Qualifying Criteria
Please find the applicable Qualifying Criteria below for the following properties (Updated as of 11/22/2024):
438 Union Drive Los Angeles, CA 90017
512 S. Bonnie Brae Los Angeles, CA 90057
626 S Bonnie Brae St Los Angeles, CA 90057
501 S. Burlington Ave Los Angeles, CA 90057
625 S. Burlington Ave Los Angeles, CA 90057
733 S. Coronado St., Los Angeles, CA 90010
811 S. Union Ave., Los Angeles, CA 90017
323 S. Burlington Ave., Los Angeles, CA 90057
1433 Miramar St., Los Angeles, CA 90026
1817 W. 4th St., Los Angeles, CA 90057
1135 S. Grand View St., Los Angeles, CA 90006
667 S. Carondelet St., Los Angeles, CA 90057
1416 W. 10th Pl., Los Angeles, CA 90015
1422-1426 W. 10th Pl., Los Angeles, CA 90015
2404-2410 S. Budlong Ave., Los Angeles, CA 90007
915 S. Carondelet St., Los Angeles, CA 90006
326 S. Normandie Ave. Los Angeles, CA 90020
The following are our qualifying criteria*:
1. Source of Income
An applicant must show proof of a continuous source of income for at least the past 6 months and must be at least equal to two times the monthly rent. The source of income should be considered permanent. Notwithstanding the above, a verifiable offer letter of employment indicating projected income of at least two times the monthly rent shall be acceptable. Any verified proof of savings funds, divided by 12, could be used to supplement the necessary income required above. An applicant who does not meet the above requirements shall be subject to rejection.
If you are applying with a co-signer/guarantor and you wish for their income to be considered in addition to yours, their applicable contribution to your income requirement will be calculated by first evaluating their monthly rent obligation, which they will be required to provide on their application. Their monthly rent will be multiplied by 2, and subtracted from the gross monthly earnings that they are able to demonstrate via acceptable forms of proof of income. The remaining value will then be added to your income for evaluation against our qualifying criteria. For co-signers with a credit score of 680 or above, their monthly rent will be multiplied by 1.5.
2. Prior Rental History
The applicant should have at least 6 months of positive rental history, which immediately precedes the date of their application, and be able to provide references such as the prior manager’s telephone number or email address. We must be able to contact these references. Rental references from a family member will not be considered sufficient unless proof of payment (i.e. rent receipts, cancelled checks) can be provided. Lack of rental history will bring an applicant approved at “standard” to a 1-month deposit. Any applicants who are already at a 1-month deposit and lack rental history or have negative rental history will be denied. Notwithstanding the above, proof of on-time rent payment (i.e. rent receipts, cancelled checks) for the preceding three months may be accepted if a reference cannot be obtained for some reason.
3. Evictions
The applicant can have no evictions or unlawful detainer actions on their record during the past seven years. This would include even an unlawful detainer action without a monetary judgment. In general, an eviction would be an automatic rejection.
4. Criminal Background Check
We check the criminal background of a prospective tenant.
We consider information like the facts or circumstances surrounding the criminal conduct to see if they directly bear on a prospective tenant’s ability to be a good tenant, how long ago the conduct happened and whether a prospective tenant was a minor or young, whether the conduct arose as a result of a disability or domestic violence, whether a prospective tenant has maintained a good tenant history before and/or after the conviction, and evidence of a prospective tenant’s rehabilitation efforts.
We consider facts or circumstances surrounding the criminal conduct that help explain the event and show that a prospective tenant is still going to be a good tenant. This includes rehabilitation efforts, that a prospective tenant was young when the criminal conduct occurred, that the conduct occurred a long time ago or was the result of domestic violence, that a prospective tenant has been a good tenant elsewhere, and/or that a prospective tenant has steady employment. We encourage a prospective tenant to present additional mitigating information that could inform our decision.
We do not consider any infractions or arrests that didn’t lead to a conviction. And unless a prospective tenant chooses to bring it up, we do not consider convictions that have been sealed or expunged, adjudications in the juvenile justice system, or a prospective tenant’s participation in a pre- or post-trial diversion program.
5. Credit Report & Score
Credit history must be clean with no late payments, judgments or collection accounts with a minimum FICO Score of 680 (to qualify for the standard deposit).
Qualifying criteria #5 may be adjusted by an increase in the security deposit based on the guide below. This increase is in addition to the previous increases in the security deposit listed above. If the total increases in the security deposit would exceed one month, then applicant will be rejected. Note that collection accounts relating to rental properties are looked at more negatively than other collection accounts and will result in a rejection (this does not pertain to previous COVID-19 hardship deferrals).
CREDIT SCORE REQUIRED
680 – Above: Qualifying score (no increase in security deposit)
600-679: 1 month security deposit
Below 600: Rejection*
No Score With no more than 2 reported collections: 1 month security deposit (must meet all other criteria, otherwise will constitute a rejection)
No Score With more than 2 reported collections: Rejection
No Hit: 1 month security deposit (must meet all other criteria, otherwise will constitute a rejection)
·There is no additional pet deposit, however tenants with approved pets will be subject to $25/month pet rent. The charge is per pet, with a maximum of two pets per unit. *
·Please note that, for existing tenants in good standing who wish to transfer to a different unit, exceptions to the above requirements may be made at the discretion of Statewide Enterprises, Inc.
*Pet rent shall not be charged for tenants with an approved accommodation of an ESA or service animal. Please review our FAQ’s and Disability Accommodations and Modifications Policy for more information.
All move-in funds must be paid by money order if paid within seven (7) days of the approved move-in date.
