Generally, applicants must demonstrate a total annual household income between 37x – 42x the monthly rent, 40x is median and have a credit score of at least 650 with acceptable credit history with no major collection issues or you may need a guarantor, depending on the landlord. For example, if the rent for an apartment is $2,000 a month, applicant(s) must demonstrate an estimated $74,000 in annual income ($2,000 x 37). This is by no means indicative of all OP providers, many will require less and base their decision on a more holistic approach. For example, many landlord do not view as high risk, renters who have low credit cards utilization and consequently lower credit score.
If you have a housing voucher, you may be required to have an income that is 40 times your portion of the monthly rent and have a credit score of at least 650 with acceptable credit history with no major collection issues. For example, if your portion of the rent is $500, applicant(s) must document no less than $20,000 in annual income ($500 X 40).
If you have a housing voucher that covers 100% of your monthly rent there may be no further income or credit requirement.
Typically, applicants are required to supply:
- Most recent W2 form
- Two-Four most recent pay stubs, and/or any documentation verifying any other sources of income
- Color scans of government-issued ID (usually a driver’s license or passport)
- Three most recent Bank or Credit Union statements.
- Proof of ability to pay first month’s rent and required security deposit.
The process to add an iCard is design to be very flexible and open so we made most everything optional but you should keep in mind that the more items you are missing the more likely a Opportunity Provider will pass by your profile.