Before you apply to lease a Rising Tide home, please take the time to review our Tenant Selection Criteria. The term “applicant(s)” under this policy means the person or persons that will be signing the Lease as “leaseholder(s)”; the term “occupant(s)” in this policy means the person or persons that are authorized occupants under the Lease. Applications will not be processed without a copy of a valid state or government issued identification for any applicant.
Pursuant to applicable state law, the following selection criteria are being provided to you. The following information provides the basis upon which the Landlord will make its decision. Any action taken in regards to your rental application will conform to all applicable federal and state laws.
Moreover, a Rising Tide property is still considered “available” and/or “vacant” until:
- Landlord accepts the security deposit
- Landlord and applicant sign a Rising Tide lease.
EACH APPLICANT WILL BE REQUIRED TO PAY AN APPLICATION FEE OF $50.00 and a $25.00 application fee for each additional applicant. Applications will not be processed until the application fee is paid by each applicant. Application fees and administrative fees are non-refundable and are used to pay the costs incurred in the application process. All other monies collected will be refunded according to applicable state law, under the residential lease agreement (“Lease”), terms and conditions under this application, and any other disclosures and notices provided to you by Rising Tide. Application fees, administrative fees and a “hold” deposit must be paid online or with certified funds at the time of the application submission. Any false information provided by an applicant in a Rental Application will constitute grounds for the rejection and nullification of that Rental Application, and will result in the forfeit of any deposit and/or administration fee.
Please also note that these are our current Tenant Selection Criteria; nothing contained in these requirements shall constitute a guarantee or representation by Rising Tide Homes that all residents and occupants currently residing in a Rising Tide home have met these requirements. ALL APPLICANTS MUST HAVE A CHECKING AND/OR SAVINGS ACCOUNT.
- Occupancy Standard
- Credit Verification
- Income/Asset Requirements
- Section 8 Tenants
- Rental History Requirements
- Co-Signers and Guarantors
- Security Deposit Requirements
- Criminal History
- Falsification of Application
- Accept with Conditions
The maximum occupancy for our properties is two (2) persons per bedroom, plus one (1) per home.
Applicants must be 18 years of age or older unless deemed to be an adult under applicable law with respect to the execution of contracts. All persons 18 years of age or older that are not deemed an applicant but rather deemed an occupant will be subject to a complete tenant screening or at the very least, a criminal background screening.
Each applicant must be able to provide a government-issued identification card and/or Social Security Card or worker ITIN number. Non-U.S. citizens will be required to show proof of imigration status. The provided ID card must be issued by a federal, state or local government agency and include a photograph, name and date of birth.
A credit report will be obtained on all adult leaseholders to verify credit worthiness. We will also perform a search of Landlord/Tenant Court records and a Criminal Background check. A FICO score below 500 will likely result in a decline. Any history of bankruptcies, especially open and/or pending, may result in the denial of your application.
If Applicant has a bankruptcy on record, the bankruptcy must be discharged for at least 24 months. If a bankruptcy was discharged within the past 24 months, or a balance is owed on any judgement made against the Applicant, the Rental Application will be automatically denied.
Applicants must have net (bring home) monthly income equal to or greater than three (3) times the monthly rent amount, or liquid assets (bank deposits, mutual funds, brokerage account assets, etc.) that are equivalent to a minimum of 3 times the amount of the total lease value. Income will be verified by one or more of the following methods as required by the Manager. If you have poor credit and/or no rental history the amount of time on your job will be taken into consideration! Acceptable forms of income verification are: 2 most recent original paystubs; employment new hire letter on company letterhead; prior year’s tax return; or past 3 months’ bank statements. For self–employed applicants, Rising Tide Management will accept a copy of the prior year’s tax return or a certified verification from your bank along with documentation of “doing business as” registration. Housing allowances are acceptable as verified income, and disability payments will be approved as income if the payments are government-backed. Social Security will also be treated as standard income. Court ordered income, child support, and alimony will be accepted as verifiable income if the appropriate documents show that the balance owed is current and the applicant has received 6 months of recent consistent payments.
Two of the most recent pay stubs for each applicant;
An offer letter from your new employer on company letterhead;
A copy of previous year’s tax return or a copy of your W-2 statement with phone verification of employment;
An official letter providing retirement or disability income or social security benefits if applicable;
An original court ordered document reflecting payments of child support or alimony;
Proof of pension fund payments, 401k or other investment fund accounts if applicable.
Section 8 Tenants
Your ESTIMATED voucher must meet or exceed the market rent. If you are not within $20 of the property you are interested in you will be automatically declined and you will forfiet any fees, deposit, etc.
Rental History Requirements
Management will verify at least two years of acceptable rental history for each applicant evidencing no more than 4 late payments. If your rental history discloses an eviction within the last 3 years or any unfulfilled rental agreements for which you have not made full restitution, your application will be denied unless you provide verifiable evidence from the prior landlord that all balances have been paid in full, in which case your application may be approved with conditions as described below. For homeowners of two years or more, positive mortgage payment history must be provided evidencing no more than 3 late payments per year. If an applicant has no prior rental history, it will not be used in determining whether the applicant is approved or denied.
Co-Signers and Guarantors
Co-signers and Guarantors may be used for applicants who have inadequate net monthly income, credit or rental history. A Guarantor cannot be used where applicants have a criminal record. Co-signers must fill out a separate rental application, pay the application fee, provide proof of a monthly income of at least five times the monthly rent for the house they are guaranteeing and will be accepted at the sole discretion of Management.
Security Deposit Requirements
A security deposit is required upon execution of a Lease. The standard security deposit is equal to one month’s rent. Deposits are refundable upon move-out, less any charges assessed for damage to the property and any unpaid balance owed at the time of move-out. Deposits may not be applied to first month’s rent or towards rent at any time during the residency. Further, FICO scores below 600 could possibly require a 2-month deposit. In the event that we are unable to verify rental history, the minimum deposit requirement is 2 months’ rent.
Landlord will perform a criminal history investigation in order to verify the information you have provided on the rental application. A criminal background check must be conducted for each applicant and occupant age 18 years or more. Any decision regarding the rental property may be influenced by the information contained in the criminal investigation report. The Landlord reserved the right to refuse leasing to an applicant with any criminal history (arrest and/or conviction).
A Rental Application will be automatically denied if any applicant or occupant has been convicted of or has received deferred adjudication for:
❖ Any federal felony offense (or offense in another jurisdiction classified in a category similar to a federal felony offense) related to property damage or of a violent or sexual nature.
❖ Misdemeanor offenses for which a person is required to register as a sex offender.
❖ Any federal felony offense (or offense in another jurisdiction classified in a category similar to a federal felony offense) related to the manufacture or distribution of controlled substances occurring within the past seven years.
Pets are prohibited unless expressed written consent is provided Management at the time of leasing. All requests to have pets must be made to the Landlord in writing if obtaining a pet post-leasing. All pets must be approved in writing and pet fees paid in full prior to incorporating said pet into the home.
Stipulations: No more than two (2) pets may be at the Premises regardless of whether a pet is visiting or approved in accordance with the Lease. The combined weight of all animals in the home may not exceed 150 pounds, and no single pet may weigh more than 85 pounds.
Pet Fee: Any occupant with an approved pet (cat or a dog) shall pay Landlord a non-refundable Pet Fee of $300 for 1 pet and $500 for two pets. The Pet Fee shall be waived for any verified guide dog or assistance animal. Any animal may be deemed unacceptable by Landlord if such animal is not considered appropriate for the rental situation. No chained animals will be permitted. The following dog breeds and types, whether full or mixed, may be prohibited: Akita, American Bulldog, American Pit Bull Terrier, Bull Mastiff, Chow, Doberman, German Shepard, Great Dane, Husky, Pit Bull, Rottweiler, Wolf or any other breed or type Landlord deems to have similar characteristics.
Exceptions: Notwithstanding the foregoing, any guide dog or other assistance animal needed by a disabled occupant will be permitted upon verification that the resident qualifies as disabled and requires animal assistance.
Falsification of Application
Any falsification in Applicant’s paperwork will result in the automatic denial of application and applicant will not be given the opportunity of reapplying. In the event that an applicant falsifies his/her paperwork, applicant will forfeit all deposits and fees paid.
Accept with Conditions
An application may be approved with conditions if it is found that the income, credit or rental history requirements are not met. Applicants recommended as “Accept with Conditions” may be required to pay an additional security deposit.
All applicants must have proof of an active bank account. RTM reserves the right to require all tenant payments to be made via auto-draft from a valid bank checking account. Leases and documents pertaining to leasing a home from RTM will be sent electronically. Applicants are responsible to check email daily during the process as materials are time sensitive.
By proceeding with the completion of a rental application and/or by signing this acknowledgement, you have read, accepted and confirmed that you have had the opportunity to review this Tenant Selection Criteria and that you understand that if you do not meet the selection criteria, or if you provide inaccurate or incomplete information, your application may be rejected and you application fee will not be refunded.