Rental Requirements

Income

Applicants are required to make at least 3 times the monthly rent. (For example, the gross household income must be at least $3,000 for a home that rents for $1,000 per month.) All verifiable household income will be considered. Applicants that make less than 3 times the monthly rent will only be considered with a co-signer.

Renters Insurance Policy

The policy protects against losses to the Tenant’s personal property (due to any sort of event: theft, fire, water leak, etc.) within the rental property. In addition, the renters insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are the liability of the Tenant. We have several local insurance agencies that can help you out, or the insurance can be purchased at the Tenant Portal. Another common source is through your car insurance provider.

Requirements:
$100,000 personal liability coverage
Soholux Rentals LLC to be listed as an “Interested Party”

All choices of personal belonging coverage and medical payments are up to the Tenant. The traditional renters insurance policy will generally run anywhere between $15-$30 per month. It is a small investment that can save Tenants a lot of money should something happen.

Application Fees & Guidelines

An application fee of $50 is required for any occupant 18 years of age or older. The application fee is non-refundable.  Applications will not be processed until the application fee is paid. If there is more than one adult per household, the application will not be processed until all applicants have applied. Payment can be made via Zelle, Cash, or Cashier’s Check.

References

Additional deposit may be required if:
Late payments are reported or applicant has less than 2 years of rental history.
Work history: Must have two years steady work history. Income must be verifiable.

Criminal Background

A criminal background check will be run on each applicant. An applicant will be denied for any felony conviction or if they have ever been convicted of a sex crime.

Co-Signer

For applications that require co-signers, the co-signers must have a credit score of at least 650 with no late rent/mortgage payments, no collection accounts or no tax liens. Co-signers must also make at least 4 times the monthly rent. Co-signer’s will have to pay an application fee as well.

Credit Score

Applicants must have a minimum credit score of 550. Depending on the property, the minimum credit score may be higher.

Pet Policy

Soholux Rentals is a pet-friendly company and we realize that most households have some type of animal. Some of our Owners, however, will not allow pets of any type. Pets Fees: Our general policy is to charge a $300 non-refundable fee for each pet. Breed restrictions may apply, depending on the property. 

Bankruptcy

All bankruptcies must be discharged in order to qualify.

Self-Employed Individuals

For self-employed people, we will need the following proof of income:
Two years of your most recent tax returns and the last 3 months of bank statements.

Possession

Applicants are required to take possession of the home within 3 weeks of final approval.