Application Criteria
* Basic Requirements for renting a Property (In the event you do not meet one or more of these requirements, your application is subject to denial.):
1. Minimum Verifiable NET Income of 2.5x the rental amount per month.
2. No Derogatory rental reportings 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 the Application, you will be required to submit:
1. State/Government Issued Identification.
2. Proof of Income INCLUDING But not limited To Pay Stubs or W-2 or 1099 and latest bank statements.
3. Copy of the 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 charged only if the applicant is approved. It is due within 48 hours of application approval.
• Reservation fee: Equal to the first month’s rent. The Reservation Fee is due within 48 hours of application approval. We will reserve a property for up to 30 days. Your Reservation Fee will become your first month’s rent at the time of move-in.
• Security deposit: Depends on application strength. A fully refundable deposit equal to 80%- 200% of the first month’s rent is due at the time of move-in. When an Owner allows, RW may offer a Cash-Free deposit program for qualified applicants. No Deposit Security Programs are Available. Please reach out to the agent to discuss this.
• Move-in/move-out fee: The fee varies depending on the property you’re applying for. Please Inquire with an agent regarding the fee accessed.
• Tenant Benefit Package: This is required with all managed Lease agreements. It costs $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 the size of the pet. Link to register your pet: https://app.petscreening.com/
• Community Association fees: as applicable, ask the agent for details.
The Application process may take 7 -10 days to complete and receive final approval. The length of time depends on our ability to verify employment, rental history, and criminal background and receive final approval from the property owner.
A member of our Application Processing department will contact you with a link that shows what items to complete your application that are still outstanding. Be Advised that submitting an application outside regular business hours will cause a delay. A third-party verification company (Rental History Reports (888) 389-4023 7900 West 78th Street, Suite 400 Edina, MN 55439 ) processes 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 the 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, and your most current lease.
3. Owner’s final decision on the most qualified applicant.