Summary of Rental Qualifications and Application Process
Required Information – Government-issued ID, 2 most recent pay stubs (or 2 years tax returns if self-employed), pet or animal photo taken with applicant (if applicable). Landlord contact info for the previous 36 months. All adults aged 18+ must apply & pay a nonrefundable $65 application fee.
Security Deposits, Admin & Tenant Fees -Applicants with better credit and references will generally be approved at a security deposit of one month’s rent + $250 admin fee. Credit score(s) of 670 or above is required to meet our standard guidelines. RPM charges a $10 monthly resident management fee, to be paid in addition to the rent. This resident management fee covers the increasing expenses of providing customer service, reporting rent payments to credit agencies, and administration of the property. Applicant(s) not meeting our standard guidelines may be denied or may receive a conditionally approved offer requiring a larger security deposit and participation in our credit cooperation program. This being a higher monthly management fee in addition to the monthly rent. Alternatively, there may be an option to submit last month’s rent in addition to the first month’s rent and security deposit.
Common Reasons to be Declined –Incomplete application, evictions, collections from landlords, a credit score below 600, insufficient income (Applicants must have a combined gross income of at least three and a half (3.5) times the monthly rent), debt to income ratio exceeding 40% of your gross monthly income, unsatisfactory references, non-discharged bankruptcies, unqualified occupants, pets (no aggressive breeds allowed), vehicles and/or move-in dates too far in future can also be a reason for a declined application. Within the last 7 years, any felonies of illegal manufacture or distribution of a controlled substance, felonies resulting in bodily harm or intentional damage or destruction of property for example, “arson”. Any sexual related offenses for any time period.
If you don’t find something that fits your needs or have an inquiry about an available rental, please call us at (919) 324-6820.