Rental Criteria
Prior to submitting your rental application, please review our rental criteria to make sure that you will pass the background check and satisfy the screening process. If you have any questions or concerns about the rental criteria, please call our office.
WE DO NOT ACCEPT REUSABLE TENANT SCREENING REPORTS
*Criteria is subject to change without notice and due to individual circumstances. Any applications deemed incomplete will not be processed.
RENTAL RATES AND LEASE TERMS.
Original rental rate quotes will be honored for two (2) business days. The rental rate quote is associated with the apartment’s availability at the time of your quote, move in date, and lease term requested. Any revisions or changes to the time of the quote, your move-in date, or lease term may require a revised quote which may result in a different monthly rental rate.
Please note:
-We DO NOT accept reusable (portable) tenant screening reports.
– Each resident over the age of 18 must submit a separate rental application; co-signers are not accepted, but we may accept additional qualified applicants.
Identity Verification :
ALL applicants are REQUIRED to show at least one of any of the following forms of identification:
-Government issued identification such as military identification, state issued identification card, driver’s license, US or foreign passport, citizenship or consulate card, INS form I-864 sponsorship verification, Certificate of Naturalization, resident card, or school ID.
-Age of majority card
-Birth Certificate
What we look for in your application:
Rental History:
♣ A positive reference from a previous landlord
♣ At least 12 months of verifiable and favorable rental history
♣ No evictions within the last 7 years
♣ No outstanding money owed to a landlord or Property Management Company
♣ Proper move-out notice is given to current or previous landlords
♣ No history of NSF or late fees
♣ No history of nuisance complaints or Notices to Comply
* Valid rental history is a written lease or month-to-month agreement (Living with family or renting from family members is not valid rental history).
* If rental history is less than 6 months or if rental history is not valid or a positive reference is not obtained from your previous landlord, consideration may be given if all other requirements are satisfactory, but an increased deposit and/or cosigner may be required, at the discretion of property manager.
Employment History:
♣ Twelve months of current employment with the same employer*
♣ Self- employed persons will need to show proof of income for a minimum of past two years, which includes two years of tax returns.
*If employment history is less than twelve months, consideration may be given if all other requirements are satisfactory, but an increased deposit and/or cosigner may be required, at the discretion of property manager.
Income Requirements:
♣ Net income (including co-applicant) shall be a minimum of 3 times the rent amount (3x).* This will need to be verified to our satisfaction and we may ask you to submit pay stubs, bank statements, tax returns, etc. to verify your income.
*For properties located in City of Tacoma limits only, net income may be 2.5 times the rent amount (2.5x) WHEN the monthly rent amount is at or above the HUD FMR.
♣ For employed applicants, you must provide three months of consecutive pay stubs
♣ For self-employed applicants, you must provide previous three months of business account bank statements showing payments to your personal name.
Credit History:
♣ Established credit history, score must be 600 or above for each adult applicant.
♣ Discharged bankruptcies accepted with re-established credit. If you have questions regarding your bankruptcy, please call us for they are handled on a case-by-case basis
*If credit score is less than 600 OR we are not able to determine your credit score, consideration may be given if all other requirements are satisfactory, but an increased deposit and/or cosigner may be required, at the discretion of property manager.
Criminal History:
♣ Our investigation includes criminal background screening on leaseholders and occupants that are 18 years of age or older, where permitted by law. We do not automatically exclude rental applicants based on criminal history. We evaluate any criminal history, considering how recently the crime occurred, the nature and severity of the crime, and/or any post-conviction actions the applicant has taken.
Other Considerations
♣ Any exceptions to these criteria must be submitted in writing to the leasing coordinator for the landlord’s review and consideration. If approval is then granted for such exceptions, additional security may be required.
♣ Our company policy is to report all noncompliance with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau, when permitted by law.
Holding Deposits:
♣ Holding deposits will hold the home until it is ready to be occupied; after 24 hours of placing a holding deposit, it becomes non-refundable.
Section 8 Applicant:
♣ All section 8 applicants are required to meet the same criteria as stated above, with the exception that the applicant only needs to meet income requirements for their portion of the rent. Recommendations will be made following the above set standards.
Grounds for Denial will result from the following on all applicants:
♣ Verified eviction showing on credit report or confirmed with landlord
♣ Rental collection verified on credit report
♣ Balance owing to landlord
♣ Poor rental history or lack of a positive reference from your previous landlord
♣ Open bankruptcy
♣ Past due or foreclosed mortgage within the last year
♣ Falsification of rental application
♣ Any evictions must be at least 7 years or older
♣ Owing more than $5,000 in collections (medical and student loans don’t count against you)
Other requirements:
♣ We expect applicants to show up on time to their scheduled viewing appointment; any tardiness beyond 10 minutes will be considered a no-show and may disqualify your application.
♣ We expect applicants to behave in a courteous and respectful manner during the application process. The use of profanity or any other rude or obnoxious behavior, at the discretion of the property manager, may disqualify your application.
♣ Failure to view the rental unit in person prior to submitting an application may disqualify your application. Please speak to the leasing coordinator prior to applying to answer any questions regarding qualification criteria.
♣ For properties located in the city limits of Tacoma only, approved tenants may elect to make up to six consecutive installment payments for their move-in costs, as described in TMC 1.95.040.
Screening
♣ Fee: $45 per adult (non-refundable)
♣ Usually takes between 24-48 hours
*Terms and conditions will be dependent on amount of income, length of rental history, employment history and credit history*
RENTER’S INSURANCE REQUIREMENT
Prosper Property Management requires all lease holders to carry a minimum of $100,000 Personal Liability Insurance coverage. To satisfy this requirement, you must provide evidence of insurance coverage at initial lease signing and maintain this coverage throughout the entire term of your residency. In addition, we require that you add Prosper Property Management as an “Interested Party,” “Party of Interest,” or similar language.