Tenant Selection

Rental Application Process and Tenant Screening Criteria

Rental Application Process

• Prospective tenant(s) must completely fill out the rental application

  • Provide Verifiable

    • Rental History for at least the past 12 months, if not moving from home owned by applicant/s

    • Employment History

    • Bank Account Information

    • Emergency Contact(s)

  • Authorize to run credit check

• PRPM may accept and process multiple applications on properties until an application is approved, the lease is signed, and the deposit is received

• PRPM charges $45.00 per legal adult applicant and/or co-signer
  
  

Tenant Screening Criteria

• Our company policy is to thoroughly check references with past landlords and employers as well as credit and/or criminal reports.

• Credit Report Qualifications

  • FICO Credit Score

    • Single Family Home: > 640

    • Apartment Home: > 600

  • Rent - Income Ratio: Gross income must be > 2.5 times the rent.

• Proof of Income must be provided and verifiable

  • Applicants are to provide the most recent two pay stubs from the employer

  • If applicants are self-employed, applicants must provide most recent two years of federal tax returns

  • Retired applicants or applicants with government benefits must provide three months of recent bank statements showing monthly direct deposit of payments and the documentation indicating the monthly income (government letter of social security, disability or other income) OR proof of receipt of investment income

  • Applicants using income from assets must provide the most recent account statement(s) showing at least three times the monthly rent, multiplied by the number of months in the lease term

  • Applicants with other sources of income (i.e., housing voucher, spousal/child support, or other legal income) must provide documentation illustrating the amount of monthly income.

• Applicants may not have any "Open" bankruptcies (a bankruptcy which has not been discharged)

• Applicants must have fewer than 3 delinquent payments over the last 12 months