Below is a summarized version of our rental criteria. Due to policy changes from time to time, our rental criteria link above has the most updated information. You can view or download the full version here.

Rental Application Fee

The Rental Application Fee is $50 per Applicant. All parties living in property over the age of 18 must submit a rental application!

Non-Discrimination 

Pink Realty Rentals does not discriminate based on any protected class including race, color, national origin, religion, sex, familial status, handicap / disability, ancestry, marital status, creed, sexual orientation, source of income, or hairstyle. In order to comply with Fair Housing requirements, Pink Realty Rentals does not make exceptions to rental criteria.

Credit history and FICO 2 Credit

The minimum Experian FICO 2 Credit Score is 680.  The credit history must not reflect any currently delinquent item(s) that became delinquent in the past 6 months, a total amount in collections more than $2,000, nor reflect a history of abandoned debt.  An Experian FICO 2 Credit Score of “N/A” or if no record is found will be a disqualification.  Pink Realty Rentals will treat the following types of applicants as “non-material” provided they do not contribute to the income of the household: (1) adult children under the age of 25 residing with their parents who have continuously resided with their parents since childhood, (2) elderly parents residing with their children to facilitate elder care, and (3) disabled parties residing with their caregivers.  Non-material applicants must submit a rental application and pay the application fee.  The credit history, other than any debt to a landlord, and Experian FICO 2 Credit Score of non-material applicants will not be considered a disqualifying factor; however, they must meet ALL other rental qualification criteria.  Non-material applicants will not count against any adult maximum policy for a property.  The “combined” Experian FICO 2 Credit Score for a group of multiple applicants is the lowest Experian FICO 2 Credit Score among all applicants.

Income

The applicants’ verifiable combined monthly pre-tax income must be a minimum of 3 times the amount of the rent. If an employer charges an employment verification fee, you must pay it in addition to the application fee. In any unique situation, we generally follow standard lending industry procedures in the verification of income. Any bona fide income shall be considered provided it meets the following criteria:

-Applicant must prove each source of income is currently being paid to Applicant and has continued without interruption for not less than the two preceding calendar years thru the present date and such source of income is expected to continue without interruption for not less than two years into the future. In the event the date of application is after October 1st and Applicant can provide reliable, indisputable net year to date financial data for the current year, satisfactory to Landlord, in Landlord’s sole discretion, such year to date data may be used in place of the second previous year provided the income is consistent across the entire period considered; in such case, additional documentation for the entire period considered may be required. If source of income varies by more than an inflationary amount of adjustment over the span of the time considered, the current year amount may not be used; instead, the least of the second previous year, the previous year, and the extrapolated current year to date may be considered the amount of such source of income unless the current or extrapolated current amount can be shown to be unquestionably representative of the future income stream.

-Continuous higher education, including professional trade schools, may be considered continuous for the purpose of verifying the continuity of income if employed in the same field as the education relates. Income that is fundamentally the same in nature and type and in the same general field may be considered continuous for the purpose of verifying the continuity of income provided that no event has occurred that may negatively affect such continuity or future reliability of such income.

-In lieu of (a), above, Applicant may prove that the source of income is guaranteed to continue not less than two years into the future, the payment of such income is not dependent on any action or inaction of the Applicant, the amount will not change other than periodic inflation type adjustments, the income is not voluntary on anyone's part, and no reasonably anticipatable action or inaction of any party will alter that income.

-Net pre-tax value of income as reported to the IRS, if applicable, shall be considered.

-Not more than two individuals from any combined application may have income considered.

-Any adjustments to any income done for accounting, tax or similar purposes shall be set aside and the underlying source of income shall be evaluated.

-Any recent, anticipated or scheduled changes that occurred during the period of consideration of the source of income or that are likely to occur within 2 years to Applicant or that affects Applicant that may materially affect the source of income or the amount of the income negatively shall disqualify such income from consideration.

-In the event the continuity of any income is dependent on the voluntary goodwill of another party shall be considered a gift, such party whose goodwill is relied upon shall be required to co-sign the lease and qualify as the same. Landlord shall not be obligated to accept any such gift or cosigner, at Landlord's option. Should Landlord not accept any cosigner, either individually or as a general Property policy, such income shall not be considered.

-In the event any income is other than bona fide arm's length, such specific income must be continuous for not less than the two preceding calendar years thru the present date, must be verified with tax returns, continuity with similar sources of income shall not be considered, and Applicant shall provide evidence of the stability and longevity of the non-arms-length business or income to the satisfaction of the Landlord

-All sources of income may be combined to meet the income requirement.  

Assets in lieu of verified income

An applicant may verify liquid assets In lieu of verifying income. In order to do so, an applicant must verify liquid assets in an amount not less than the annual income requirement for income qualification for the property (e.g. $1500 monthly rent X 3 times the rent per month = $4500 monthly income requirement X 12 months = $54,000 annual income requirement / assets in lieu of income liquid assets required) and verify that the required amount of liquid assets has been continuously available and the balance has not dropped below the required balance for the period of 12 months preceding the application. Liquid assets must be available to convert into a cash deposit on demand. Further, in order for an applicant to verify assets in lieu of income, applicant must pre-pay an amount equal to 6 months rent, in addition to any applicable deposits and fees, which prepaid credit will be applied to the final 6 months of the lease period, as may be extended by the parties.

Bankruptcy

Applicant may not be in active bankruptcy nor currently considering filing bankruptcy. If the applicant has previously filed bankruptcy, the dismissal or discharge date must be at least 1 year before the date of application, and if the dismissal or discharge date was within 3 years of the date of application, the applicant must not have any current delinquencies, 90 day delinquencies, or collections reported since the dismissal or discharge.

Rental History

Applicant must provide 3 years of rental history with not less than the current residence and one prior residence, to the extent that it exists. Applicant must have at least 1 year of arm’s-length prior rental history unless the applicant owns their current residence or is a non-material applicant or the applicant will require a qualified co-applicant. No applicant, including non-material applicants, may have a presently past due or outstanding balance to a previous landlord; collection from a previous landlord in the past 7 years; an eviction filed against you or otherwise dispositioned in the past 7 years, regardless of its disposition; or negative past landlord references or otherwise unfavorable rental history from the past 7 years. The average duration of residency of all residences from the past 3 years must not be less than 1 year.

Criminal History

Applicants who have one or more criminal convictions that would indicate a lack of integrity, honesty, and trustworthiness or any felony convictions within 5 years from the date of the application will be denied. Applicant must not have a criminal conviction relating to certain offenses involving methamphetamine, any felony offense that required the prospective tenant to register as a sex offender, or any offense classified as a homicide.

Application Fees

Any application submitted without the application fee paid will be cancelled. Application fees are non-refundable. If you would like to inquire if a property has pending applications, please email our Property Management staff at [email protected]. See the section in this document regarding multiple applications.

Co-Applicants 

All parties over the age of 18 residing on the leased premises, including spouses, roommates, and adult children, must submit a separate application and pay the application fee. If you are applying with a co-applicant, your application may not be processed until all applications are received and may be cancelled after 24 hours if all additional applications are not received. In the event an applicant requires a qualified co-applicant for insufficient rental history, as specified in the applicable sections herein, in addition to jointly satisfying the combined income qualification, the qualified co-applicant must also individually satisfy a similarly applied minimum income requirement for 67% of the rental rate.

Co-Signers

Most properties do not allow co-signers; however, on a property by property basis, co-signers may be allowed at the Landlord’s discretion. If allowable for the specific property applied for, a co-signer may be considered with an applicant as it relates to only the following two application deficiencies: (1) if applicant’s income is not sufficient to qualify alone, or (2) applicant does not have the required amount of rental history. A co-signer will not overcome applicant’s failure to meet any other rental qualification criteria other than the two items specified previously. All co-signers must submit a separate rental application and pay the application fee. The minimum Experian Renter Risk Score for a co-signer is 600 (this loosely correlates to an Experian FICO 2 Credit Score of approximately 680), and a monthly income and expense statement (along with any supporting documentation) must be provided verifying that the co-signer’s income and/or assets are sufficient to guarantee the rent and care of the leased premises in addition to co-signers own personal financial obligations, in the sole, subjective discretion of the Landlord. At a minimum, the co-signer’s verifiable gross monthly income must be a minimum of 3 times the sum of the rent for the rental property and the co-signers monthly housing expenses, and the co-signer’s verifiable gross monthly income must be a minimum of 5 times the amount of the rent for the rental property.

All applicants must qualify

Unless otherwise specified herein, all applicants must individually meet all rental criteria.

Deception

Any misrepresentation, deception, submission of partial information that is likely to be misunderstood in favor of the Applicant, or withholding of relevant material information shall be a disqualification.

Miscellaneous

Any applicant who displays rude, abusive, belligerent, or non-cooperative attitude may be denied. All applicants must have a reasonable, good-faith belief that they will be able to comply with all terms of the lease including the full lease period. Applicants must not have any history of violent or degenerate behavior or activities or any other behaviors that would indicate a lack of integrity, honesty, and trustworthiness.  

High Risk Adjusted Credit Policy

The following adjusted policy shall adjust 1b, above, and applies ONLY on properties where it is explicitly approved by the landlord and the same will be stated in the property description:

The minimum Experian Renter Risk Score for all applicants is 545 (this loosely correlates to an Experian FICO 2 Credit Score of approximately 600). For any Renter Risk Score below 600, the rent and security deposit will be adjusted as indicated in the Risk Mitigation Adjustment table below, and such applications shall be subject to manual owner review and approval, at owners sole and subjective discretion. An Experian Renter Risk Score of “N/A” will be a disqualification. 

Risk Mitigation Adjustments Based on Credit: