Rental Requirements

Income:

Gross combined income of three times the monthly rent.

Credit History:

• Each market has its own credit score requirements for standard approvals, approvals with higher deposits, and denials. Please inquire about the exact requirements for your market.

• Bankruptcies:

  No open bankruptcies. Any previous bankruptcies must be discharged at least 12 months before the application submission date.

Criminal History:

• The application will be denied for most categories of non-juvenile felony convictions that occurred up to seven years prior to the application date. For a complete list of criteria based on offense type and conviction results, please inquire.

• Felony convictions in the following offense categories result in auto-denials, regardless of when the offense occurred:

  • Sex-related offenses.

  • Terrorism-related offenses.

  • Theft by check-related offenses.

  • Worthless check-related offenses.

Rental History:

• Evictions:

  No evictions in the last seven years.

• No outstanding debt is owed to another landlord or property management company.

Applications With More Than One Applicant:

• Credit Score:

  The credit scores are averaged across all applicants. The average must meet or exceed the required credit requirement threshold.

• Income:

  The gross combined income of all applicants must meet or exceed 3x.

• Bankruptcies:

  If an applicant has an open bankruptcy or had any bankruptcy in the last 12 months, the entire group will be declined.

• Criminal Record:

  If an applicant has a criminal record(s) that would result in a decline, the entire group will be declined.

• Eviction:

  If an applicant has an eviction record(s) that would result in a decline, the entire group will be declined.

Co-Signers / Guarantors:

• Requirements:

  Co-signers must have a minimum gross income of 5x the monthly rent and a 700+ credit score.

• Co-signers can be used to meet the Income and Credit Score requirements only. Co-signers must be invited to apply and must submit a co-signer application.

  • A co-signer income is not combined with the applicants. Each co-signer/guarantor must individually meet or exceed the required income to rent ratio.

Proof Of Income Documents:

In addition to the standard required documentation listed below, supporting documentation may be requested to demonstrate proof of income.

Salaried Employees:

We require pay stubs for the most recent one month of employment.

• Applicants paid weekly - 4 most recent pay stubs.

• Applicants paid twice a month - 2 most recent pay stubs.

• Applicants paid monthly - 1 most recent pay stub.

Commission-based, Variable Income, or Hourly:

• 2 months of most recent pay stubs.

Newly Employed or Employee Transfers:

• Offer letter or transfer letter on company letterhead stating:

  • Start date.

  • Dated within 15 days of application.

  • Title.

  • Salary.

  • HR or Supervisor Contact information - name and title, phone or email address.

Self Employed or 1099 Contractor:

• 2 months of most recent bank statements (applicant’s name on the account) showing the balance on each statement.

• Most recent income tax return.

• (For 1099 contractors only) Form 1099.

We will consider net income in this instance.

Other Income Sources:

Child Support, Alimony:

• Copy of the court order/awards letter.

• 2 most recent bank statements showing the amount of the deposit.

SSI, Disability, Pension, and Retirement:

• Copy of the earnings statement/awards letter.

• 2 most recent bank statements showing the amount of the deposit.

Additional Income:

• 1099(s)

please email NexusRealEstate@nexusReal.estate to confirm. The policy may vary per state.