Rental Criteria

The criteria for any and all applicants for leasing of properties managed by Cogswell Real Estate, are as follows.

 All applicants must be at least 18 years of age or older. 

All applicants must pay an application, consent to a background check, and sign a lease agreement. 

Once the application has been run the application is non-refundable. 

All applications are run with the Fair Housing Law guidelines, all applications are run in order. Applications are run on a first come first served basis.  Application must be completely filled out completely, and an application fee paid prior to the application being processed.  Once the application has been completed and a decision has been made about the application either a lease an agreement shall be sent out, or a denial letter shall be sent out. 

Criminal History 

We do not accept applicants that have been convicted of fraud, financial crimes, or any violent crimes either felony, or misdemeanors. Any applicant that is a sex offender, or on the sex offender registry will be denied tenancy. We do not accept applicants that have had a bankruptcy with in the past five years of applying. We do not accept applicants that have been convicted of manufacture or sales of controlled substances, consideration maybe applied that have been through successful rehabilitation. Any pending legal action must be disclosed at the time of application, and application maybe denied is the prospective tenant does not disclose any pending legal action. 

Rental history

Applicants will provide rental history for current and past landlords. Agent will call to verify the information is correct. If we cannot contact the past landlords, the application will be denied.  Applicant maybe denied if there is a history of consistent late rental payments. If the applicant has been evicted in the past the application will be denied. 

Credit History 

Applicants will be subjected to a credit check; one or more applicants must have a minimum of a 640 FICO score. All credits lines must be current on payments. If the applicant is in collections the application shall be denied. The only exceptions are student loan debt, and medical debt. If the applicant has filed for bankruptcy within the past 18 months the application shall be denied. 

Income verification 

Applicant income must be more than 40% of the rental rate of the unit the applicant is applying for. The applicant’s monthly income must be two times what the rental rate of the unit they are applying for. A guarantor maybe used to bring the income rate to the minimum. Guarantors must apply and meet criteria as well. Pay stubs, bank statements, SSI award letter, tax returns for self-employed applicants, or housing award letter maybe used to as income verification.  We will contact your employer to verify that the information is accurate. If we are unable to verify employment the application shall be denied.  

Additional that may apply

Once an application is approved a security deposit shall be deposited into the Cogswell Real Estate Property Management Real Estate Trust Account. Tenants are required to have renters insurance and will provide a declaration sheet to the manager.  If the application is initially denied due to credit requirements you maybe able to use a double deposit, or to have a guarantor to assist you. Lack of rental history having a cosigner can be used to secure the rental property. A double deposit, or pre-paid rent maybe required as well.