Rental Criteria

The following is a list of our rental criteria and general process. We accept all applications on a first come, first served basis. We process applications in the order in which they are received, not in the order of property showings and/or any other communication to our office. The applications submitted are not considered complete until

  1. All applicants for the unit have applied.
  2. All information required has been submitted to Leading Edge Property Management.

The following is a general list of information required for all applicants; some applicants may be required to submit information beyond this list.

  • Valid Government issued ID.
  • Valid Paystubs for a one-month period.
  • Current photo of any pet listed on the rental application.
  • Current photo of any service animal on the rental application.
  • Documentation for service animal(s), upon request by Leading Edge PM.

All of the above listed information must be emailed to Stacey@EdgeHomeRentals.com to have your application be considered complete.

We use Acranet to perform our background checks. During this process Acranet will confirm/verify your employment, rental, criminal, credit history using an in-house process or possibly an outside agency if applicable to locate this information. Leading Edge Property Management and Real Estate, LLC does not accept the comprehensive reusable tenant screening report.

  • Incomplete applications will not be processed.
  • An application will be processed once it is complete and paid.
  • No cash or out of state checks will be accepted for payment. We encourage you to pay online.
  • Application fees are non-refundable for all applicants.
  • Application fees are $40 per person. All people 18 years and older residing in the residence must submit an application.

Rental Criteria:

Criteria may vary based on the property managed or leased by Leading Edge Property Management and Real Estate, LLC. The criteria listed below is the general criteria for Leading Edge Property Management. Any report returned with more than one category with an adverse, will result in either a double security deposit, a qualified co-signer, both a double deposit and qualified co-signer, or denial of application.

GROUNDS FOR DENIAL WILL RESULT FROM THE FOLLOWING ON ALL APPLICANTS: Verified unpaid eviction showing on credit report or confirmed with landlord.

Verified unpaid eviction showing on credit report or confirmed with landlord. Unpaid collection verified on credit report. Balance owing to landlord. 3 or more late payments and/or NSF checks and/or noise complaints within a 12 month rental period (current and/or previous). Unverifiable social security number. Falsification of rental application. Breaking lease agreement that will result in collection filing. Open Bankruptcy.

Income to Rent:

Monthly verifiable income must be equal to at least 3.0 times the rental amount if income is less than 3.0 times the rental amount but more than 2.5 then an increased deposit may be requested. Income that is less than 2.5 times the rental amount may require a qualified cosigner. Final recommendation will also be dependent on rental, credit & employment history.

Acceptable documentation for verifiable income varies based on the income source. Generally accepted documentation may include 2 consecutive (recent) pay-stubs, most recent tax returns, W2, Leave & Earnings Statement (LES), Statement of Social Security Benefits, I20 (International Students), etc.

Credit:

At least 4 accounts established for 1 year in good standing. If derogatory credit history is in excess of $3000 (excluding medical and student loans) an increase deposit-OR- cosigner may be requested. Final recommendation will also be dependent on income, rental & employment history.

Delinquent Accounts in past 3 years:

No more than 2 or below delinquent, student and medical accounts are not factored.

3 or more delinquents may result in a conditional approval or denial.

Collection Accounts in past 3 years:

No more than 2 or below delinquent, student and medical accounts are not factored.

3 or more delinquents may result in a conditional approval or denial.

Bankruptcy:

No Bankruptcy in the past 3 years, this will result in denial of
applications.

Criminal Information:

Convictions on Crimes against a person and/or property, Drug manufacturing and/or drugs that adversely affect others around, Registered Sex Offenders in the past 7 years

Eviction Information:

Any Eviction in the last 7 years will result in denial.

Rental References:

3+ Late payments in 3 years will result in either conditional approval or denial.

6+ Late payments in 3 years or any false information on application will result in denial.

Employment References:

Employed for 1 year or more and all information matches application.

Less than 1 year employment, and all information matches application, will result in conditional approval.

COSIGNER QUALIFICATION CRITERIAA cosigner will be APPROVED if all of the qualifications below are met, if the cosigner does not meet any 1 of the following criteria then the cosigner will not qualify.

RENTAL HISTORY: 1 year of valid and verifiable rental or mortgage history with no late payments.

CREDIT HISTORY: At least 4 accounts in good standing for 1 year with less than $500 in derogatory credit. Any open Chapter 7 or 11 bankruptcy will result in denial.

EMPLOYMENT: 12 months with current employer or previous employment in same field of work.

INCOME: 4 times the rental amount of the unit in verifiable, garnishable income.

WHEN YOUR APPLICATION IS APPROVED

PAYMENT OF RESERVATION FEE: Once your application is approved, you will be notified by our staff and will be required to pay your reservation fee within 24 hours. Your reservation fee is equal to your security deposit. This fee is used to hold the property for you until you move in. Once your reservation fee and signed reservation fee form are received at our office, the property will be removed from the rental market. Once you sign the rental agreement, the reservation fee will become your security deposit (on the date of possession notated on your rental agreement). In the event you decide to not move into the property, for any reason, this fee is non-refundable.

TENANT IS RESPONSIBLE FOR SETTING UP UTILITY SERVICES: Once your application has been approved and your possession (rental agreement signing) date is scheduled, you are responsible for contacting the utility companies to start service in your name on the date your tenancy begins.

MOVE IN PROCEDURES: Once you have paid your reservation fee and signed the reservation form, our office will email you details for your rental agreement signing appointment. We sign our rental agreements through an E-Signature process.  We will need email addresses for each new tenant, and most documents will be signed via E-Signature.  An appointment for your key pick up and signing of the move in report will be scheduled.  Please be on time and completely prepared for your signing appointment. If you are late or do not have all monies or documents, your appointment may need to be rescheduled for a different date/time, however you will still be responsible for rent on the original agreed upon possession date. Please note personal checks will NOT be accepted as move in funds. Move in funds must be paid in either Cashier’s Check or Money Order only payable to Leading Edge Property Management and Real Estate. All rent funds must be paid separate from deposits.

At Leading Edge, we go above and beyond what is required by the WA State RLTA to memorialize the condition of the property at the time of move in.  Not only do we provide a statement of condition and a move in condition checklist, as required by WA State, we also take the time to fully document the condition of the property with color photos labeled by room and fixture.

We find the move out process to be perhaps the most stressful part of a move for the tenants, and the opportunity for disputing damages and cleaning at the time of move out is high, when you depend on just a move in check list.  The importance of the photos protects your security deposit deductions from pre-existing condition charges, it protects the owner's property so there is clear and convincing evidence of its original condition and it protects our reputation.  It is a win win for all involved.  However, it is time consuming.

We also utilize technology designed to streamline the lease signing process.  Part of the leasing fees we charge help offset our costs in the subscription fees for our web based products.

Following is a breakdown of our leasing fees, this does not include the application fee or security deposit:

  • $75.00 for Three and less Bedroom Units
  • $100.00 for Four Bedroom Units
  • $125.00 for Five and Six Bedroom Units
  • We also assess a $25.00 pet acceptance and lease preparation fee per pet.

It is our goal to give all of our tenants every opportunity to maximize their security deposit refund and we believe the move in process plays a crucial role.

 

IF YOUR APPLICATION IS DENIED

You will be contacted by our office staff and given the name and phone number of the screening company used to process your application. Leading Edge Property Management and Real Estate does not discuss the results with you. You will need to contact the screening company to find out why your application was not approved. You will be mailed an adverse action letter stating the reason for denial. If the denial was based on your credit report, you will be entitled to a free copy of your credit report from the credit bureau.