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The goal for every property owner in Hampton Roads is to craft a rental property that attracts and retains dependable tenants.
With its thriving real estate market driven by a strong military presence, a diverse economy, and steady rental demand, this area presents unique opportunities for landlords, property managers, and real estate investors.
However, setting clear and compelling rental criteria is crucial to achieve success.
This article delves into the tenant screening criteria and policies that will safeguard your property investments, ensure legal compliance, and foster strong landlord-tenant relationships.
The Importance of Rental Criteria in Hampton Roads
Why Rental Criteria Matter
Tenant screening criteria are more than a guideline—they form the foundation of a successful renting experience.
These criteria help property owners protect rental property investments, maintain rental unit standards, and establish reliable landlord-tenant relationships.
For tenants, they provide clarity and fairness throughout the leasing process. Consistent screening tenant practices are also key to complying with fair housing laws and avoiding a fair housing violation.
A Fair Housing Approach
Renters Warehouse is committed to being a fair housing provider. This practice means we do not discriminate against anyone based on race, color, religion, national origin, sex, elderliness, familial status, sexual orientation, gender identity, source of funds, or military status.
We ensure that every applicant has a fair and equal opportunity for housing, ensuring compliance with federal and state housing laws.
Essential Rental Criteria for Hampton Roads Property Owners
Income Standards for Prospective Tenants
One of the most critical considerations for you to make is a tenant's ability to afford the rent. Landlords generally expect tenants to earn at least three times the monthly rent.
If, for example, rent is $1,500, the tenant's monthly income should be at least $4,500. This standard helps ensure on-time rent payments while allowing tenants to manage other financial obligations.
For participants in housing voucher programs, we consider only the tenant's portion of the rent when calculating income-to-rent ratios. This consideration ensures fairness while adhering to fair housing guidelines.
Credit Score and Financial Assessments
TransUnion's Resident Score is the primary credit benchmark, providing landlords with a more accurate evaluation tailored to rental applications.
Resident Score evaluates factors specific to housing, such as rent payment history, and operates independently of FICO or Vantage credit scores.
Landlords typically look for Resident Scores above 650. However, they may still grant approvals with additional risk mitigation fees for lower scores.
Accessing this score during the application process will not impact the applicant's credit.
Stable Employment Verification
Tenant reliability often hinges on consistent employment. Proof of income, such as recent pay stubs, tax returns, or military LES documents, is required to confirm job stability and financial capacity.
Self-employed applicants may also provide tax returns or 1099 forms for verification.
Evaluating Rental History and Behavior
Past rental history provides insight into how tenants might perform in the future. Contacting previous landlords allows property owners to assess whether applicants paid rent on time, took care of the property, and adhered to lease agreements.
Reliable feedback here is often a strong indicator of quality tenants.
Criminal Background Checks for Safety
Ensuring safety is paramount. Landlords conduct criminal checks to prevent illegal activities or behaviors that may threaten other tenants or the neighborhood.
We conduct all checks transparently to stay in compliance with fair housing laws. Applicants with certain criminal convictions, such as drug manufacturing or property damage, may be denied.
Pet Policies and Animal Screening
Pets are often a consideration for both property owners and tenants. While allowing pets can broaden the tenant pool, guidelines are necessary to protect property integrity.
At Renter’s Warehouse Hampton Rods, tenants are required to complete a profile via Petscreening.com. Pet-related fees include a one-time, non-refundable pet fee of $250 per pet and monthly administrative fees ranging from $25 to $45, depending on the pet's risk score.
Service or support animals are exempt from these pet fees but still require screening.
Occupancy Limits and Lease Terms
Virginia building codes help determine occupancy limits, requiring at least 50 square feet of floor space per person in a shared bedroom.
Additionally, leases clearly outline allowed occupants, lease periods, and any conditions for extensions to avoid future disputes.
The Application Process and Key Policies
Overview of the Process
Applying to a rental property is straightforward but requires attention to detail. Prospective tenants must:
Complete and apply with a $60 non-refundable fee per adult.
Provide supporting documentation such as income verification and identification.
Undergo effective tenant screening, which includes a Resident Score check, criminal
Pay a refundable holding deposit within 24 hours of approval notification to secure the property.
Approval decisions typically occur within 1–2 business days, though delays may occur if third-party approvals (e.g., HOAs) are required.
Important for Housing Voucher Applicants: Before applying, individuals using housing vouchers must email applyseva@renterswarehouse.com to verify the property's voucher acceptance status. This step ensures transparency and prevents potential misunderstandings.
Tenant Selection Criteria
Applicants must meet the following conditions to qualify:
Combined net monthly income equal to three times their share of the rent.
Resident Scores of at least 650 (lower scores may require additional fees or deposits).
No recent evictions, landlord judgments, or utility liens.
Failure to Perform and Disclaimers
If an applicant is approved but the tenant refuses to lease the unit or does not take possession,
Renters Warehouse reserves the right to retain fees and deposits as liquidated damages. Properties are rented "AS IS" unless specific repair agreements are documented in writing.
Move-In Requirements
A $150 Lease Admin Fee is required at move-in.
Initial move-in funds (such as security deposits and first month's rent) must be paid via cashier's check or money order.
Tips for Prospective Tenants to Meet Rental Criteria
Preparing Financial Documents
Gather pay stubs, bank statements, and other necessary documentation to streamline approval before applying. For military applicants, include current orders and a leave and earnings statement (LES).
Navigating Pet and Occupancy Policies
Tenants with pets should budget for associated fees and confirm their pet's eligibility before applying. Similarly, ensure the property meets your occupancy and space requirements in advance.
Improving Your Financial Profile
Potential renters with lower credit scores can improve their financial standing before applying. Paying debts and avoiding new credit lines can signal financial reliability to landlords.
Addressing Past Rental Issues
If you've faced challenges such as evictions or late payments, being honest about these situations while explaining how you've learned or improved can help rebuild trust with potential landlords.
Final Takeaways
Setting and adhering to well-defined rental criteria benefits both property owners and tenants. These guidelines pave the way for success in Hampton Roads' competitive rental market by reducing risk for landlords and offering fairness to tenants.
For tailored advice or assistance with rental property management, such as creating the perfect property listing or creating clear pricing, contact Renter's Warehouse Hampton Roads.
Whether you're a landlord looking to secure dependable and quality tenants or a renter seeking your next home, our expertise ensures a seamless renting experience.
Other Resources:
Effective Rental Pricing Strategies to Maximize Your Income in Hampton Roads
How to Develop a Real Estate Investment Strategy: A Step-by-Step Guide to Success
