Rental Criteria

Steps for Renting a Property.

• Submit Application

• Pay Deposit.

• Sign Lease

• Submit Renters Insurance Policy

• Pay Prorated Rent

• Move In

General.

• Applications will be accepted on a first come, first served basis; and processed in the order they were received. 

• Once an application has been submitted to the management company, the property is placed on a ‘hold’ status. Applicants have 48 hours to provide all necessary information and documentation to the management company. If the applicant fails to do so during the 48 hour allotted time frame (from date and time application was submitted), the application will be considered incomplete, and then it will be declined. The management company will then remove the property from ‘hold’ status and begin processing the next application in line. 

• The deposit must be paid within 48 hours of application approval. A property is considered “rented” and off the market once all applications are approved and the holding fee (deposit) has been paid in full. 

• If applicant withdraws or cancels an application within thirty (30) days of lease term begin date, applicant forfeits $250.00 of the holding fee (deposit) as a liquidated damages fee.

• Once a property has a ‘make-ready date’, Landlord can only hold the property vacant for 7 days. Then lease must begin, tenant must take possession and be rent-responsible, even if tenant hasn’t physically moved in yet.

• All applicants must meet the following Rental Criteria. 

Application.

• The term “applicant” is defined as the person or persons who will be signing the Lease as the “Tenant”. An applicant must be 18 years of age or older to qualify as a Tenant. 

• All individuals 18 years of age or older must complete an application and be listed as a “Tenant” on the Lease Agreement. 

• The term “Occupant” is defined as the person or persons who will be listed on the lease agreement who is under the age of 18, and who is residing at this property. 

• All applicants will be leaseholders, whether or not they are residing on the property. 

Please note, this is the management companies’ current Rental Criteria; and nothing contained herein constitutes a guarantee or representation that all Tenants and Occupants currently residing at a property have met these requirements. There may be persons who began residing at a property prior to this Rental Criteria going into effect. Additionally, the ability to verify whether this Rental Criteria has been met is limited to the reliability of information received from applicants and outside qualification services used.

Identification.

• Proof of employment and/or source of income.

• Government-issued photo identification.

Applicants without a U.S. Social Security Number must provide the following:

• VISA

• Passport

• Certification of eligibility completed upon arrival into the United States. 

• Additional deposit equal to 1 month rent is required for applicants without a U.S. Social Security Number.

Lease end date cannot extend past the document expiration date.

Income.   

• Your income must be 2x rent, before taxes.

• Different and multiple sources of income may be used to verify an applicant. Please ask for further details.

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Credit History.

Credit reports will be obtained from each applicant, and all reports will be combined to determine rental qualification decisions. An expert statistical credit scoring system will be used to evaluate consumer credit. This information is compared to the credit trends of other consumers to predict how likely it is that an applicant will pay rent in a timely manner and fulfill all lease obligations. 

• 580 credit score or above

• Bankruptcies, foreclosures, and charge-offs will be accepted if older than 2 years

• Medical debt will be accepted

• Student loan debt will be accepted

Rental History.

Negative responses received from current or previous landlords may result in application denial. Rental history may or may not be used to qualify an applicant.    

Criminal Background.

• No evictions.

• Criminal offenses older than 5 years will be allowed in accordance with CRS 38-12-904.

• EXCEPT: Management company may consider criminal records or deferred judgments relating to:

  • (I) The unlawful distribution, manufacturing, dispensing, or sale of a material, compound, mixture, or preparation that contains methamphetamine, as described in section 18-18-405;

  • (II) The unlawful possession of materials to make methamphetamine and amphetamine, as described in section 18-18-412.5;

  • (III) Any offense that required the prospective tenant to register as a sex offender pursuant to section 16-22-103; or

  • (IV) Any offense described in part 1 or part 6 of article 3 of title 18. (homicide and stalking)

  • An application will be denied if the offense is within (I)-(IV) above

  • Upon HUD Guidance on disparate impact, an application will be denied if the criminal conviction record is violent and/or a drug related felony within the last 5 years. 

The management company will not further investigate any claim that there is an error on a background or credit check. It will be the applicant's sole responsibility to investigate and resolve any errors. 

City of Fort Collins Occupancy Limit.

• Per the City of Fort Collins Land Use Code 3.8.16, no more than 3 unrelated persons are allowed to occupy a property.

• The "U plus 2" law or occupancy ordinance states: "Occupancy in a residential dwelling unit (single-family, duplex, and multifamily) is restricted to: one family as defined below (Section 5.1.2) and not more than one additional person; OR one adult and their dependents (if any), a second adult and their dependents (if any), and not more than one additional person."

Renter’s Insurance.

• Tenants are required to carry a minimum of $100,000 Personal Liability Insurance coverage.  We offer this through our Resident's Benefit Package.

• Must provide evidence of insurance coverage prior to lease term begin date and time and maintain this coverage throughout the entire term of tenancy. 

• Each tenant must be listed on the same insurance policy, or each tenant may carry their own separate insurance policy.