Identity
Each applicant will need a valid State or Federal issued Identification, such as a Drivers License, Military ID, or Passport. Expired identifications are not considered valid.
Credit
Generally, each applicant must have a credit score of 620 or higher. Applicants with a lower credit score may be able to qualify with a qualified co-signer and/or a qualified co-applicant.
Income
Generally, the combined income of all applicants must be at least 3 times the monthly rent. For example, if the monthly rent is $1000 per month, the combined income of all applicants must be at least $3000 per month. The minimum income may be impacted by monthly debt obligations, such as car, personal, and credit card payments.
Background Check
In addition to a credit check, PaceCo runs a comprehensive evictions and criminal background check report for each applicant.
Evictions - No evictions within the last 5 years for any applicant.
Criminal - All applicants must meet our Criminal History Criteria. Applicants that are registered sex offenders will be denied. Applicants must have no felony convictions less than 10 years old that involve violent crimes against persons or property, including but not limited to murder, arson, kidnapping, assault, bomb related offenses, robbery or burglary, terrorism OR that involve the manufacturing or distribution of drugs in any manner. All other felony convictions must be more than 5 years old. Conviction of any drug related offenses involving possession only, or alcohol related offenses where no one was permanently injured or killed, must be at least 2 years old. Successful completion of any felony sentence at least 2 years ago and no new criminal activity for at least 2 years before this application is also required. No applicant with any outstanding warrants or crime that is awaiting trial will be accepted. If applicant would like us to review additional information regarding the felony conviction or the current arrest or warrant as part of the rental application, the applicant is permitted to submit that information along with their application and we will review that information on a case by case basis.
Evictions - No evictions within the last 5 years for any applicant.
Criminal - All applicants must meet our Criminal History Criteria. Applicants that are registered sex offenders will be denied. Applicants must have no felony convictions less than 10 years old that involve violent crimes against persons or property, including but not limited to murder, arson, kidnapping, assault, bomb related offenses, robbery or burglary, terrorism OR that involve the manufacturing or distribution of drugs in any manner. All other felony convictions must be more than 5 years old. Conviction of any drug related offenses involving possession only, or alcohol related offenses where no one was permanently injured or killed, must be at least 2 years old. Successful completion of any felony sentence at least 2 years ago and no new criminal activity for at least 2 years before this application is also required. No applicant with any outstanding warrants or crime that is awaiting trial will be accepted. If applicant would like us to review additional information regarding the felony conviction or the current arrest or warrant as part of the rental application, the applicant is permitted to submit that information along with their application and we will review that information on a case by case basis.
Documentation
Once an applicant has been pre-screened, additional documentation may be requested to verify credit, income, identification, or background information. This may include but is not limited to paystubs, bank statements, rental history verification, employment verification, and letters of explanation. We will notify you of the exact documentation needed prior to final approval.
Deposits
Refundable Security Deposit - Once the applicant(s) have been approved, a refundable security deposit equal to one month's rent is due at lease signing which will hold the property until the move in date.
Cleaning Deposit - Cleaning deposits vary depending on size of the property, typically around $300-$350 for an average size home. Any unused portion of the cleaning deposit will be returned to tenant after move out.
Pet Deposit - Varies depending on number of pets.
Cleaning Deposit - Cleaning deposits vary depending on size of the property, typically around $300-$350 for an average size home. Any unused portion of the cleaning deposit will be returned to tenant after move out.
Pet Deposit - Varies depending on number of pets.
