Prospect Property Management Rental Qualifications

Prospect Property Management is an equal opportunity housing provider and strictly adheres to all Local, State and Federal Fair Housing Laws. It is the policy of Prospect Property Management & Leasing to provide equal opportunity in housing without regard to race, ethnic background, sex, religion, marital or family status, physical disability or sexual orientation.

Applicants will be qualified based on the following criteria:

Credit History:

A credit report will be obtained for all prospective occupants age 18 or older. Copies of credit reports provided by Applicants will not be accepted. Applicants who have filed bankruptcy within the last three (3) years will be declined. Applicants with any unpaid collection accounts or “charge off” accounts within the last three (3) years will be declined. Applicants credit report must show a minimum of two (2) satisfactory accounts (account with no late payments) for every late payment and/or paid collection accounts.

Rental History:

Applicant must have three (3) years of verifiable rental history. If Applicant has lived in Property owned by Applicant for the previous three (3) or more years, verifiable rental history requirement will be waived. Applicant must receive satisfactory standing from current and previous landlord in regards to payment history, condition of property during tenancy, upon vacating and ability to adhere to terms of lease agreement and/or any rules or regulations with regard to Property. Applicant with a prior eviction or unlawful detainer will be declined

Income Requirement:

Applicant must have three (3) years of verifiable income history.
Combined gross income of all Applicants qualified as signatories on lease must equal a minimum of three (3) times monthly rent amount.

Other Requirements:

All occupants 18 years of age or older must apply individually by completing and signing the rental application and will be required to sign a Lease/Rental Agreement. Occupants who are 18 years of age or older and considered to be “under care of adult occupant” will be exempt from qualifying and signing a Lease/Rental Agreement. This would include, but not be limited to; adult children of adult occupant, non-working parents of adult occupant, etc. In addition to the application, each prospective occupant 18 years of age or older must pay a $40 non-refundable processing fee.

Each Applicant is hereby made aware that Prospect Property Management will continue to accept & consider applications on a property until such time as a Lease Agreement has been executed by all parties. Applicant is hereby made aware that Security Deposit will be equal to 150% of monthly rental amount (rounded to nearest $100.00). Security Deposit may be increased for addition of any pets. Acceptance of Pets and Smoking are the decision of Property Owner and any increase in security deposit related to each will be made by Owner within the guidelines of current Real Estate Laws and Requirements. Applicant is hereby made aware that Owner of Property will make final decision on qualification of Applicant should Applicant not qualify based on Prospect Property Management qualification requirements. Owner and Applicant are open to negotiate terms of Lease/Rental Agreement in regards to security deposit, term of lease, etc. as long as all terms are not in conflict with current Real Estate Laws and Requirements. Example: Owner has authority to accept Applicant not qualified based on Prospect Property Management qualifications with the addition of increased security deposit.