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Criteria for Tenancy

Management welcomes all applicants and supports the precepts of equal access and “Fair Housing.” Management will not refuse access to any housing, accommodation, or other interest in property or otherwise discriminate against an applicant on the basis of age, sex, race, religion, marital/familial status, physical or mental handicap, color, creed, ethnicity, national origin or sexual orientation.

All applications are processed using the following agency:  TransUnion

General Requirements & Information

1. Positive picture ID will be requested at the time you submit your application for processing.
   
   
2. Each person over the age of 18 years who intends to reside in the subject Dwelling Unit must submit a separate Rental Application.
   
   
3. Each applicant must qualify solely and individually.
   
   
4. Application must be completely filled out and signed/electronically submitted.
   
   
5. Application Fees must be paid prior to processing the rental application; $40/per adult (all over 18 MUST apply).  This covers the cost of processing your application and obtaining your credit report and is NON REFUNDABLE.
   
   
6. Applicant acknowledges and accepts that Real-Time Leasing represents the owner of the property for which applicant is applying.
   
   
7. Management makes every effort to process applications within 24 – 48 hours of submission; however processing can take several days due to inability to contact previous/present landlords, employers and other references.
8. 
   Management will make a reasonable attempt to contact previous and present landlord(s) submitted by Applicant; however, the ultimate responsibility for supplying this information to Management lies with the Applicant. Management reserves the right to decline tenancy on the basis of an inability to contact the references provided.
   
   
9. Feel free to check on the status of your application if you have not received a response within 48 hours of submission.
   
   
10. We cannot guarantee any unit you have seen to be available to you by the time your application is processed. Dwelling units are rented to the first approved applicant with the full security deposit paid. A security deposit will not be accepted until the rental application is approved.

Rental History:

1. One year or more of valid, verifiable residence history from a third-party landlord is required.  (Valid means a written lease or written month to month agreement) Rental history of less than 12 months may result in a conditional approval, requiring an additional deposit or Co-Signer. The recommendation will be dependant on credit history, employment history and income requirements.
   
   
2. Three (3) or more 3-Day Notices within a 12 month period will result in denial.
   
   
3. Two (2) or more NSF checks within a 12 months period may result in denial.
   
   
4. Rental history reflecting any unpaid past due rent will result in denial.
   
   
5. Rental history reflecting any property damage or disturbance will result in denial.

Income/Employment Requirements:

1. Monthly income must equal approximately two (2) times stated monthly rent or if a co-signer is required, their monthly rent should equal three (3) times the stated monthly rent. The co-signer must also reside in Minnesota.
   
   
2. If self-employed, you are required to provide proof of income from bank statements and possibly tax returns.
   
   
3.  If you are not self-employed you may be asked to supply copies of your last 2-paycheck stubs or a copy of your tax return.

Credit Requirements: We understand that credit for most individuals will not be stellar.  We do take into consideration all aspects of the rental application and do not fully rely on just credit.  It does play an important role however if there is no rental history.  We are then forced to make a decision on tenancy based on your credit score.

1. Credit scores within the range of 530-800 will be considered.
   
   
2. Outstanding bad debts being reported on credit report of more than $100.00 but less than $1000.00 may be accepted with proper explanation and proof.
   
   
3. Excessive collections may result in denial.
   
   
4. Outstanding debt to a property management company or previous or current landlord may result in denial.
   
   
5. Any applicant with a bankruptcy not showing as discharged will be denied until shown otherwise.
   
   
6. After a bankruptcy has been discharged, applicant may be required to show six (6) months of positive established credit.

Automatic Denials:

1. Any felony offense (such as: sexual offense or offense against another) which has taken place within the last seven (7) years will result in denial.
   
   
2. Any collection filed by a property management company or landlord may result in denial.
   
   
3. Any applicant with unlawful detainer action/eviction within the past two (2) years may be denied.
   
   
4. Balance owing to landlord.
   
   
5. Extreme negative and adverse rental history, e.g. documented complaints and/or damages, multiple late payments or notices to pay or vacate, or statement by landlord of “WOULD NOT RE-RENT”.
   
   
6. Verification from a former landlord of failure to cooperate with applicable affordable housing program requirements.
   
   
7. Unverifiable social security number or proof of legal residency in United States, or falsification of either.
   
   
8. Falsification of rental application (including non-disclosure of criminal records).
   
   
9. Breaking lease agreement that will result in collection filing.
   
   
10. Verified name and date of birth match of criminal conviction.

Co-Signer Criteria:
     As a condition of approval a Co-Signer may be required. A Co-Signer will be approved if all the qualifications below are met without exception. The co-signer will not qualify if any one of the criteria are not met without exception.

Rental History:
     12 months of valid, verifiable rental or mortgage history with no late payments.
Credit History:
     At least 4 accounts in good standing with less then $500 in derogatory accounts.
Employment:
     12 months with current employer, continuous employment, or guaranteed source of       income for 12 months, which can be verified.
Income:
     Verifiable income must equal no less than 3 times the rental amount.
Residence:
     The co-signer must reside in the state of Minnesota.

Section 8 Applicant Criteria:

All section 8 applicants are required to meet the same criteria as stated above with the exception that the applicant only need to meet income requirements for their portion of the rent.  The applicant should verify with their own specific Section 8 requirements to determine eligibility for residency.  In addition we may require that the worker verify the income/rental voucher amount for the particular property in question.

Application Fees:

Each adult (18 & over) applicant = $40
Co-Signer = $40

Occupancy Criteria:

Studio             -   1 Occupant
1 Bedroom Unit -   3 Occupants
2 Bedroom Unit -   4 Occupants
3 Bedroom Unit -   5 Occupants
4 Bedroom Unit -   7 Occupants