RENTAL QUALIFICATION

Renters - We are here to help you find your next home. This page is about general standards landlords are looking for in prospective tenants. These consist of income qualification and background qualification.

Income Qualfication

In general terms, a monthly gross income (before taxes) of 2.4 times the rental amount is the minimum requirement. We refer to this level as "yellow light" qualification (as in a traffic light). Income at this level is generally acceptable to about 40 % of landlords. A monthly gross income (before taxes) of 3 times the rental amount is generally acceptable to about 90 % of landlords. We refer to this level as "green light" qualification . Some landlords may require a monthly gross income (before taxes) of 4 times the rental amount (sometimes higher, we once found a landlord that required income of 5 times the rental amount, and that was for an $800/mo. rental !). Income requirements of 4 times the rental amount are more commonly found on high end rentals. Proof of income for all income declared on a rental application generally could be paycheck stubs for the last 30 days (sometimes more) or, if self-employed, deposits or receipts showing income. If receiving assistance, this could be such as items as SSI statements, housing vouchers, etc. If getting housing assistance from Section 8 or other agency, providing caseworker's name and contact information is critical ! To sum income requirements up, just remember this:

	Green light - Gross monthly income (before taxes) of at least 3 times the rent (or if have approved housing voucher). For example, if the rent is $1,000/mo., you would need to make at least $3,000/mo. (before taxes). Green light means income should be acceptable to most landlords.
	Yellow light - Gross monthly income (before taxes) of at least 2.4 times the rent. For example, if the rent is $1,000/mo., you would need to make at least $2,400/mo. (before taxes). Yellow light, also known as "high Rent-To-Income ratio", means income is a little low but still may be acceptable to some landlords.
	Red light - Gross monthly income (before taxes) of less than 2.4 times the rent. For example, if the rent is $1,000/mo. and you make less than $2,400/mo. (before taxes) you would be considered "red light". This means you're generally out of luck without additional income. A co-signer could be the solution.

Background Qualification

Here, an applicant is evaluated through a tenant screening service which could ask for such things as employment history, income sources, credit checks, rental history, criminal background checks and more. This could involve a 3rd party tenant screening service. Tenant Tracks is the service we use. The cost is $35.00 per applicant 18 years of age or older, payable by credit or debit card only. However, with our assistance, the cost is only $27.00. That's a savings of $ 8 ! Contact Us and a representative will assist you with Tenant Tracks.

In general, no missed rent payments in the last 30 months and no evictions are acceptable. Once in a while, someone with an eviction or missed rent payments may be considered and accepted due to mitigating circumstances. As for credit, some landlords may require a minimum credit score while some only consider income. Also, sometimes a criminal record may disqualify an applicant.

traffic light

For information regarding Fair Market Rents anywhere in the country, we have a comprehensive list covering efficiency and 1-4 bed rental rates (including instructions to determine 5+ bed Fair Market rental rates). These Fair Market Rents are published annually by HUD and are guidelines for Section 8 coverage limits. To learn more about Fair Market Rents and how much Section 8 may cover, click on the link below...

FAIR MARKET RENTS

If you have any further questions,