Rental Requirements

Do you qualify?

Rental criteria can be unclear sometimes, so this article aims to provide guidelines for helping with the application process. 

• Have you seen the property in person? We highly recommend you view the home in person to ensure it meets your needs.

• Are all potential occupants over 18 ready to apply? Each adult applicant over 18 must submit their own application. All applications, including co-signer applications, should be submitted within 24 hours of each other, and each applicant should list their co-applicants during the application process. 

• Have you ever been evicted from any rental property, or has an eviction been filed against you even if no final judgement was issued? Any final judgement evictions lead to an automatic denial. If an eviction was filed but dismissed or settled via stipulation, we may still consider your application.

• Have you been convicted of a felony in the last seven years for crimes involving violence against persons, property damage or destruction, or manufacture/distribution of controlled substances? Have you ever been convicted or charged with sexual offenses? If you answered no to both, you'll pass our criminal background check. A yes to either might result in denial.

• Do you have good credit? Credit scores are influenced by various factors, so we focus more on your credit report's content than the score itself. A high number of accounts with late payments, delinquent balances, or in collections may lead to a conditional application. If this occurs, owner approval may be needed, possibly requiring a higher security deposit or co-signer. 

• Have you ever filed for bankruptcy? We accept applicants with a bankruptcy record, provided it is discharged, not dismissed. A dismissed bankruptcy might lead to denial.

• Do you have a good, recent rental history? We'll contact your current landlord to verify payment history and check for property damages or lease violations.

• Does your household earn at least three times the monthly rent? This is our minimum income requirement. All income must be verified with documentation such as paycheck stubs, an employment verification letter, or a disbursement letter for alimony, child support, disability, or social security.

•  Do you have a valid government-issued photo ID? All applicants must upload a copy of their photo ID during the application and present it in person before moving in. 

• Do you have pets? Most properties allow pets, but some don't—check the property information before applying to ensure pets are allowed. If you have pets, a non-refundable pet fee and refundable pet deposit may be due at move-in.

• Do you have funds for a security deposit? We hold the property for 24 hours after approval, but cannot continue without the deposit. The deposit, usually one month's rent, must be a certified check or money order dropped off within 24 hours of approval. Additional funds may be needed if the application is conditional. Once received, the property is held for you until your move-in date.

• Are you planning to move within two weeks? We hold properties for approved applicants for up to two weeks after receiving the deposit. Allow at least three business days to process move-in from deposit receipt. 

• Do you need a co-signer to guarantee the lease? If you don't meet our requirements due to a dismissed or settled eviction, poor credit, or no rental history, a co-signer can help. Co-signers apply on our website like regular occupants but select the co-signer option. They must have excellent credit without late payments, delinquent accounts, or collections, and earn at least four times the monthly rent.

We hope this clarifies things but if you still have questions about the application process or our rental criteria, please reach out to us anytime via call, text or email! RedHerronPM.com

407.900.0619