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RENTAL CRITERIA

*Criteria is subject to change without notice and due to individual circumstances

 

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.


Rental History

  • At least 6 months of verifiable rental history within the last 6 months
  • No evictions within the last 7 years
  • No outstanding money owed to a landlord or Property Management Company
  • Proper notice is given to current or previous landlords

* Valid rental history is a written lease or month-to-month agreement (Living with family is not valid rental history).
* If rental history is less than 6 months, then an increased deposit will be required. Terms and conditions may be dependent on credit history, level of income and employment history


Employment History

  • Twelve months of current employment
  • Self- employed persons will need to show proof of income for a minimum of past two years, which includes two years of tax returns and previous three months of bank statements

*If employment history is less than six months an increased deposit will be required


Income Requirements

  • Net income (including co-applicant) shall be a minimum of three times the rent amount
  • Must provide three months of pay stubs
  • Ability to pay all deposits and rent in full, prior to move-in

*If income is 2.5-2.99 times the rental amount then an increased deposit will be required


Credit Requirements

  • Established credit history
  • 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

Criminal History

  • Our investigation includes criminal background screening. It is possible your application may be denied due to criminal convictions. We conduct background screening on leaseholders and occupants.

Other Considerations

  • Any exceptions to these criteria must be submitted in writing to the rental agent 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’s with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau.

Holding Deposits

  • Holding deposits will hold your home for 10 days; after 24 hours of placing a holding deposit it becomes nonrefundable.

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
  • 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)

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.