RENTAL REQUIREMENTS & BUDGET CALCULATOR

credit score: Minimum for viewing - 650.

  • Most properties require a higher score, so please click on the unit’s listing page to see its specific credit requirement here: rentbandb.com/vacancies
  • We use Experian.
  • WE DO NOT RUN YOUR CREDIT UNTIL (UNLESS) YOU FIND A PLACE YOU’D LIKE TO LEASE.

we cannot rent to anyone with credit less than 650, unless either:

SUBSIDIZED HOUSING (e.g. Section 8) EXCEPTION: In lieu of good credit, you can present “verifiable and lawful evidence that [you] can cover [your] portion of the rent” (any amount in rent that is over the amount of the voucher). Source: civilrights.ca.gov

– – OR – – 

You are new to the country and have an I9 or a job offer letter stating gross salary at least 3x the rent.

BUDGET: Based on your savings (bank statements) OR your income (paystubs).    You do not need to submit both.

Combined GROSS Income = 3x the rent for the last 3 months.

BUDGET: average gross income over the last 3 months / 3

Documents needed: Upload your last 3 paystubs.  We can combine multiple jobs for multiple people, but we need the last 3 paystubs for EACH job.

 

SUBSIDIZED HOUSING (e.g. Section 8) EXCEPTION: Bank statements (or paystubs) are only required IF your voucher does not cover the entire rent.  Then, your ending balance for the last 3 months must be at least 12x your leftover portion of the rent.

– – OR – – 

Combined savings = 12x the rent as the ENDING BALANCE for the last 3 months.

BUDGET: lowest of the last 3 months / 12

Documents needed: Upload your last 3 bank statements. You may black-out all but the last few digits of the account number.  We usually only need the first page – bank name, your name, a few digits of the account number, date, and ending balance.

SUBSIDIZED HOUSING (e.g. Section 8) EXCEPTION: Bank statements (or paystubs) are only required IF your voucher does not cover the entire rent.  Then, your ending balance for the last 3 months must be at least 12x your leftover portion of the rent.

OTHER REQUIREMENTS

no prior evictions

THOROUGH BACKGROUND CHECK:

Conducted by an outside company.  Can take up to 5 business days.

RENTAL HISTORY

  • Provide at least 3 years’ rental history if possible
  • If you don’t have enough rental history you may still qualify for the unit, but you will most likely be asked to pay an increased security deposit.

WORK HISTORY

  • Provide at least 3 years’ work history if possible
  • If you don’t have enough work history you may still qualify for the unit, but you will most likely be asked to pay an increased security deposit.

budget calculators

BUDGET based on your monthly net income (last 3 paystubs)

  1.  Enter  COMBINED TOTAL MONTHLY NET INCOME for all adults with income
    * Each adult must submit last 3 paystubs
    * Any adult who works 2+ jobs – submit last 3 paystubs for EACH job

  2.  Enter REQUIREMENT for the # of adults with income – see below

REQUIREMENT:

  • for 1 adult with income,  minimum net income = 2.5x the rent
  • for 2 adults with income, 3.5x the rent
  • for 3 adults with income, 4.5x the rent, and so on.
Budget-Income
$
per month

BUDGET based on your monthly ending balance (last 3 statements)

  1.  COMBINED TOTAL SAVINGS – all adults, all accounts – LOWEST MONTH
    * Each adult must submit 3 bank statements
    * Any adult with 2+ accounts – submit last 3 statements for EACH account
    * Add together to get your combined total savings for each of the last 3 months
    **Enter the LOWEST balance of the LOWEST of the last 3 months

  2. Your budget = lowest ending balance / 5
Budget-Savings
$
per month

The requirement for MOST properties is that your ending balance for the last 3 months is at least 5x the rent.  However, SOME properties have a different requirement.  Please check the unit’s listing on our vacancies page for its exact requirement.

calculate your budgeT

BUDGET based on your monthly net income (last 3 paystubs)

  1.  Enter  COMBINED TOTAL MONTHLY NET INCOME for all adults with income
    * Each adult must submit last 3 paystubs
    * Any adult who works 2+ jobs – submit last 3 paystubs for EACH job

  2.  Enter REQUIREMENT for the # of adults with income – see below

REQUIREMENT:

  • for 1 adult with income,  enter 2.5
  • for 2 adults with income, enter 3.5
  • for 3 adults with income, enter 4.5, and so on.
Budget-Income
$
per month

BUDGET based on your monthly ending balance (last 3 statements)

  1.  COMBINED TOTAL SAVINGS – all adults, all accounts – LOWEST MONTH
    * Each adult must submit 3 bank statements
    * Any adult with 2+ accounts – submit last 3 statements for EACH account
    * Add together to get your combined total savings for each of the last 3 months
    **Enter the LOWEST balance of the LOWEST of the last 3 months

  2. Your budget = lowest ending balance / 5
Budget-Savings
$
per month