Different property managers will have different application processes and tenant selection criteria. Below is an example from one of the owner selected property managers in Lofty's ecosystem. Properties where one of the DAO members (typically the original seller) is the property manager will have different policies as well. However, those DAO member PMs are usually active in Lofty's Discord channel for users, so one can ask them directly what is their selection criteria.
It is important to note that owners can propose votes to change property managers anytime as long as they can pass the super majority requirement per the DAO's operating agreement, but the person making the proposal must have an alternative replacement ready at the the time of the proposal.
Application process
Complete application online.
Pay application fee of $35 per adult application – all application fees are non-refundable.
If multiple applications are received for the same home, we will process all applications in the order they are received until we have an approved applicant.
All conditions of the application process must be met for applicant to receive an approval
Applying for a home does not guarantee its availability.
A property is still considered available until it is removed from the property manager's website.
Applications
Each occupant over 18 years of age must complete an application and show valid government issued ID or proof of legal residence status with a visa.
Providing false and /or misleading information are grounds for rejection of an application and loss of any application fee and a basis for termination of the lease if subsequently discovered.
Any co-signers must complete the application process and prove income 4x the monthly rent.
Income Requirements
Applicants must provide proof of monthly net income equal to a minimum of 3 times the monthly rent. (EXCEPTION: On homes with monthly rent less than $500, applicants must provide proof of monthly net income equal to a minimum of 2 times the monthly rent.)
Income will be verified by one or more of the following as required by management:
Pay-stubs for a minimum of the last 30 days for each applicant.
Self-employed must submit prior years filed tax return for Corporate Rentals.
Offer letter from new employer with contact information for verification.
Official records proving retirement, disability, social security, alimony, pension and or child support benefits etc.
NOTE: Unemployment will NOT be considered as proof of income.
Rental History Requirements
If negative rental history (including, but not limited to, evictions, late payments, current, or past outstanding debts to previous landlords, etc.) is found, then application may be denied, or subject to an increased security deposit, at PM’s sole discretion.
If PM is unable to verify rental history, additional documentation may be requested.
Criminal Background & Credit History
Criminal Background checks will be performed on all applicants.
Applicants with credit scores under 500 or applicants without established credit are subject to PM’s sole discretion to determine if income and background are sufficient to approve the application.
PM may require an increased security deposit for credit scores under 500.
Occupancy Standards
PM abides by occupancy standards based on 2 persons per bedroom.
Pet Policy
All pets must be disclosed on the application and approved by PM
Maximum of 2 pets allowed in a property which accepts pets
No pets over 65 lbs or aggressive breeds
A $275 non-refundable pet fee will be assessed per approved pet
There is a $15 per month per pet fee assessed throughout the lease.
Forms of Payment
Application fees may be paid online at the time of application or may be paid at the PM’s leasing office. If paid by money order at the office, the money order needs to have the address of the property you are applying for and you need to let a leasing agent know you have submitted it. No application will be processed until fees are paid.
All deposits and first month’s rent must be made in the form of money order, certified funds and/or cashier’s check or a combination thereof. The security deposit & rent MUST be in two separate forms of payment, i.e. one money order for security deposit and one money order for rent.
PLEASE NOTE: PM does not accept cash payments of any kind
Equal Housing Opportunity Statement
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation.
We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.