Rental Requirements

Rental Requirements PLEASE READ:

Income Requirements:

• Net Income must be at least three times the monthly rental amount (this includes all sources of verifiable income combined from all parties applying).

• All income must be verifiable and truthful in nature. We do count wage statements from your employer, signed tax returns, social security income, retirement income and investment income as legal sources of income.

• Unverifiable income includes child support, business income without a tax return, and gift money.

• Verifiable proof of income would be the last 2 consecutive months of pay stubs from each employer, award letters for social security, disability, Section 8 or retirement. If self-employed, the last 2 years of signed tax returns and the last 3 months of bank statements. For a new role or new employment, submit the offer of employment letter confirming the terms of compensation and the start date. In addition, the letter must be on company letterhead, signed and dated by the manager/supervisor.

Rental History:

• We require FIVE (5) years of recent, and verifiable, rental history in excellent standing (home ownership will apply). Verifiable means we must receive documentation of your rental history from a current landlord, past landlord or property management company. (Friends and family will not qualify as landlord references.) Copies of checks filled out for rent will not be considered verification. An additional deposit and/or co-signer may be requested if no verifiable rental history.

• Any evictions, evictions filed in court, negative rental history or landlord actions against you evident on the credit report or background check will be grounds for automatic denial of the application. This is not negotiable. 

• Collections on a credit report associated with a rental property will be grounds for denial. (i.e. apartment/rental collections and/or utility collections).

• Any outstanding debt to a property management company or previous/current landlord will result in automatic denial - no matter what the reason is. 

Credit History:

• Credit scores are important, but we are more interested in what created the credit score.  A low credit score may be offset by a strong rental and employment history. Applicants with a  high credit score may still be disqualified if applicant(s) do not meet other rental criteria.

• A non-discharged bankruptcy action will result in disqualification for the rental property.

• After a bankruptcy has been discharged, applicant will be required to show at least six months of positive established credit.

• Credit will be reviewed. Some reasons for credit denial are too much debt to income, large judgments, utility collections, and/or poor payment history. If no credit is available, requesting a co-signor and/or a higher security deposit is allowable.

• Our guidelines for credit scores is 650 to 800+ standard approval, 600 to 649 conditional approval, 500 to 599 possible denial, if approved would likely require additional deposit and a credit score below 500 will most likely not be approved. However this information is taken into account on a case-by-case basis.

Criminal History:

• Each applicant will have a criminal background check.

• Residency may be denied due to a criminal record, although each applicant is considered on an individual basis. The criminal record will be evaluated by the nature of the crime(s) and date(s), the number and frequency of any conviction(s) and other criminal history and relevant circumstances.

• Some felony and/or misdemeanor convictions may result in denial.

• Criminal histories noted on background check pertaining to weapons, drugs, arson, vandalism, forgery, burglary, violence or any other act that poses a threat to the household, neighborhood, safety of others, vendors, LBD Properties, LLC employees, or the physical property itself, may result in denial.

Other:

• Section 8 vouchers are accepted for the apartments on Shannon Avenue, 9737 Gerling Place, 6100 Wulff and 12013 Victorian Village Court only.
• Every prospective tenant over the age of 18 must fill out a separate application and complete the application process.
• There is an application fee of $20.00.
• The fee for the background checks is $32.00 for every applicant over 18 years of age.
• Minimum standard lease is 12 months.
• An in-home visit to sign the lease and pay the security deposit is required.
• Falsified, inaccurate, omitted or incomplete information will automatically result in disqualification for the rental property.

All references will be checked, including credit reports, eviction/landlord actions, background checks, criminal background, public records, employment verification and rental history.

We do allow up to 2 pets in most properties ($25.00 per month for each pet with a $250.00 nonrefundable pet deposit is required). Exotic and/or poisonous animals are not permitted. If you own a dog, you must show proof of Renter's Insurance with general liability coverage and list LBD Properties, LLC as additional insured. Pets must be spayed/neutered. Vicious dogs or dogs with a vicious history are not permitted.

LBD Properties, LLC strictly adheres to all fair housing laws. We do not discriminate against prospective tenants based on their race, religion, national origin, sex, familial status (such as having children under age 18) or physical or mental disability.

Equal Housing Opportunity