Rental Application Criteria

Ashdon Property Management uses a point system to qualify applications and uses the criteria listed below for calculations. Additional deposits, if applicable, will be assessed according to the highest risk score of the party for applications. Additional deposits, if applicable, will be assessed according to each individual’s score. While your score may be sufficient to be approved, you may also be required to pay additional security deposits, depending on your actual score. 

Portable Tenant Screening Reports (PTSR): 1) Applicant has the right to provide us with a PTSR that is not more than 30 days old, as defined in  § 38-12-902(2.5), Colorado Revised Statutes; and 2) if Applicant provides us with a PTSR, we are prohibited from: a) charging Applicant a rental application fee; or b) charging Applicant a fee for us to access or use the PTSR. 

 

If Applicant provides us with a PTSR: a)  the PTSR must be available to us by a consumer reporting agency/third-party website that regularly engages in the business of providing consumer reports; b) the PTSR must comply with all state and federal laws pertaining to use and disclosure of information contained in a consumer report by a consumer reporting agency; and c)  Applicant certifies that there has not been a material change in the information in the PTSR, including the Applicant’s name, address, bankruptcy status, criminal history, or eviction history, since the PTSR was generated.

Rental Application and Application Fee: Each applicant of legal age must submit a rental application. There is a non-refundable application fee of $32.00 per applicant. This is an application to rent only and does not guarantee that applicant will be offered the Rental. Application for the Rental are process first come, first served.

Sight Unseen Addendum: If any lease holders have not physically seen the property prior to a lease being signed, a “Sight Unseen Addendum” will be required to be signed by all lease holders.

Required Supportive Documentation:  

All applicants must verify identity to complete this application. Manager reserves the right to automatically decline all incomplete submissions or the inability to verify an applicant’s identity.

• Valid Driver's License or another Photo ID for each Residential Lease Application submitted
• Verifiable Proof of Income (Min. 2 months of paystubs or 2 years of tax returns if self-employed/1099 or Offer Letter for Future Employment)
• ESA or Service Animal Documentation
• Any other income (i.e. retirement income, child or spousal support, disability or Social Security) that you are using to qualify will require 90 days’ worth of bank statements, showing monthly deposits that meet the 2.0 times the rent requirement.
• Alternatively, you may show 90 days’ worth of bank statements, showing a balance equal to 2.0 times the rent

If a prospect is declined based on Manager’s Tenant Selection Criteria, Manager reserves the right to take adverse action. This may include denial of the application, the requirement to pay a higher security deposit, or the requirement to obtain a qualified lease guarantor.

Occupancy limits have been established by the size of the unit. Maximum number of persons allowed is as follows (unless otherwise defined by statute or local ordinance): No more than 2 occupants per bedroom plus one unless otherwise provided for under applicable state law.

Other Qualifying Factors: Manager will take into consideration the lease term length (typically a minimum of one year), the amount of expenses needed to make the Rental acceptable to you (not including any Fair Housing related accommodation requests) and the amount of time the Rental will remain vacant until you occupy.

Automatic Decline: Applicants will be automatically declined for the following reasons:  Any applicant who has been evicted by a prior Landlord for cause in the past 7 years, Felony convictions in the past 5 years, Convictions or deferred adjudications for homicide, sex offenses, stalking, or manufacturing/distributing a controlled substance, Falsification of application, Invalid Social Security number, an application that has not been fully completed or is unverifiable.  Additionally, Manager reserves the right to automatically decline all incomplete and unverifiable applications.

Rental Acceptance: The applicant(s) will be notified by phone, email or both. Once your application has been approved, you will have 24 hours to submit the required Security Deposit through the Online Tenant Portal to secure the property. Once the Security Deposit has been received, you will have 48-hours to sign the lease once it has been sent to take the property off the market. If the lease is not signed within the allotted time Ashdon Property Management reserves the right to process the next application received or consider any other approved applications. Prospective tenant(s) are accepting the Rental in an “as is” condition. Requests for changes to the Rental must be submitted in writing with the application.

Lease Guarantor (Co-Signer): Guarantors will be considered for applicants who are solely denied based on income or lack of established credit history. Guarantors are not considered for applicants that fail to meet rental history, credit, or criminal background qualifications. Only one Guarantor per house is permissible. Guarantors may be relatives or an employer; friends may not serve as a Guarantor. The Guarantor must submit an application, pay the application fee and provide all necessary supporting documents. Guarantors must have a net monthly income of 3.5 times the monthly market rent, minimum Resident Score (FICO) must be 679 + and meet all of Manager’s other Tenant Screening Criteria.

Criminal History Requiring Further Review: The following charges will be reviewed individually, taking into account mitigating factors, such as facts & circumstances surrounding the criminal conduct, age at time of conduct, evidence of good tenancy before & after conduct, nature & severity of conviction, and the amount of time that has passed since the conviction. Criminal history which indicates that an applicant’s tenancy would constitute a direct threat to the health or safety of other individuals or whose tenancy could result in substantial physical damage to the property of the owner or others may result in denial of application. Convictions within past 5 years: misdemeanors, non-violent offenses, other crimes against society, etc.

Income-to-Rent Ratio

At least 2.0 times monthly rent = Criteria Met

At least 1.5 times but less than 2.0 times monthly rent = Manual Review Required

Less than 1.5 times monthly rent = Criteria Not Met

Credit Score/History:

650 or Higher = Criteria Met

560 to 649 = Manual Review Required

559 or lower = Criteria Not Met

• Discharged bankruptcies within the last 5 years may require a co-signer or increased security deposit
• Credit score, lack of credit and adverse credit events, will not be considered for applicants receiving a housing subsidy as defined by § 38-12-902(1.7), C.R.S.

 

Immediate Disqualifications: Falsified information, Eviction less than 5 years (and not included in bankruptcy), Housing related debt or Rental reference that would not re-rent for documented reasons. An applicant will be denied if they have been convicted, pled guilty or no contest to a felony crime in the last 5 years, Found in OFAC/terrorist database records.

Pets: If a property or apartment community accepts pets, the following may apply:

An additional non-refundable pet fee plus pet rent can/may be due.

• Single families & multi-families typically will allow two pets (unless otherwise stated on the listing).
• Apartment communities typically will allow two pets. All pets must always remain leashed in the common grounds. No exceptions.
• There are no breed restrictions unless otherwise stated by the county or city in which the property is located.
• Please remember, not all properties will allow a pet and you should look carefully before choosing your home if you have a pet.
• There shall be no fees for assistive animals.

Renter’s Insurance: Upon move in, and through the duration of tenancy, all tenants must provide proof of renter’s insurance, which includes a minimum of $100,000 legal liability for damage to the landlord’s property, with Owner/Agent named as additional insured. Tenant may purchase required insurance from an insurance agent of their choice.

The tenant screening may consist of, but not limited to the following: credit, criminal, eviction, public records, current and former landlord references, verification of income, other sources and screening reports obtained through an authorized reporting agency: You may request a free credit report within 60 days of adverse action/denial. You have the right to dispute any or all information.  Your application will be processed as quickly as possible. We expect it to take approximately 24-48 hours to be Fully Approved; however, that is dependent on the receipt of the necessary information from those involved in the process, including you.

Additional Information:  Please be sure to provide all applicable information with your rental application, including, RFTAs, housing technician contact information, current situation and timeline, and other pertinent information in order to process your rental application. Missing information shall be deemed an incomplete application and will not be processed until all information is received from the applicant. 

Fair Housing Laws prohibit discrimination based on various criteria including but not necessarily limited to race, religion, color, national origin, gender, sexual orientation, age, ancestry, marital status, military/veterans’ status, familial status, lawful source of income, immigration/citizenship status, and disability. Ashdon Property Management is an Equal Opportunity Housing Company and fully complies with all Federal, State, and local Fair Housing Laws.