Category: Tenant Placement and Leasing
This is probably the most important step of the property management process, and we approach it very seriously. We use an online application that performs a nationwide background check including credit, evictions, and criminal history. We look at the overall picture and use a standard “grading” system for all applicants.
- The normal security deposit amount is equal to one month of rent. If an application is weak, we may require an increased security deposit as a condition of approval. Learn more about our Rental Requirements here.
- Proof of Income – We require verifiable income at least 3 times the monthly rent. For more than 2 adults, we will require higher income. We use a third party verification system to verify income by matching bank deposits to wage or income statements.
- Rental History – We look for tenants who have a history of paying rent on time. Tenants with eviction history in the last 5 years will not be accepted. Eviction history more than 5 years old would require further consideration and/or increased security deposit.
- Credit History – Most renters in Las Vegas have less than stellar credit history. A low credit score does not necessarily indicate they won’t be a good tenant. As policy, items like money owed to previous landlords, recent eviction, and unpaid utilities, payday loans, or vehicle payments, will result in automatic decline. Essentially, we look for applicants with a history of paying their living expenses. Those without a history can still qualify with increased security deposit.
- Criminal History – Active issues result in decline. Applicants with criminal history of violence, property damage, or drug sales/distribution within the past 5 years will be declined. Registered sex offenders will be declined. We perform local checks as well as national screening.
2022 Update: We will report all tenant rent payment histories to credit bureaus, including TransUnion and Equifax. This includes on-time, late, missed payments, as well as unpaid tenant debt. This will further enhance our screening process, since all rental applicants will be informed of the credit reporting up front.