Qualification Requirements for a SRP Rental Property
- Rental applications are processed by a third party vendor, RentBizUSA, LLC. The credit bureau used to obtain credit information is Experian. You may want to check with Experian prior to applying to be sure your credit has not been “frozen”. If your credit has been frozen you will need to take steps with the credit bureau to unfreeze your credit. If you apply with frozen credit, your credit report will not be available to be reviewed and screened and therefore, you will not be approved. There are No refunds on application fees.
- Our Income Requirement is the resident must make three times the rent rate in Net Income. Net Income is your “bring home pay”. Specifically, net income is gross income less taxes, less insurance or any other deductions. If the rent rate of a property is $1000, then the resident must make $3000 per month in net income (bring home pay).
- Criminal background checks will be completed with each application. SRP’s policy is to protect our communities and residents First. Type of crime, severity of crime, length of time passed, age of applicant at time of crime and any rehabilitation efforts are factors that will be considered. Convictions for the manufacture or distribution of controlled substances will be an automatic denial. Applicants with drug trafficking offenses and sexual offenses will be denied.
- Applicants with an Eviction within the past 3 years or bankruptcy within the past 3 years will be denied.
- Applicant’s with money judgements or debt for housing due to a previous apartment or landlord will be denied.
- Minimum credit score is 600 unless otherwise stated in the marketing description of the property. Important: an ” N/A” result as a credit score does not meet our min 600 credit score requirement.
- Pets will be approved on a case by case basis. Dangerous Breeds will not be permitted. Please be sure to ask if the property you are interested in accepts pets. If your pet is approved for the property, there will be one-time non-refundable pet fee and pet rent each month. Please ask your SRP leasing agent for details.
- Personal Liability Renters Insurance is required with minimum coverage of $100,000.
Frequently asked questions:
Question: Who must apply?
Answer: Every adult (age 18 and older) that will be living in the property must apply.
Co-signers will be considered on a case by case basis if the applicant meets all other screening criteria other than Income Requirement.
Question: How much is the Application fee?
Answer: The application fee is $69 per applicant. The application fee is non-refundable.
Question: How long does the application process take?
Answer: The application process takes 3 to 4 business days. Failure to provide any required documentation such as ID, proof of income, rental references, etc may cause delay or denial due to lack of information/documentation.
Question: How do I reserve a property?
Answer: If your application is approved, you will be notified by a SRP leasing agent. You will be asked to pay a security deposit within 24 hrs of being approved. Payment of the security deposit will hold the property for you until you move in or up to two weeks (whichever is shorter).
If you fail to move in for any reason, the security deposit will forfeited (non-refundable).
Question: How much is required to move in?
Answer: You will need to pay the security deposit before move in. You will be required to pay one full month of rent before or upon move-in. Any prorated rent (for move -in dates other than the 1st of the month ) will be credited to your next month’s rent payment. If you have any questions please contact your SRP leasing agent.