FAQ
APPLICATION FEES
There aren’t any application fees.
You’ll pull your own credit report with full detail from one of the three major reporting agencies — Equifax, Experian, or TransUnion.
You may be able to do this at no charge from your bank or credit union. Credit Karma is a service which offers credit reports for free.
CREDIT REQUIREMENTS
Each application is reviewed as an overall package, which includes factors such as income, tenure at position, current debt, payment record, etc.
Generally, the minimum credit score is 670. If you are working on repairing credit to improve your credit score, it helps to provide additional information in the credit section of the application.
INCOME REQUIREMENTS
Generally, household income should be at least 2x the monthly rent amount (roughly about $60k per year), in accordance with Colorado law.
Exceptions may be made if the applicant provides additional detail on how rent payments will be paid, such as using bank or investment accounts.
ACCEPTance of GOVERNMENT ASSISTANCE FOR PAYMENTS
Colorado law is followed.
This includes compliance with all applicable law relating to source of income, including CRS 38-12-904(1)(c). If you disclose that you are applying with assistance, your credit score will not be factored into your eligibility.
Government assistance is factored as a part of the income calculation.
There is a section on the rental application to include other sources of income.
STANDARD lease TERMS
Most leases are 12 months, although exceptions may be made at times.
The first month’s rent is due upon execution (signing the lease).
The security deposit and last month’s rent is usually required upon key turnover, although this can vary depending on various factors.
SECURITY DEPOSIT
The security deposit is one month’s rent.
If you have pets, there is an additional refundable pet security deposit of $500.
PETS
Up to two pets are allowed.
Monthly pet rent is shown on the property listing. The refundable pet security deposit is $300.
With proper documentation, service animals are exempt from any pet rent, deposits, and insurance requirements.
Accepted Pets
Domestic Dogs. Small animals: Gerbils, hamsters, and guinea pigs under 1 pound are permitted. Birds: Domestic birds, such as cockatiels and parakeets, are permitted. Non-Venomous snakes and reptiles must have written landlord approval. Fish tanks: Limited to 5 gallons.
Prohibited Pets
Canines other than domestic dogs (wolves, coyotes, dingoes, jackals, etc.) and any hybrids of them are not permitted. Ferrets, rabbits, and chinchillas are not permitted. Venomous snakes and reptiles are not permitted. Birds of prey such as hawks or falcons and non-domestic birds such as pigeons are not permitted. Farm animals such as chickens, goats, horses, and pigs (including pot-bellied pigs) are prohibited. All wild animals including, but is not limited to: skunks, raccoons, squirrels, and monkeys are prohibited.
Other details
Occupancy - The occupancy limit is two (2) persons per bedroom.
Bankruptcy - Any open bankruptcy will result in an automatic denial of the application.
Evictions - Any debts to previous landlords or evictions in the past 5 years will result in an automatic denial of the application.
Rental History - Applicants must provide at least 3 years of previous rental or mortgage payment history.
Criminal History - Applicants and occupants 18 years or older are subject to a criminal background check. The application will be denied for any felony conviction for up to 6 years prior to the application date.
Guarantors - Guarantors may be accepted for Applicants who do not meet the required rent-to-income ratio or insufficient credit scores. The Guarantor must complete a separate application. Guarantors must have a gross monthly income of four times the monthly market rent and meet all other qualifying criteria identified in the screening policy. The Guarantor will be required to sign the lease as a named Leaseholder. Guarantors must be relatives or an employer; friends may not serve as a Guarantor.
Yardwork
Tenants are responsible for mowing and maintaining the mulch and rock bed areas.
Rob will manage turning the sprinklers on in the spring and off in the fall. During that time, the lawn will be fertilized and the tree and bushes will be trimmed.
