Leasing Policy
Conditions for Lease Only Service
The terms under which the Broker leases a home without managing it, and the application requirements that apply to Lease Only Tenants.
1. Homes Eligible for Lease Only Service
Lease Only Service is available for homes that rent for $3,500 per month or more. These homes are shown by Agent Escorted Showings under our Agent Showing Policy, and the Leasing Fee is 100% of the first month’s rent. Because the home is not managed by the Broker, Eviction Protection is not available, and the Tenant Property Damage Insurance included in the rent on managed homes is not included.
2. After Placement
After the Lease is signed, the Owner collects the rent, holds the Security Deposit, and handles repairs and renewals; the Broker’s services end at placement.
3. Application Requirements for Lease Only Tenants
Because the Broker does not manage the home after placement and Eviction Protection does not apply, the standard for a Lease Only Tenant is higher than the standard for a managed home. The application requirements for Lease Only Tenants include but are not limited to:
- A FICO 8 credit score of at least 740, on the report the Applicant selects under Section 13 of the Minimum Requirements.
- An income to rent ratio of at least 3 to 1.
- A debt to income ratio of no more than 41%.
- Active account delinquencies totaled and compared to one month’s rent as described in Section 3 of the Minimum Requirements.
Every other requirement published in the Minimum Requirements applies to a Lease Only application in the same way. Published in advance and applied to every Applicant the same way; the only individualized exceptions are reasonable accommodations for persons with disabilities.