GENERAL APPROVAL REQUIREMENTS:

Approval requirements differ depending on the landlord/management company and/or on the building. The following are general guidelines that apply in most instances. If you think your credit report is bad, advise your Luxury Apartments LIC agent so they can prepare you for the application process and ensure that the application is presented and prepared in the best possible light.  Landlords/management companies have different ways of dealing with credit problems. Some landlords/management companies allow renters to increase security deposit while others require a guarantor. Some may simply reject the application. Your Luxury Apartments LIC agent will advise you in order to save you time, money and frustration.

Income

Renters need to show income of at least 40-50 times the monthly rent. For example, if you are applying for an apartment with monthly rent of $3,000, you need to demonstrate that you earn at least 40 times the monthly rent ($3,000x40=$120,000). This income requirement can be satisfied by one of the tenants alone or by combined income. For example, if Sally and Jessica are applying for an apartment with monthly rent of $3,000, as mentioned above, they will need to demonstrate that they earn at least 40 times that amount ($3,000x40=$120,000). If Sally makes $40,000 a year, the minimum Jessica will need to show as earnings would be $80,000 in order for them to qualify for the apartment.

Credit

Renters need to have a good credit history. A major component of the approval process is based on the credit report. A report which has a couple of late payments is ok, a few hard inquiries are also normally overlooked. Your credit score needs to be decent or excellent in order to qualify. What makes a credit report bad? High revolving balances, outstanding past due payments, delinquencies and collections, public records, Landlord-Tenant records are all things which could get your rental application rejected.