FAQ
Application Criteria
For Rent
Sample lease
FAQ
Application Criteria
For Rent
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FAQ Application Criteria For Rent Sample lease

Application Criteria

Rentzap LLC is a third-party service utilized by housing providers to underwrite applicants. These are the criteria Rentzap uses to underwrite.

1. IDENTIFICATION
Applicants must be able to prove legal presence in the United States and provide at least one current, valid government-issued photo ID, such as

  • Valid & undamaged U.S. passport book or passport card
  • In-state, fully-valid driver's license or enhanced driver's license with photo
  • Certificate of Naturalization
  • Certificate of Citizenship
  • Government employee ID (city, county, state, or federal)
  • U.S. military or military-dependent ID
  • Current (valid) foreign passport
  • U.S. Permanent Resident Card (Green Card) - commonly used by a parent of a U.S.citizen child applicant
  • Trusted Traveler IDs (including valid Global Entry, FAST, SENTRI, and NEXUS cards)
  • Enhanced Tribal Cards and Native American tribal photo IDs
  • In-state, fully-valid learner's permit with photo
  • In-state, fully-valid non-driver ID with photo
  • Temporary driver's license with photo
  • State-issued Digital ID

2. INCOME
Average Effective Gross Monthly Income (“AEGMI”) for the household must be at least three (3) times the amount of the monthly rent.

*When the landlord participates in voucher programs, household must provide at least three (3) times gross income for the household's portion of the rent. Additionally, voucher recipients are encouraged to review and understand all qualifying criteria, including deposit payment schedules and move-in date requirements before applying.

W-2 Income Documentation Requirements

  • One most recent months’ worth of paystubs that show the applicant's name, employer, date range, gross income amount, net income amount, and all taxes and other deductions. 

Applicants are strongly encouraged to submit paystubs in PDF format as received from their employer. Photos/screenshots may delay the verification process and may require additional documentation to verify.

  • Two most recent months of bank statements that show the applicant's name, date range of statements, and regularly occurring identifiable deposits from the employer.

Bank statements must be submitted in their entirety with every page included. Applicants are strongly encouraged to download statements directly from their bank. Photos/screenshots may not be accepted and may delay the verification process.

*Only applicable if the applicant has started a new job within the last 30 days :

  • Executed Job Offer letter signed by both applicant and applicant's employer that states applicant's name, position, employer’s name and contact information, start date, how much applicant is paid, and how the applicant is compensated.   
  • Applicant must also show proof of 3x the monthly rent in available liquid assets
  • Job offer cannot be from temporary employment or staffing agency 

* W-2 Employment must be at "Arm's Length" to the employer or income will be underwritten following self-employment policies.

If an applicant owns 25% or more of a business, the applicant is considered self-employed. Self-employed applicants will be evaluated on personal income only. Business income/revenue will not be considered as personal income. Documentation for Self-Employed Income must be provided by the applicant in the following way:

Self-Employment Documentation Requirements

  • Three most recent months of business bank statements that show the applicant's business name, date range of statements, and regular payments to themselves.

Bank statements must be submitted in their entirety with every page included. Applicants are strongly encouraged to download statements directly from their bank. Photos/screenshots may not be accepted and may delay the verification process.

  • Three most recent months of personal bank statements that show the applicant's name, date range of statements, and regular payments to themselves.
  • Last Year's Personal Tax Return. All tax returns must be submitted in their entirety with all pages included.

Documentation for Liquid Assets like stocks, bonds & savings must be provided by the applicant in the following way:

  • Two most recent months of bank statements that show the applicant's name, date range of statements, all itemized transactions, and amount of funds available.

Bank statements must be submitted in their entirety with every page included. Applicants are strongly encouraged to download statements directly from their bank. Photos/screenshots may not be accepted and may delay the verification process.

Documentation for other income like social security, pension, trust fund income, educational grants, etc., must be provided by the applicant in the following way: 

  • Three most recent months of bank statements that show the applicant's name, date range of statements, all itemized transactions, and amount of funds available.

Bank statements must be submitted in their entirety with every page included. Applicants are strongly encouraged to download statements directly from their bank. Photos/screenshots may not be accepted and may delay the verification process.

Documents must show that the funds have been available to the applicant for at least 60 days.

3. CREDIT

  • A soft credit inquiry will be processed for each applicant.
  • Credit scores for all applicants will be determined using the VantageScore 4.0 scoring model.
  • At least one member of every household must have a valid credit score and credit history.
  • If no members of a household have a valid credit score and credit history, the application will be denied.
  • The average credit score for the household must equal or exceed 600 
  • Open Collections, Charge Offs, and Judgments to housing providers must be satisfied.
  • Chapter 7 Bankruptcy must be discharged over 90 days from the date of application submission.
  • Chapter 13 Bankruptcy must have an “order date” from the court that is at least one (1) year from application submission.
  • Applicants with adverse actions from a "payday loan" or similar establishment within a five-year period of application submission will be denied.
  • Applicants with garnishment/collection from a State Child Support Agency within a two-year period prior to the application submission will be denied.

4. CRIMINAL HISTORY

  • Applicants that are registered sex offenders will be denied.
  • Applicants must have no felony convictions less than 5 years old that involve violent crimes against persons or property, including but not limited to murder, arson, kidnapping, assault, bomb-related offenses, robbery or burglary, terrorism OR that involve the manufacturing or distribution of drugs in any manner.
  • All other felony convictions must be more than 3 years old.
  • Conviction of any drug-related offenses involving possession only, or alcohol-related offenses where no one was permanently injured or killed, must be at least 2 years old.
  • Successful completion of any felony sentence at least 2 years ago and no new criminal activity for at least 2 years before this application is required.
  • No Applicant with any outstanding warrants or crime that is awaiting trial will be accepted
  • If the Applicant would like Rentzap to review additional information regarding the felony conviction or the current arrest or warrant as part of their rental application, the Applicant is permitted to submit that information along with their application and it will be reviewed on a case-by-case basis. Please submit by emailing team@rentzap.com
  • Applicants are encouraged to attach additional documentation or information to the application if they believe that documentation or information is relevant and necessary for the processing and evaluation of the application. Please submit by emailing team@rentzap.com

5. RENTAL HISTORY

  • Rental history and/or previous home ownership will be verified for each applicant.
  • An application is not considered complete until all the addresses that were occupied by the applicant in the last 2 years are documented
  • No more than (2) late Rent payments in a 12-month period
  • No more than one (1) NSF Rent Payment in a 12-month period
  • No non-compliance issues that resulted in non-renewal or eviction
  • No applicants with prior or pending eviction within a 3-year period of application will be accepted
  • No applicants with outstanding monies owed to an apartment community or landlord will be accepted.

6. ANIMALS

  • Please register at http://peacerivermgmt.petscreening.com regardless of your animal ownership status. If you have pets, the registration of the pet application costs $25/pet. There is no fee for assistive animal registration. There is no cost for those who have no animals, but all must register and agree to abide by pet policies. Keeping of pets requires property owner's consent and payment of pet deposits and/or fees. Renter's insurance policy with animal liability coverage will be required for pet dog owners. 

7. OCCUPANCY

  • Households with more than two persons per bedroom plus one additional person will be denied

8. GUARANTORS

  • To qualify as a guarantor, the guarantor must have a 650 or greater credit score and income that is 4.5x rent
  • If guarantor is married, spouse is required to apply and sign lease as a guarantor.
  • To be eligible for a guarantor, the household must have a minimum average credit score of 500

9. FALSIFYING INFORMATION

  • Any fraudulent, false or misleading information will result in a decline.

10. ADDITIONAL REQUIREMENTS

  • All our properties are SMOKE-FREE. No smoking/vaping will be permitted.
  • The property must be accepted in "AS IS" condition. Each member of the household (aged 18 or older) must submit a separate completed, dated and signed application and a non-refundable $55 fee.  Applicant may be required to be approved by a condo/homeowner's association and may have to pay an additional application fee or an additional security or damage deposit.
  • Applicant understands that deposits and fees listed on any advertising may be required to be paid in full in as little as 24 hours from acceptance and no later than prior to move-in.
  • Keys will not be issued until utilities have been transferred into the tenant's name, all funds had been paid in cleared funds, and forms had been signed by all parties.

FEES and DEPOSITS 

  • Non-refundable application fee $55 for each adult.
  • Pet profile at a 3rd-party site Petscreening.com - $25/pet. Keeping of pets requires property owner's consent and payment of pet deposits and/or fees. Renter's insurance policy with animal liability coverage will be required for pet dog owners. 
  • A holding deposit (one month's rent) will be due within 24 hours of application approval to take the property off the market. If the application is approved and applicant fails to enter into a lease within THREE BUSINESS DAYS after approval, the applicant shall forfeit this deposit and the property will be put back on the market. Once a lease is signed, this deposit shall be applied to the first month's rent.