leasing services

At Shannon Ellis & Associates Realty we understand that leasing might be a better option for you.   We will be able to customize your search for your lease and provide you with information about the property, community , rental rates, amenities, property owner/manager expectations and requirements etc.  Below are some common expectations from a property owner or property management company.  

PROSPECTIVE TENANTS - Each property owner will have different requirements to be eligible to rent their property.  

                                                                  Common Leasing Requirements:  

Application: A signed and fully completed application for each adult over the age of 18 along with a copy of a photo ID for each applicant.  

Application Fee: Application fees vary and are typically between $30-100 per applicant. 

 Evictions: Applicant must not owe any current or former landlords, or any apartment communities any amount of money.  

Note: some owners or property management companies may accept an application with additional security deposit or if the applicant provides proof that the balance has been satisfied, however, acceptance is not guaranteed and is on a case-by-case basis. 

 Employment/Income: Applicant’s income must be at least three (3) times the property rental rate (some owners require 2 ½ to   3 ½ times the property rental rate) Applicant will be asked to provide proof of employment and income with the application. Acceptable verification would be: — Current pay stubs showing year-to-date earnings (typically 2-4 paystubs) — Self Employed applicants will be required to provide copies of the 2 most recent previous years signed and filed tax returns and/or bank statements — For income received from other sources other than employment (such as alimony(court ordered), child support(court ordered), disability income, retirement, etc.) official written documentation will be requested.

  Credit: Most owners or property management companies will obtain and review credit reports ordered through one or more consumer credit reporting agencies. Additionally, they receive information from eviction and criminal background databases. Any applicant that applies with no credit history, may be required to pay an additional deposit or obtain a co-signer. Many times, any unsatisfactory findings may result in the requirement of an additional deposit or application denial. Note:  many rentals require a minimum credit score of 600 or better. 

 Rental History and Credit: Many owners greatly rely on landlord verified, good rental history. They typically ask for a minimum of 12-24 months of successful rental history. While an applicant’s credit score is not usually the only deciding factor, it is highly considered along with their track record in meeting their credit obligations. 

 Lease Terms: Owners will require a written lease. All available homes are usually leased for a minimum of 12 months, with the exception of corporate or short-term rentals. Longer/shorter lease terms may be available upon the approval of the property owner. An additional deposit or a co-applicant/co-signer may be required if the ability to pay the rental amount is not verifiable. 

 Deposit and Holding Fees: Prior to move in, the first month rent, security deposit, and pet deposit(if applicable), must be paid. Most times upon approval of a rental application, the applicant will need to submit their security deposit, sometimes it is requested to be submitted with the application fee upon submitting an application.