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Rental Application

five-star

I am a real estate investor in Philadelphia and could not be more happy with Yuriy and the rest of the team. Yuriy himself has over 10 years experience as an investor himself and his knowledge of the geographic region has been critical to our decision making. We are currently using Yuriy as our realtor and as our property manager. He is responsive, knowledgeable, and easy to work with. He has saved us from multiple potential bad situations in looking for investments. Because of his attention to detail, our closings have been very smooth. We also have to do most of our investing out of state and the Trustart team makes it easy. I would highly recommend Yuriy and the Trustart team as a realtor or property manager for anyone in Philadelphia - we are lucky we found them when we did!

Kealan Hobelmann Rental Property Owner

Uniform Screening Criteria

We process applications and score is on the criteria described in this policy. We select the best qualified tenant based on the highest scoring application.

Each application requires that we verify credit history, leasing history, income, and criminal reports. Factors such as your move in date, pets and your behavior and cooperation with our staff may also be considered in the application decision. As well as unpaid debt, collection, reposition and/or any other derogatory mark on the credit history.

In Order to Process Your Application, We Need You to Provide us the Following 4 Items:
  • Completed application- We must have a separate completed application for anyone 18+ years old that will be living at the property. Please make sure to complete all fields as we only process fully completed applications.
  • A copy of a state issued photo ID.
  • Proof of income for all applicants- Applicants must provide verification of legal income sufficient to meet the rent to income ratio. Examples of verification include, but are not limited to, last three paycheck stubs, payroll report from employer for at least the two most recent pay periods, current proof of government income (such as Social Security, disability, welfare, etc.), proof of retirement income, liquid assets (e.g. savings/bank account, stocks), proof of spousal and/or child support, or any other legal verifiable income. Verification of more than three pay periods may be required if the income is not consistent. If the applicant is hired but has not received a paystub yet, a written letter of hire from employer detailing wage/salary, position and start date is required. Combined household income can be accepted for the scoring of the application.

Self-employed applicants must provide a copy of the previous year's tax return in in Q1 or Q2 of the year. In Q3 and Q4, applicant must also provide documentation of the current year's financial performance in addition to last year's tax return. Gross income is calculated as total income before taxes less child/spousal support, debt service, payroll garnishments for loans, taxes, child/spousal support, etc. Tax free income is divided by .85 to account for the difference in taxed and non-taxed income such as social security, disability or state support.

  • $55 non-refundable fee per application. PLEASE NOTE, SINCE WE INCUR COSTS TO PROCESS AND SCREEN EACH APPLICATION, APPLICATION FEES ARE NON-REFUNDABLE.

Application Policies

  • You must be willing to start the lease within 30 days of applying if the property is vacant at the time of application. If property is not available until a future date, you must be willing to start a lease within 21 days of the availability date. Please check with our team if this is a concern.
  • A complete application package includes all four items listed above. Only fully completed application packages will be processed. An incomplete application package will not be considered. Please attach all documents to your online application.
  • Our application process generally takes three business days from the day you provide us a complete application and all required documents. If there are multiple applicants, it can sometimes take longer, but our goal is to get you a decision within three business days. We make no guarantee as to the time it will take to process your application. The time required varies based on the responsiveness of your landlords and employers and other business demands.
  • We must verify your rental references, so please make sure to provide working phone numbers for your current and previous landlords. When possible, it is a good idea to let them know we will be calling in advance. If you cannot provide contact information for your former landlords, we cannot consider that history and your application score may be affected.
  • There are times when a company would like to rent a property in the company name. In those instances, we will require an individual to also be on the lease as a responsible party, either as an occupant lease holder or co-signer. This may be a principal of the company or the employee who is living at the property. The person who is responsible for the lease must qualify by our conventional scoring criteria. For occupant/non-leaseholders we require a criminal background check as part of the application.
  • Be honest and truthful in your application and answer all questions. Any falsification of facts or withholding of information requested on the application is cause for denial. If the falsification of facts is revealed after a lease has been signed, this is a reasonable cause for eviction.
  • If you have not seen the property, your application may be subordinated to other applicants who have seen the property. We strongly encourage you to view the property prior to applying.
  • Please note, if your application is approved, TrustArt Realty needs a minimum of 1-2 business days to prepare the property prior to your move in.

Application Scoring

Credit

1 - 700+ FICO score
2 - 600-699 FICO score
3 - 550-599 FICO score or No Score
4 - ≤ 549

Open (non-discharged) bankruptcy is cause for automatic denial of the rental application.

Rent/Income Ratio (This is a household measurement, all applicants' income is combined for scoring)

1 - Verifiable rent to income ratio is 21% and less OR assets in bank accounts and investment accounts total six times the total rent for the lease term.
2 - Verifiable rent to income ratio under 28%.
4 - Verifiable rent to income ratio is 28%-32%
6 - Verifiable rent to income ratio is 33%+

When an applicant presents child support as a source of income, we need to be able to verify the income to consider it part of the application income. Acceptable forms of proof are court orders and notarized statements with proven receipt of the funds. (i.e. bank statements showing regular deposits)

All rent to income ratios is rounded to the nearest whole percent. Temporary or seasonal income will not be considered. Income without sufficient documentation (e.g. paystubs, statements, letter of hire) will not be considered. If applicant is starting a new job, paystubs are not necessary but a letter of hire detailing wage, start date and position will serve as the documentation.

Landlord History (not including COVID-19 emergency period)

1 - No eviction record, no late rent/mortgage payment record in 3 years, or last three years of address history is in a home owned by applicant
2 - No eviction record, no more than 1 late rent/mortgage payment record in 3 years, or last three years of address history is in a home owned by applicant or no leasing history (with non-family or friend landlords)
3 - No eviction record within last 4 years, 2 late rent/mortgage payment records in 3 years
4 - 3 or more late rent/mortgage payment records in 3 years

Current Landlords will be asked to rate your cleanliness and general upkeep of your unit during your tenancy on a one-to-four-star scale. One being worst and four being the best. If you are given one star, two points will be added to your overall landlord score. If you receive two stars, one additional point will be added. If three or four stars are given, no additional points will be added.

Three years of address history must be verifiable. Proof of previous rental payments may be required. Lack of verifiable address history may result in application denial at the discretion of TrustArt Realty.

Your application will be denied if you have Negative Landlord Reference regarding property damage or outstanding balance due, Outstanding Landlord Collection or Judgement, eviction record within last 4 years (not including COVID19 emergency period) or Mortgage is currently past due (Not including COVID19 emergency period).

Criminal History

Criminal history is given an individual assessment and is either considered qualified or unqualified based on those facts separate from the scoring of financial matters. In order to fully consider your criminal history, please provide any information you feel is necessary to understand the context of your convictions. Examples of information you may want to provide for consideration include the circumstances surrounding the criminal conduct, your age at the time of the conduct and evidence of rehabilitation. As we evaluate an applicant's criminal history, special attention is paid to violent and sexual offenses. We base our decisions related to criminal history on our business concern for the safety of other residents and our staff. Only convictions are considered, arrests without conviction are not considered when evaluating an application. Convictions for the manufacture and distribution of illegal drugs (Within the past 10 years) will result in application denial.

Pets

Please check the advertisement on www.trustartrealty.com to confirm if pets will be considered, and what the number, type and weight restrictions are. Your application may be subordinated to other applications, if other applicants do not have pets. You must submit pet applications at https://trustartrealty.petscreening.com . No pets will be considered without a pet application. PetScreening.com fees apply. You MUST submit current vaccination records, photos and your tenant insurance policy number in order to have your animal considered. The information you submit to Petscreening.com will provide a score of 1 through 5 Paws. Animals meeting a minimum score of 3 out of 5, with all documents uploaded and meeting the weight and type restrictions will be approved.

Scoring Decision

All earned numerical scores added and:

≤ 7 = approved

8 = high risk, if no more than one category is scored at highest possible score then a co-signer or higher deposit may be required to be approved. Co-signers live in the United States AND must score ≤1 on credit AND 1 on landlord history AND have verifiable gross income at least four times the rent after subtracting debt service and the amount of rent. Whether a higher deposit or co-signer (or both) is required is at the discretion of TrustArt Realty.

9 or higher = Declined

If you are applying with multiple people, we take average scores of each individual to get a score for the whole application. If your application score is not a whole number, it will be rounded to the next whole number. (e.g. average score is 3.33 then the score is rounded to 4)

When choosing an applicant, we also look at move in date. Please make sure to list the earliest date you are willing to start your lease.

If we have multiple applicants who score the same, we then look at move in date, then credit history to select the best applicant.

To apply please follow this link and choose the property listing that you want to apply.

Click "APPLY FOR THIS UNIT" button.

The system will prompt you to create an account. Follow the instructions for the application.

Every person in the household 18-years and older must fill out an application.

$99 Lease administrative fee charged to a tenant for any new lease inception.

Should you have any questions, feel free to contact us. We will gladly help you with the application process.