Applicant Criteria
* Basic Requirements for renting a Property; (In the event you do not meet one or more of these requirements your application is subject for denial.)
1. Minimum Verifiable NET Income of 2.5x the rental amount per month.
2. No Derogatory rental reporting’s within 7 years. (Evictions, dispossessory filings, outstanding balances owed to the landlord, etc.
3. No Convicted Felons within the last 7 years.
4. No Derogatory credit reporting within the last 5 years. (Bankruptcy, Foreclosures, car repossessions, etc.)
5. No Misrepresentations During the Application Process.
APPLICATION FEE IS NON-REFUNDABLE DO NOT APPLY FOR A PROPERTY WITHOUT KNOWING IF IT IS STILL AVAILABLE.
Applications may be transferred up to 30 days for any property on the RENTERSWAREHOUSE.COM website
With Application you will be required to submit:
1. State/Government Issued Identification.
2. Proof of Income INCLUDING But notLimited To: Pay Stubs or W-2 or 1099 and latest bank statements.
3. Copy of current Lease Agreement (where you currently reside).
4. You may be asked for additional supporting documentation and/or explanations for items to match the information supplied on your application.
Funds Required?
• Application Fee - $60 per Adult, anyone over 18 MUST submit an application. If an applicant is an “OCCUPANT ONLY” please put “OCCUPANT ONLY” next to the name on their application.
• Lease Admin Fee - $150, this fee is accessed only if applicant is approved. Fee is due within 48hrs of application approval.
• Reservation fee - Equal to First month’s rent. Reservation Fee is due within 48hrs of application approval. We will reserve a property up to 30 days. Your Reservation Fee will become your first month’s rent at time of move-in.
• Security deposit - Depends on application strength. A Fully refundable deposit equal to 80%-200% of first month’s rent is due at time of move in. When an Owner allows, RW may offer a Cash Free deposit program for qualified applicants. No Deposit Security Programs Available _ Please reach out to the agent to discuss.
• Move in/move out fee. Fee varies based on property you’re applying for. Please Inquire with an agent regarding the fee accessed.
• Tenant Benefit Package (. Required with all managed Lease agreements. $25 for up to two tenants, plus +$5 for each additional tenant, per month.
• Pet Fee - There will be a monthly pet administrative fee per pet. The fee will vary from $40- $75 per month. This depends on the owner’s policy and size of pet. Link to register your pet: https://app.petscreening.com/
• Community Association fees as applicable, ask agent for details.
The Application process may take up to 7 -10 days to complete and receive final approval. The length of time depends on our ability to verify employment, rental history, criminal background and receive a final approval from the owner of the property.
You will be contacted by a member of our Application Processing department with a link that will show what items to complete your application are still outstanding.- Be Advised: submitting an application outside regular business hours will cause delay. Third-party verification company (Rental History Reports (888) 389-4023 7900 West 78th Street, Suite 400 Edina, MN 55439 ), only processed applications during regular business hours.
The amount of time it ultimately takes to process an application will vary depending upon:
1. Ability of the third-party verification company to verify information you have provided. Difficulty reaching the Landlord and/or Employer will cause delay.
2. Your response time in providing additional documentation to our Application Processing department. Including but not limited to: identification, bank statements, tax statements, pet screening information, most current lease.
3. Owner’s final decision on the most qualified applicant.