding a suitable rental property seems to be getting more & more difficult by the day.  The level of competition is through the roof, & the application fees start to pile up quickly.  Every property management company does not function the same, but the brief list of rental requirements below includes factors that most all screening processes look at.

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 1. Monthly Income to be Triple the Monthly Rent 

In order to verify an applicant is able to pay the rent every month, most firms will ask for the 2 most recent bank statements, as well as the pay stubs from an employer over that same amount of time.  They're unlikely to approve someone who is seeking to rent a $2,000 rental property when their pay stubs, social security check, child support, or other forms of income equal anything below $6,000.

 2. Credit Score & History 

The industry expectation for an applicant's credit score is right around a 600 FICO.  Anything below this may result in an immediate denial, or an increased security deposit (usually double or triple the rent).  Some companies are willing to drop the requirement to 550, others expect a 650 at least.

 3. Criminal Background 

Applicants with an extensive criminal background, or violent or sex offenders in general, are often scrutinized during the application screening process.  It is best to be forthcoming with any & all items that may pop up on a national background check.

 4. General Impression In-Office 

If a potential renter is causing repeated issues with the property management staff before signing a lease, or severely lacks general professional decorum, this can sometimes affect the decision-making process in a negative way.  The opposite is also true of respectful clientele. Like any business, property management firms reserve the right to refuse service, so a little politeness can go a long way.