Rental requirements for island properties of Vancouver
If you are currently living in one of our rental properties you are fully aware of the importance of quality living conditions. Having a safe, clean, and attractive home has such a profound impact on the quality of life that great steps must be taken to preserve that safety, cleanliness, and attractiveness. Here at Island Properties we believe we have found a great way to preserve those desirable aspects without being too exclusive. In order to provide a safe place for people from all over the world to live side by side in peace we have a list of requirements that must be met. It might seem like we are just being picky or trying solely to preserve our investment (and that is part of it) but the requirements are in place as part of a bigger effort that we all benefit from.
Island Properties of Vancouver Rental Requirements are as Follows:
No Evictions in the last 7 years
No Felonies in the last 7 years
No money owed to previous landlords
No Money owed to previous utility companies
Applicants must make 2.5x the rent amount monthly
We also will deny an applicant based on non-felonious criminal activity on a case-by-case basis.
No Evictions in the last 7 years
Evictions are a big deal. They are a costly and time consuming process and are generally considered a last resort. Refusal to pay rent, causing excessive damages, or engaging in dangerous or illegal activity are all reasons for an eviction and the reason why many companies won't rent to someone if they have an eviction any time in the past decade! As I said it is a difficult process and everyone involved will definitely want to come up with another solution so if you get evicted, you really messed up. Would you want us to approve a tenant next door to you that just got out of prison for making meth in their apartment, or that destroyed their last unit while blacked-out after drinking 3 FourLokos? Of course you don't. I mean - that's a total of 12 LOKOS!!!
No Felonies in the last 7 years
Similar to the evictions rule, this rule is about maintaining the security of our tenants and preserving our investment in the community. Felonies are serious business and one of the (many) reasons why you don't want one is that it will make it difficult to find quality housing.
No money owed to previous landlords or utility companies
The prior evictions and felonies rule is pretty standard across the board but Island Properties stands out a little in the way we approach a prospective tenant's financial history. For example, many property managers will check your credit and may deny or approve you based on your score and how many debts you have. At Island we really aren’t super concerned with your score and we don't really care if you owe $100,000 in medical debts or student loans. We DO care if you owe money to past landlords as that tells us you aren't making rent a priority. We also care if you owe money to previous utility companies as that will prevent you from getting utility service (which is required).
Applicant must make 2.5 times the rent amount every month.
If your rent is $1200/month, every adult in the unit will need to earn at least a combined $3000/month before taxes. This tells us that you do have the ability to pay your bills AND rent and are less likely to have issues down the road.
So that is the gist of our rental requirements. Not the whole picture but the most important parts. I would also like to take this time to pass on a little extra info about the application process….
HONESTY IS GOOD!
You may not know this but all of us property managers talk. We meet twice a month in a damp, candlelit mausoleum around a giant stone table and we wear dark robes tell our woeful tales over the sound of chanting while drinking goblets of tenant blood. Actually we are just happy to share info with each other regarding previous tenants (when authorized of course) because it protects not just our investment but our renters as well. We also perform background and credit checks as well as look you up on social media (that's correct, I totally FB stalk you). People like to think they are sneaky and try to omit certain material facts in the hopes that we won't find out. We will. We almost always do. It's how we separate the wheat from the chaff
Sometimes people will just lie to us thinking we won't check. They'll tell us they rent an apartment for $2000/month but then we screen them we find out they are just freeloading off of their mother. Freeloading on your parents won't get you denied but lying to us might so be honest.
YOUR DOG MIGHT NOT GET APPROVED EVEN IF YOU DO.
First thing first, dogs are better than people. They just are. However, our insurance company has some issues with certain breeds of dog (because insurance companies are dumb). Dogs like Pitbulls, Dobermans, Direwolves, and three-headed devil-hounds are all on the "restricted breed list" which is imposed by our insurance company. Personally I think that is idiotic but I don't make the rules. I will say this though, if I ask you what kind of dog you have and you say," Oh, he is a mix, some black lab and stuff…." I will know that you have a Pitbull. If you tell me that you have a Staffordshire terrier and an American bulldog I will know that you have two Pitbulls. If I look at your mutt and it is a Pitbull I will call it a Pitbull. There are ways around the breed restrictions so just ask and don't lie to me, people try it all day every day.
So there you have it, the rental requirement breakdown. Hopefully now you begin to appreciate all we do for you! ;-)