Application and Tenant Qualification Requirements

Thank you for your interest in one of our Preferred Realty Services, Inc. homes. Please review our qualification requirements thoroughly and contact us to answer any questions you have prior to submitting your application.

Note: Application fees are non-refundable.

YOUR APPLICATION DOES NOT CREATE A LEASE. Your application, even if accepted, shall, under no circumstances, be considered a Lease Agreement between Applicant(s) and Landlord. A Lease exists between Applicant(s) and Landlord only when all parties enter into a written Lease Agreement and Applicant(s) pay all fully disclosed fees, deposits and advance and/or prorated rent.

AUTHORIZATION: Upon applying to lease one of our homes, Applicant(s) grant Preferred Realty Services, Inc. written authorization and pay the Application Fee to complete a background screening and credit check. We will also verify current and previous employment and rental history for no less than the last 12 consecutive months. Letters of explanation will be reviewed and considered on a case-by-case basis.

Applicant(s) must submit one (1) form of valid photo ID per Applicant. Acceptable forms of ID include at least one of the following:

  • State issued DL or ID
  • US Passport
  • US Permanent Resident Card
  • US Military ID (front and back required)
  • Valid Foreign Passport and US issued work visa

Background Screening

A background screening will be completed for all applicants, 18 years and older, to verify any previous and/or pending criminal charges. The following items related to Applicant(s) Criminal History are considered in our approval process:

  • Previous/pending felony convictions of a violent or sexual nature as well as fraud related offenses will be denied
  • Registered sex offenders will be denied
  • Some felony convictions within a specified period based upon the severity and recidivism (repeat offender) as outlined on a crime safety grid may be denied.
  • Multiple misdemeanors within a specified period based upon severity and recidivism (repeat offender) as outlined on a crime safety grid may be denied.

Creditworthiness

A credit report will be obtained for Applicant(s) to verify their credit rating. Preferred Realty Services, Inc. requires an Equifax™ credit score of at least 650.

The information you provide on your application will be entered into a credit scoring model to determine rental eligibility and determine your reservation deposit.

Note: The minimum deposit will be no less than the equivalent of one (1) month’s rent but not more than two (2) months. All Deposits must be in the form of Certified Funds.

This credit scoring model will include positive and negative payment history for lines of credit, usage of credit, credit history, credit availability, and inquiry history.

Credit History

No evictions or multiple fillings within the last 3 years; however, older cases require Applicant(s) to provide a debt-satisfaction letter or other proof of payment.

No open bankruptcies.

Note: Any outstanding creditor debt or liens may be cause for denial without proof of satisfied judgement or payment plan in good standing.

Unfavorable accounts will negatively influence this score and include but are not limited to:

  • Collections
  • Evictions/Foreclosures
  • Bankruptcies
  • Charge-offs
  • Repossessions
  • Delinquent and/or past due accounts
  • Age or absence of credit

Note: Applicants with no Equifax™ score may be considered with a qualifying Guarantor reflecting a gross monthly income not less than 4 times the monthly rent and a minimum Equifax™ score of 650.

Employment

Applicant(s) gross monthly income must be 3 times the total rent.

Occupant Guarantor(s) and Non-Occupant Guarantor(s) gross monthly income must be four (4) times the total rent and an Equifax™ score of not less than 650.

Required Income Documentation

If you are currently employed:

  • 60 days most recent pay stubs or
  • 60 days most recent bank statements if paid by direct deposit or
  • 60 days most recent bank statements if you do not receive pay stubs or direct deposit

If you are accepting a New Job:

  • Offer letter on company letterhead signed/dated by employer including your hourly rate or salary, position and start date.
  • Most recent pay stub or most recent bank statement showing a direct deposit, if available.

If you are Self-Employed:

Note: Business must be in operation for a minimum of 6 months.

  • 4 months most recent bank statements from your personal account and 4 months most recent bank statements from the business account showing how you are consistently paid through business to your personal account.
  • Copy of an active business license.

If you receive Retirement, Social Security, Disability, GI Benefits, Alimony, Child Support, and/or other forms of income:

  • Active issuing agency documentation (award letter/statement).
  • 90 days most recent bank statements.

Rental History

Preferred Realty Services, Inc. will contact your current and/or previous Landlord(s) to provide the following:

  • Dates of your Lease Agreement
  • Amount of monthly rent
  • Number of Lates
  • Number of NSF’s
  • What was included in your rental agreement
  • Number of persons on Lease
  • Any damage
  • Overall rating from excellent, good, fair, poor of tenant
  • Would you lease to them again
  • Was proper Notice given prior to moving out
  • Percent of Security deposit returned to tenant at the end of the Lease
  • Pet(s)

PETS (if applicable)

Preferred Realty Services, Inc. welcomes up to two (2) “pets” per household on a case-by-case basis. There will be an additional deposit equal to 1/2 of one month’s rent. Preferred Realty Services, Inc. will require a letter from a licensed veterinarian verifying non-violent behavior, name, age, breed, weight, vaccine records, indication if your “pet” is spayed or neutered, flea and tick prevention method and overall condition of your “pet”.

Service Animal Policy:

Note: Preferred Realty Services, Inc. complies with all requirements under the Americans with Disabilities Act and Fair Housing Act regarding Service Animals and are exempt from any additional rent, fees, deposits, and insurance requirements.

Emotional Support Animals (ESA) Policy:

Note: Preferred Realty Services, Inc. complies with all requirements under the Americans with Disabilities Act and Fair Housing Act regarding Service Animals and are exempt from any additional rent, fees, deposits, and insurance requirements.

*Additionally, in today’s competitive marketplace, it is common to have more than one application on any given home. In this instance, the best suited applicant based on qualifications will be chosen. If your application is not selected, you will still be qualified for another Preferred Realty Services, Inc. home of similar price range, with no additional application fees required for 30 days. Please note, application fees are non-refundable in the event of multiple applications received on any home regardless of the outcome. We will notify multiple Applicants when we receive more than one (1) application so they can decide if they wish to continue the Application Process.