Lease Guidelines

When we hand over the keys to a new tenant, we want to be assured that the lessee will likely abide by the terms of the rental agreement. Most importantly, tenants must be able to meet the financial obligations of the contract, keep the rental unit in good condition and be considerate of their neighbors. The only way we can evaluate applicants is through checking rental history, credit, and criminal background. This is done after an interested party fills out an application and submits an application fee of $30.00. The information on the application is then verified by Tenant Data Services of Lincoln.

Unfortunately not all applications can be accepted. Applicants who are declined should check with Tenant Data to see if the information on their credit report is accurate. Errors can happen. If the information is incorrect and can be verified, the application will be reconsidered.

Just as lenders require applicants to meet income requirements before issuing a loan, property managers must use a set of income guidelines as well. The minimum income criteria is two times the monthly rent.

When an application is accepted, a security deposit is required to hold the unit. No unit will be held without a deposit. If an application has been accepted and the prospective tenant has been notified, it is that individual’s responsibility to provide the security deposit. Until a valid check has been received, the property will remain on the market.

Once tenants sign the rental agreement, they must abide by the terms of the contract for the specified period. Possession is given upon receipt of the first month’s rent.