RENTAL CRITERIA

RENTAL CRITERIA

Applicant FAQ

  • Who Must Apply

    • All individuals planning on living at the property over the age of 18, must submit a separate application.
    • All individuals under the age of 18, must be listed on the application under Dependents.
    • Co-signers / Guarantors are not accepted.

  • Application Fees

    • A application submitted to TransCapital Property Management may be applied to ANY home under our management. No need to submit multiple applicants for multiple properties. Please note approval for one property may not mean approval for another. 
    • Application fees are $40.00 per adult.
    • Application fees may be refunded upon request to fully approved applicants only. 
    • If applicants do not meet the income, rental history / home ownership, and credit requirements fees are NOT refundable.
    • Please review ALL requirements prior to applying.

    The Application Fee pays for the following cost incurred by TransCapital Property Management. 


    • Actual cost of credit report, unlawful detainer (eviction) search, and/or other  screening reports. - $15.00
    • Cost to obtain, process and verify screening information (may include staff time and other soft costs) $25.00
    • Minimum Cost to TransCapital Property Management. - $40.00
    • Paid Third Party Verifications, such as the Work Number, are the applicant's financial responsibility and are not covered in the $40.00 application fee. 

    For information about how to obtain copy of your screening report please visit https://www.appfolio.com/consumer

  • Income

    • Combined gross monthly income must be at least two and one half  (2.5) times the monthly rent and must be verifiable. 
    • Pursuant to California Government Code §12955(o), for applicants with rental vouchers or subsides, the income threshold will be calculated based on the amount of rent that will be paid by the tenant (not the entire rent amount).
    • All income must be legal, verifiable in writing, and paid directly to the applicant.

    Acceptable forms of income verification include, but are not limited to, the following: 


    • W2 Employees: Copies of the most recent year to date paystub. A Verification of Employment (VOE) will be required.
    • Self-employed: IRS 1040 (first two pages of the most recent tax return) and Schedule C (profit and loss statement of the most recent tax return). 3 most current bank statements supporting the income. We will use the most recent tax return net income + depreciation divided by the number of months reported. 
    • Proof of child and/or spousal support payments along with a copy of the court ordered support documents.
    • Proof of social security income, disability or other government income.
    • Proof of retirement or trust fund income deposits (copies of IRA or 401K balances are not accepted).
    • Current offer letter for income/employment verification.
    • Proof of assets that show at least 3 times the annual market rent of the home.
    • Any other written proof of legal, verifiable income paid directly to the applicant or a representative of the applicant.

  • Rental History / Home Ownership

    • No Evictions / Landlord Bad Debt in the Past 7 Years.
    • 2 Years Verifiable Combined Rental / Home Ownership History (excluding renting from family members) for single family homes and apartment communities of 1-4 apartments.
    • Having no rental history may be accepted when applying for homes located in apartment communities of 5 or more apartments.

  • Credit History

    • Scores of 660 and above are required.
    • Scores of 659 or less will result in a automatic denial of the application. 
    • Bankruptcies must be discharged for two years prior to approval of an application.
    • By applying the Applicant hereby consents to the Landlord or their agent obtaining and viewing credit, financial and related personal or business information, and tenant history about the Applicant (including credit reports, credit scores and tenant records), from past and present landlords and from the reporting agencies known as Equifax, TransUnion, Experian and Landlord Credit Bureau, from time to time for the purposes of assessing the Applicant’s  current and ongoing eligibility for tenancy. The consents provided are effective as of the date of this Application and will be valid for as long as required to fulfill the purposes described herein.
    • If the Applicant is granted tenancy with the Landlord, the Applicant hereby consents to the Landlord or their agent disclosing personally identifying information about the Applicant and information about their tenancy, including but not limited to the amount and timing of rent payments, good behavior, problematic behavior, any debt outstanding,  and reviews of the Landlord’s experience regarding the Applicant, to Experian, Landlord Credit Bureau and other  reporting agencies, which may then be used in a tenant record, credit report and credit score for the Applicant and  shared with other landlords and credit grantors.

  • Occupancy Guidelines

    Federal Occupancy Guidelines followed: Max 2 per bedroom + 1 additional occupant; Max 2 per studio.

  • Animal Policy

    Pets are negotiable with pet rent and approval. Size and breed restrictions (subject to individual property owners' insurance requirements) do apply.


    PETSCREENING IS A REQUIRED PART OF THE APPLICATION PROCESS FOR ALL APPLICANTS:

    A welcoming environment is paramount to all our residents. To help ensure ALL our residents understand our pet and animal-related policies, we use a third-party screening service and require EVERYONE to complete a profile (No Pet/Pet/Assistance Animal). This process ensures we have formalized pet and animal-related policy acknowledgments and more accurate records to create greater mutual accountability. If you need accommodation in another way, please contact TransCapital Property Management, Inc.


    Please get started by selecting a profile category on our landing page. Copy and paste the following link in another tab: https://transcapitalpm.petscreening.com/


    Maximum pets permitted is typically 2 per apartment or home subject to individual owners insurance requirements and policies. Pets must have a "Paw Score" of 3 or higher to be considered.


    Policy for cats:   

    • Must be over 1 year old. Kittens are not permitted. 
    • Must be housebroken and have written documentation of being neutered or spayed . 
    • Must be indoors and cannot be fed outside. 
    • Photo of cat is required.  
    • Proof of vaccinations, age, & breed.
    • Animals use of grounds (common areas) for sanitary purposes is prohibited. 

    Policy for dogs:   

    • Must be over 1 year old. Puppies are not permitted. 
    • Must be housebroken and have written documentation of being neutered or spayed .
    • Photo of dog is required.
    • Proof of vaccinations, age, & breed.
    • Must be on a leash and restrained when outside.
    • Animals use of grounds (common areas) for sanitary purposes is prohibited.

    Pet Rent: 

    • $20.00 per aquarium, larger than 1 gallon, maximum of 2.
    • $40.00 per dog, full grown (no puppies), spayed or neutered, maximum of 2.
    • $40.00 per cat, indoor only, full grown (no kittens) spayed or neutered, maximum of 2.
    • $20.00 per bird / rodent cage required .  

    Restricted Breeds:

    • Akita
    • American Bulldog
    • Chow
    • Doberman
    • Malamute
    • Mastiff / Bullmastiff
    • PitBull / PitBull Terrier / American PitBull Terrier
    • Presa Canario
    • Rottweiler
    • Staffordshire Terrier / American Staffordshire Terrier
    • Wolf / Wolf Dog / Wolf Hybrid
    • Any mix or combination of the above listed breeds.

    Housing providers are required to make changes in rules, policies, practices and procedures if the change is necessary to allow a person with a disability full use and enjoyment of the housing. All TransCapital Property Management Inc. managed housing accepts certified assistance and service pets, (companion, emotional support, therapy or comfort animals) without additional deposits or pet rent charges. These animals, referred to collectively as “assistance animals” have no automatic restrictions on their species, breed and weight or the number required. It is important to note that “assistance animals” are not considered pets under Fair Housing policy. No resident may “house sit” any animal at anytime. No pet or animal can ever create a nuisance, be aggressive towards other people or animals, run free or cause damage to the property. 



  • Renters Insurance

    All residents must secure renter's insurance with a minimum $100,000 policy and add TransCapital Property Management and the landlord as an additional insured.

  • Showings

    • Please drive by the property prior to applying to determine if the location is one that will suit your needs. 
    • Applications must be submitted prior to any in person showings.
    • Only applications submitted directly through TransCapital Property Management, Inc. will be accepted.
    • Showing will be coordinated once a application is tentatively approved. 

  • After Approval

    • Approved applicants will have 24 hours from approval or post in-person showing to submit a Holding Deposit (whichever is later).
    • Holding Deposits are non-refundable. Unless an alternative applicant(s) places a holding deposit. Refunds will be pro-rated dependent on the alternative applicants lease start date. 
    • Holding Deposits will become the security deposit upon signing of a lease agreement. 
    • In general Lease Agreements must commence within 10 days of approval unless mutually agreed upon in advance.

Should we be unable to verify any of the information on any application, if the application is incomplete, or if any of the statements are found to be false, the application, and any grouped applicants, will be denied. If an application is denied, you may reapply after 30 days from the date of the denial. However, if the denial was based on lack of receipt of verifications, we will reconsider the application prior to the 30 days upon request of the applicant. Completed applications are processed as quickly as possible and in the order in which they are received. The first completed qualified application which meets the screening criteria will be offered the property for rent.

 

Once an application has been completed, you will be notified of the result via mail or telephone. An approved application does NOT guarantee you a home. An approved application will only determine your eligibility to rent the home you have applied for and will be good for 30 days.

 

Properties are to be rented in its current state and condition and that no promises have been made by TransCapital Property Management, Inc. for any additional improvements beyond what Applicant views at the time of showing or has been agreed to by all parties in writing. The term “showing” includes personal viewings, viewings by Applicant’s representative or via video application. Carpets have been professionally cleaned, or will be professionally cleaned prior to move-in. Necessary painting has been, or will be, completed prior to move-in. All locks are changed prior to move-in. 


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