RENTAL SCORING

Quantum Residential uses a score-based system to evaluate potential residents.  The rental scoring process provides an objective and consistent review of relevant applicant information allowing for real-time approvals or denials of rental applications.

Rental score results are from a mathematical analysis of information found in your consumer credit report, application, and previous rental history. The consumer credit report may include payment history, number and type of accounts, collection activity, outstanding debt, and inquires.  In addition, the rental scoring process may consider information such as income to rent ratio, previous eviction and subprime credit records.  Note that your rental score does not include or otherwise reflect any criminal records.  The rental score represents an estimated risk level as compared to other applicants.  Rental scores, much like credit scores, represent a range of numbers.  The higher the number the lower the risk level, and conversely, the lower the number the higher the risk.  Because your rental score is based upon real data and statistics, it is more reliable than subjective methods of evaluating your information.

WHAT FACTORS CAN NEGATIVELY IMPACT YOUR ABILITY TO BE APPROVED?

•           Credit history, quality and quantity – Credit score of overall credit           history and ability to pay.
•           Income – Under 3 times the monthly rent.
•           High debt load – if your debt load is equal to or higher than your           monthly income.
•           Payment behavior – late bill payments and not paying down outstanding           balances.
•           Collection accounts – utility, apartment, and other housing related           collections; excluding medical debt.
•           Bankruptcies – whether bankruptcy has been discharged, was debt           reduced and has behavior improved.
•           Landlord/Tenant – court filings or evictions for failure to pay rent and/or           other judgments in favor of apartment communities; debt owed to           current or previous landlord/property management company.
•           Consumer subprime credit – payday loans, rental purchase stores,           subprime auto loans, etc.
•           Criminal records – a list of previous criminal convictions.  Note that           while criminal records are not reflected in the rental score itself, they may           impact the landlord’s or property management company’s decision.

OCCUPANCY POLICY 

1.         Occupancy is based on the number of bedrooms in a unit. (A bedroom is         defined as a habitable room that is intended to be used primarily for         sleeping purposes, contains at least 70 square feet and is configured so as         to take the need for a fire exit into account.)
2.         The general rule is two persons are allowed per bedroom.  Owner/Agent         may adopt a more liberal occupancy standard based on factors such as size         and configuration of the unit, size and configuration of the bedrooms, and         whether any occupants will be infants.

 

GENERAL STATEMENTS

1.         Current, positive, government-issued photo identification that allows         Owner/Agent to adequately screen for criminal and/or credit history will be         required.
2.         Each applicant will be required to qualify individually or as per specific         criteria areas.
3.         Inaccurate, incomplete or falsified information will be grounds for denial of         the application.
4.         Any applicant currently using illegal drugs will be denied.  If approved for         tenancy and later illegal drug use is confirmed, termination shall result.
5.         Any individual whose tenancy may constitute a direct threat to the health         and safety of any individual, the premises, or the property of others, will be         denied tenancy.

INCOME REQUIREMENTS

1.         “Monthly stated rent” for applicants with local, state or housing assistance         as a source of income is defined as the applicant’s portion of the rent only         and does not include rent paid by the assistance program.
2.         Monthly income must be from a verifiable, legal source. 
3.         All sources of income, as defined by local and state law, will be considered.

EVICTION HISTORY CRITERIA

Five years of eviction-free history is required.  Eviction actions that were dismissed or resulted in a judgement for the applicant will not be considered.

RENTAL HISTORY REQUIREMENTS

1.         Twelve months of verifiable contractual rental history from a current         unrelated, third party landlord, or home ownership, is required.  Less than         twelve months verifiable rental history will require an additional security         deposit or acceptable guarantor.
2.         Three or more notices for nonpayment of rent and/or dishonored checks         within one year will result in denial.
3.         Any past due and unpaid balances to a landlord, and/or three or more noise         disturbances or other violations of the rental agreement or rules will result         in denial of the application.

CRIMINAL CONVICTION CRITERIA

Upon receipt of the Rental Application and screening fee, Owner/Agent will conduct a search of public records to determine whether applicant or any proposed resident or occupant has a “Conviction” (which means: charges pending as of the date of the application; a conviction; a guilty plea; a no contest plea), for any of the following crimes: drug-related crime; person crime; sex offense; crime involving financial fraud, including identity theft and forgery; or any other crime if the conduct for which applicant was convicted or is charged is of a nature that would adversely affect the property of the landlord or a tenant or the health, safety or right of peaceful enjoyment of the premises or residents, the landlord or the landlord’s agent.  Owner/Agent will not consider a previous arrest that did not result in a conviction or expunged records.

If applicant, or any proposed occupant, has a conviction in their past which would disqualify them under these criminal conviction criteria, and desires to submit additional information to the property along with the application so that the community can engage in an individualized assessment (described below) upon receipt of the results of the public records search and prior to a denial, applicant should do so.  Otherwise, applicant may request the review process after denial as set forth below, however, see item (C) under “Criminal Conviction Review Process” below regarding holding the unit.

A single conviction for any of the following, subject to the results of any review process, shall be grounds for denial of the Rental Application.

a)        Felonies involving: murder, manslaughter, arson, rape, kidnapping, child sex            crimes, or manufacturing/distribution of a controlled substance.

b)        Felonies not listed above involving: drug-related crime; person crime; sex            offense; crime involving financial fraud, including identity theft and forgery; or            any other crime if the conduct for which applicant was convicted or is charged            is of a nature that would adversely affect property of the landlord or a tenant or            the health, safety or right of peaceful enjoyment of the premises of the            residents, the landlord or the landlord’s agent, where the date of disposition            has occurred in the last 7 years.

c)        Misdemeanors involving: drug-related crimes, person crimes, sex offenses,            domestic violence, violation of a restraining order, stalking, weapons, criminal            impersonation, possession of burglary tools, financial fraud crimes, where the            date of disposition has occurred in the last 5 years.

d)        Misdemeanors not listed above involving: theft, criminal trespass, criminal            mischief, property crimes or any other crime if the conduct for which applicant            was convicted or is charged is of a nature that would adversely affect property            of the landlord or a tenant or the health, safety or right of peaceful enjoyment            of the premises of the residents, the landlord or the landlord’s agent, where the            date of disposition has occurred in the last 3 years.

e)        Conviction of any crime that requires lifetime registration as a sex offender, or            for which applicant is currently registered as a sex offender, will result in denial.

CRIMINAL CONVICTION REVIEW PROCESS

Owner/Agent will engage in an individualized assessment of the applicant’s, or other proposed occupant’s convictions if applicant has satisfied all other criteria (the denial was based solely on one or more convictions) and:

(1)      Applicant has submitted supporting documentation prior to the public records           search; or

(2)      Applicant is denied based on failure to satisfy these criminal criteria and has           submitted a written request along with supporting documentation.   Supporting           documentation may include:

1.         Letter from parole or probation office
2.         Letter from caseworker, therapist, counselor, etc.
3.         Certifications of treatments/rehab programs
4.         Letter from employer, teacher, etc.
5.         Certification of trainings completed
6.         Proof of employment; and
7.         Statement of the applicant

Owner/Agent will:

1.       Consider relevant individualized evidence of mitigating factors, which may       include: the facts or circumstances surrounding the criminal conduct; the age       of the convicted person at the time of the conduct; time since the criminal       conduct; time since release from incarceration or completion of parole;       evidence that the individual has maintained a good tenant history before       and/or after the conviction or conduct; and evidence of rehabilitation efforts.        Owner/Agent may request additional information and may consider whether       there have been multiple Convictions as part of this process.
2.       Notify applicant of the results of Owner/Agent’s review within a reasonable       time after receipt of all required information.
3.       Hold the unit for which the application was received for a reasonable time       under all the circumstances to complete the review unless prior to receipt of       applicant’s written request (if made after denial) the unit was committed to       another applicant.