Hurdles to Renting

What you need to get Approved by a property manager

   This blog concerns renting and the necessary hurdles a prospective applicant must leap, in order to gain approval on their rental application from a property management company. While many of the hurdles outlined below vary slightly from to the property to property, this can be a fairly reliable gauge to determine whether you should even attempt to submit a rental application without assistance.

1. Criminal Background: Felonies will often preclude you from getting approved. There is some leeway here as far as how old the felony is but from my considerable experience the cutoff is somewhere in the neighborhood of 8 years from the date of conviction. Important is the date of conviction. Often a client will tell us that their felony is 8 years old, but they neglect to mention that they were charged 8 years ago and that the court proceedings extended for 2 years, until the case was finally settled, and judgment was passed. Caveat: multiple misdemeanors will trip an individual up as well, especially drug or prostitution charges.  
2. Income verification: This is an iron clad requirement. Property owners want to see that you have the necessary income to afford the place you desire to rent. The general rule is the you must be able to prove that you make 3 times gross income (before taxes and deductions) monthly, the amount of the rent they are asking. Example: Rent $1000; Must prove $3000 in monthly income. Keep in mind that this income must be provable. Doing hair on the weekends is not provable income unless you are giving detailed receipts to your customers and plan on filing taxes on that side income.
3. Credit score: This hurdle can get a little complicated but, as a general rule, your credit score should be above a 580. Bankruptcies, foreclosures, multiple charge offs, debt to a former property management company will automatically result in a denial of your application.
4. Rental history: Evictions under 5 years old and/or judgement for a broken lease that has not been paid. Automatic Denial.

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Hurdles to Renting

What you need to get Approved by a property manager