Rental Screening Criteria

Applies to everyone

Collections

• Rent-related collections: Any collection account originating from a landlord, property management company, or housing provider appearing on the credit report is grounds for denial, regardless of dollar amount or satisfaction status.
• Non-medical unpaid collections: Any unsatisfied, non-medical collection account with a balance of $500 or more reported within the past 7 years is grounds for denial.
• Medical collections: Medical debt collections are excluded from screening criteria and will not be considered in any determination.

Multiple resident applicants

• All resident applicants 18 years of age or older must submit a separate application and individually meet all credit score requirements.
• Any resident applicant with a credit score below the applicable property minimum will result in denial of the entire application. This deficiency cannot be cured by a cosigner or by the income or credit of other resident applicants.
• Gross income of all resident applicants may be pooled to satisfy income requirements, provided each resident applicant individually meets the minimum credit score for the property being applied for.
• All approved applicants will be executed on the lease as Tenants and are jointly and severally liable for all lease obligations.

Criminal history & the Cook County Just Housing Amendment

Lauber Property Management LLC does not run criminal background checks and does not consider criminal history in screening applicants.

Under the Cook County Just Housing Amendment, you have the right to dispute any inaccurate information about your criminal history and to provide evidence of rehabilitation or other mitigating factors. The Cook County Commission on Human Rights’ rules (Part 700) and contact information are available at:

• Just Housing Amendment to the Human Rights Ordinance (Cook County Commission on Human Rights)
• Part 700: Just Housing Amendment interpretive rules

Use of premises & short-term rental prohibition

• The premises shall be occupied exclusively for residential purposes by the persons listed in the “Name(s) of persons authorized to occupy Premises:” section of the lease.
• Shared Housing Units, Airbnb, and rooms for rent are not permitted under any lease with Lauber Property Management LLC. Tenants may not enter into short-term subleases, rooms for rent, or any Shared Housing Unit arrangement as defined by Section 4-14-010 of the Municipal Code of Chicago.
• Any such agreement will be considered a breach of lease and grounds for termination.
• Guests may not occupy the premises for more than a single two-week period during any single lease year unless listed in the Application.

Application process & fees

Fees

• Application fee: $50.00 per applicant, due immediately upon submission.
• Move-in fee: A one-time fee of $500.00 is due upon acceptance. The move-in fee is non-refundable; the sole exception is if leases are offered to multiple applicants and another applicant pays and signs first, in which case that applicant’s lease will be voided and their move-in fee refunded.

Lease offers

• We do not hold apartments for any applicant. All approved applicants may be offered a lease.
• If leases are offered to multiple applicants and another applicant pays and signs first, your lease will be voided and your move-in fee refunded.
• An application group is not reviewed until all resident applicants have submitted their individual applications and corresponding fees.

Lease signing

• Upon approval, a lease will be offered to the accepted applicant group.
• The move-in fee must be received before the landlord will counter-sign. The lease is not fully executed until the landlord counter-signature is complete.

W-2 employment B-1

For applicants who receive a regular salary or hourly wages from an employer. If your compensation includes commissions or bonuses, see the note below. Graduated within the last 12 months? See Recent graduates.

Credit score

• Refer to the credit score table for the thresholds applicable to the property you are applying for.
• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner to cure the credit deficiency. See Cosigners.
• Scores below the property minimum result in denial of the entire application and cannot be cured by a cosigner.
• Applicants with no credit score will be denied under this category.

Income

Combined gross income of all resident applicants must satisfy:

Gross monthly income ≥ 3.5 × monthly rent

Debt-to-income (DTI) ratio must be at or below 36%:

(Proposed rent + installment loan payments + minimum revolving debt payments) ÷ gross monthly income ≤ 36%

• Proof of income: pay stubs covering the last 30 days. If you have not been paid yet at a new job, a signed offer letter showing your salary and start date, for a job starting within 60 days of the lease start; we confirm the offer with the employer.
• Income must be met independently by the resident applicant pool. A cosigner may cure a credit deficiency but does not cure an income deficiency for employed applicants.

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Self-employed applicants B-5

For applicants who own a business, work as sole proprietors, or operate as independent contractors filing Schedule C, K-1, or equivalent tax forms.

Credit score

• Same requirements as W-2 employment. Refer to the credit score table.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.
• Applicants with no credit score will be denied under this category.

Income

• Two most recent years of federal tax returns are required for income verification.
• Qualifying monthly income is calculated as the average net income across both years:

(Year 1 net income + Year 2 net income) ÷ 24 = average monthly income

Average monthly income must satisfy:

Average monthly income ≥ 3.5 × monthly rent

• DTI ratio must be at or below 36%, using the same formula as W-2 employment above.
• Business expenses that reduce taxable income may be considered for add-back at management’s discretion with appropriate supporting documentation.
• A cosigner may cure a credit deficiency but does not cure an income deficiency for self-employed applicants.

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Gig & contract workers B-6

For applicants whose primary income is from platform-based work, short-term contracts, or freelance arrangements without a traditional employer-employee relationship. Examples include rideshare drivers, delivery workers, and freelancers paid via 1099.

Credit score

• Same requirements as W-2 employment. Refer to the credit score table.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.
• Applicants with no credit score will be denied under this category.

Income

• Proof of income: either last year’s 1099s or federal tax return, or the 3 most recent months of bank statements or platform earnings summaries.
• Qualifying monthly income is the monthly average of the net earnings those documents show:

Total documented net earnings ÷ months covered = average monthly income

Average monthly income must satisfy:

Average monthly income ≥ 3.5 × monthly rent

• DTI ratio must be at or below 36%, using the same formula as W-2 employment above.
• A cosigner may cure a credit deficiency but does not cure an income deficiency for gig and contract workers.

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Full-time students & recent graduates B-2

Full-time student status is determined per HUD definition. Part-time students are not eligible for the accommodations in this section and must meet all standard requirements under W-2 employment.

Credit score

• Refer to the credit score table for the thresholds applicable to the property you are applying for.
• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner. See Cosigners.
• Scores below the property minimum result in denial regardless of student status and cannot be cured by a cosigner.
• Full-time students and recent graduates with no credit score are eligible with a qualifying cosigner. This is one of only two applicant categories where no credit score is acceptable.

Income

• The income requirement may be waived for full-time students and recent graduates with a qualifying cosigner.
• A cosigner may cure a credit deficiency, an income deficiency, or both simultaneously. This is the only applicant category in which a cosigner may cure both at once.
• When a cosigner is curing an income deficiency, the cosigner assumes full financial responsibility for the rent obligation. The proposed monthly rent must therefore be included in the cosigner’s DTI calculation. See Cosigners for the applicable formula.

Qualifying cosigner for students and recent graduates

A qualifying cosigner for a student or recent graduate must independently meet all requirements under Cosigners, including:

• Credit score of 700 or higher
• Combined income (after their own housing costs) of at least 3.5× monthly rent
• DTI at or below 36% including the proposed rent in the calculation
• Stability and jurisdiction requirements

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Social Security & SSI B-3

For applicants whose primary income is from Social Security retirement benefits, Social Security Disability Insurance (SSDI), or Supplemental Security Income (SSI). All three programs qualify equally under this section.

Credit score

• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner for the credit deficiency. See Cosigners.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.
• Applicants whose primary income is Social Security, SSDI, or SSI and who have no credit score are eligible without the standard credit score requirement. This exception applies only to this income category.

Income

Combined verifiable fixed income must satisfy:

Gross monthly income ≥ 3.5 × monthly rent

DTI ratio must be at or below 36%:

(Proposed rent + installment loan payments + minimum revolving debt payments) ÷ gross monthly income ≤ 36%

• Income must be met independently. A cosigner may cure a credit deficiency but does not cure an income deficiency for Social Security and SSI applicants.

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Pension & retirement income B-3

For retired applicants whose primary income is from a pension, annuity, IRA or 401(k) distributions, or similar retirement instruments. Applicants who also receive Social Security or SSDI should refer to Social Security & SSI.

Credit score

• A minimum VantageScore 4.0 per the property table is required.
• The no-credit-score exception available to Social Security and SSI recipients does not apply to this category. A VantageScore 4.0 is required.
• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner for the credit deficiency.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.

Income

• Accepted documentation: pension statements, annuity statements, IRA or 401(k) distribution records, or equivalent documentation from a financial institution.
• Combined verifiable retirement income must satisfy:

Gross monthly income ≥ 3.5 × monthly rent

• DTI ratio must be at or below 36%, using the same formula as Social Security applicants above.
• Income must be met independently. A cosigner may cure a credit deficiency but does not cure an income deficiency for retirement income applicants.

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Other recurring income B-7

For applicants whose income does not come from employment, self-employment, or a government program. This includes trust fund distributions, investment income or dividends, royalties, and regular financial support from family members.

Credit score

• A minimum VantageScore 4.0 per the property table is required. There is no no-credit-score exception in this category.
• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner for the credit deficiency.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.
• Applicants with no credit score will be denied under this category regardless of income amount or documentation.

Income

• Income must be recurring, verifiable, and deposited into a U.S. financial institution.
• The 3 most recent months of documented deposit history are required, except where last year’s federal tax return is accepted below.
• Accepted documentation by income type:
  • Trust distributions: Trust documents establishing entitlement, plus the 3 most recent months of distribution statements or corresponding bank deposits
  • Investment income / dividends: Brokerage statements showing the 3 most recent months of distributions or dividend payments, or last year’s federal tax return
  • Royalties: Royalty agreements plus either the 3 most recent months of payment statements or bank deposits, or last year’s federal tax return
  • Regular family or parental support: A signed letter from the person providing the support stating the amount and frequency, plus the 3 most recent months of corresponding bank deposit records
• Qualifying monthly income is the monthly average of documented receipts:

Total documented receipts ÷ months covered = average monthly income

Average monthly income must satisfy:

Average monthly income ≥ 3.5 × monthly rent

DTI ratio must be at or below 36%:

(Proposed rent + installment loan payments + minimum revolving debt payments) ÷ average monthly income ≤ 36%

• Income must be met independently. A cosigner may cure a credit deficiency but does not cure an income deficiency for applicants in this category.

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Section 8 / Housing Choice Voucher B-4

For applicants who hold a Housing Choice Voucher (Section 8) administered by a public housing authority. All credit requirements apply equally to voucher holders.

Credit score

• Refer to the credit score table for the thresholds applicable to the property you are applying for.
• Scores at or above the property minimum but below the no-cosigner threshold require a qualifying cosigner for the credit deficiency. See Cosigners.
• Scores below the property minimum result in denial and cannot be cured by a cosigner.
• Applicants with no credit score will be denied under this category.

Income

Combined gross income of all resident applicants must satisfy:

Gross monthly income ≥ 3.5 × tenant’s monthly contribution

DTI ratio must be at or below 36%:

(Tenant’s monthly contribution + installment loan payments + minimum revolving debt payments) ÷ gross monthly income ≤ 36%

• Income must be met independently. A cosigner may cure a credit deficiency but does not cure an income deficiency for Housing Voucher applicants.

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Cosigner requirements C

A cosigner is an applicant who does not intend to occupy the premises. Cosigners are executed on the lease as Tenants and assume full joint and several liability for all lease obligations. Execution of the lease as a Tenant does not confer any right of occupancy upon a cosigner.

Financial requirements

• Cosigner credit score of 700 or higher is required.
• Where multiple cosigners are used, all cosigners must individually meet the 700 credit score requirement. Cosigner income may be pooled across multiple cosigners to meet the income threshold.
• All cosigners’ combined gross income minus all cosigners’ combined monthly housing costs must satisfy:

(Gross monthly income − monthly housing costs) ≥ 3.5 × monthly rent

• Monthly housing costs include: rent, or principal & interest + HOA fees + property taxes + insurance, as applicable.
• Cosigner income is calculated independently of resident applicant income. Income may not be combined across the resident applicant pool and the cosigner pool.
• DTI ratio must be at or below 36%. The applicable formula depends on the deficiency being cured:

Credit cosigner only (B-1, B-3, B-4, B-5, B-6, B-7, or B-2 credit cure only):

(Housing costs + installment loan payments + minimum revolving debt payments) ÷ gross monthly income ≤ 36%

Income cosigner, or credit and income cosigner (B-2 only):

(Housing costs + proposed rent + installment loan payments + minimum revolving debt payments) ÷ gross monthly income ≤ 36%

Stability requirements

• 2 or more years at current address.
• One of the following must be satisfied:
  • 1 or more years with current employer; or
  • Verifiable retirement income (Social Security award letter, pension statement, annuity, or IRA/401(k) distributions) established for 12 or more months; or
  • 2 years of self-employment documented by federal tax returns.

Jurisdiction requirement

• Cosigners must be subject to the jurisdiction of Illinois courts or a contiguous state (Wisconsin or Indiana).

Lease structure

• Cosigners are executed on the lease as Tenants and assume full joint and several liability for all lease obligations, including rent, damages, and lease compliance.
• Cosigners are not permitted to occupy the premises and will not be listed as authorized occupants.
• Execution of the lease as a Tenant does not confer any right of occupancy upon a cosigner.

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Dependents & authorized occupants

Dependents — including minor children and other household members who will reside at the premises but are not signing the lease — do not submit applications and are not subject to the screening criteria on this page.

• Dependents will be listed as Authorized Occupants in the “Name(s) of persons authorized to occupy Premises:” section of the lease.
• Authorized Occupants are permitted to reside at the premises but are not signatories to the lease and do not bear legal liability for lease obligations.
• Any individual residing at the premises who is not listed in the “Name(s) of persons authorized to occupy Premises:” section of the lease is considered an unauthorized occupant and is a lease violation.

Consent to screening

By submitting an application, applicant(s) hereby consent to authorize Lauber Property Management LLC to obtain an investigative consumer report, which may include information gathered through personal interviews with current and former landlords, employers, and credit bureaus to verify employment (including position, hire date, and compensation), rental history, and creditworthiness. The credit report obtained is a soft pull from TransUnion and will not affect your credit score. By submitting this application, applicant(s) acknowledge they have received and reviewed all eligibility requirements for the property applied for, as communicated prior to application. An application fee of $50.00 per applicant is due immediately upon submission. An application group is not reviewed until all resident applicants have submitted their individual applications and corresponding fees. The application fee is refundable if the unit is rented to an applicant group ahead of yours before a credit report is pulled on your application; once a credit report is pulled, the fee is non-refundable as the cost of the report has been incurred. Upon acceptance, a one-time move-in fee of $500.00 is required. We do not hold apartments for any applicant. All approved applicants may be offered a lease. The move-in fee is non-refundable; the sole exception is if leases are offered to multiple applicants and another applicant pays and signs first, in which case that applicant’s lease will be voided and their move-in fee refunded.

Self-supplied consumer reports D

Applicants may submit a self-obtained consumer report in lieu of paying an application fee, subject to the following requirements. This option is available only where permitted by applicable law.

Delivery requirements

• The report must be sourced directly from TransUnion. Reports from any other credit bureau will not be accepted.
• The report must be delivered directly to the landlord via TransUnion’s own sharing portal, or delivered directly by TransUnion to the landlord as the designated recipient.
• Reports transmitted by the applicant as a PDF, email attachment, screenshot, or any other format not traceable to TransUnion as the originating source will not be accepted.

Age of report

• The report must have been issued no more than 30 days prior to the date of application submission.

Required contents

• TransUnion credit report with score calculated using VantageScore 4.0. Reports scored using any other method will not be accepted.
• Full credit report with complete payment history.
• Address history verification.
• Civil litigation search of equivalent or greater scope to a LexisNexis Resident Screening report, including eviction history and civil judgment records.

Non-compliant reports

• If a self-supplied report does not meet all of the above requirements, the applicant must submit a standard application and pay the applicable application fee.
• Submission of a non-compliant report does not toll, extend, or otherwise affect any application deadlines or unit hold periods.

Adverse action rights E

• All denied applicants will receive a written adverse action notice in accordance with the Fair Credit Reporting Act (FCRA) identifying the specific basis for denial.
• Applicants may request the name, address, and telephone number of the consumer reporting agency used.
• These criteria are applied consistently to all applicants. Documentation of all screening decisions is retained in accordance with applicable recordkeeping requirements.

Definitions

• Applicant — Any individual 18 years of age or older submitting an application for tenancy, whether or not they intend to occupy the premises.
• Resident Applicant — An applicant who intends to occupy the premises.
• Cosigner — An applicant who does not intend to occupy the premises, whose purpose is to satisfy credit or income requirements on behalf of a resident applicant. A cosigner is executed on the lease as a Tenant and assumes full joint and several liability for all lease obligations. Being a Tenant does not grant a cosigner any right of occupancy.
• Tenant — Any individual approved for tenancy and executed on the lease, including cosigners. Execution of the lease as a Tenant does not confer a right of occupancy unless the individual is listed in the “Name(s) of persons authorized to occupy Premises:” section of the lease.
• Authorized Occupant — An individual permitted to reside at the premises who is not a signatory to the lease and does not bear legal liability for lease obligations. Authorized occupants are listed in the “Name(s) of persons authorized to occupy Premises:” section of the lease. Dependents of approved Tenants are designated as Authorized Occupants upon lease execution.

These criteria are reviewed annually and are subject to change. Any changes will apply prospectively only. Applicants and cosigners are encouraged to consult legal counsel with questions regarding their rights under the Fair Housing Act or applicable state and local law.

Questions?

Contact us before submitting your application.
Lauber Property Management LLC · [email protected] · (773) 525-4343