Rental Criteria

Tenant screening is a crucial step in property management. We review many elements to determine if an applicant would make an ideal resident for our building. Applying to rent one of our properties includes the following criteria, and is always subject to national, state and local law: 

Income Requirement 

Residents must make a monthly income of 2.5 times the rent, and be able to verify this source of income through our application system. If you do not have sufficient income but can show savings in excess of two years rent, then you may be accepted with payment of first and last month deposit.

We accept co-signers, provided they can show income in excess of 6x the monthly rent or savings of four years rent.

Background Check

Applicants must pay a $40 fee at the time of application to run a background check. 

Employment Requirement 

Residents must be employed, unless disabled. Employment may be verified with 2 most recent paystubs, offer letter, or employer contact information.

Credit Requirements

We require a credit report as part of our application. Our minimum credit score is 650. Applicants must have no evictions, no history of late rent payments, and no debt owed to landlords.

Applicants with credit scores between 550 and 650 will be considered on a case by case basis, with a qualified co-signer and last month rent deposit. The co-signer must complete a full application and have a credit score above 650, with income of 6x rent or savings of four years’ rent.

Rental History

Applicants must have positive references from past landlords and no history of late payments, unpaid balances, or evictions. In compliance with Seattle law, we do not consider evictions that occurred during or within the six months following the city of Seattle’s COVID-19 State of Civil Emergency. 

Move-in Requirement

Residents must be ready to move-in within two weeks of applying, unless otherwise agreed upon between resident and landlord.

Rental Policies

We take Portland’s rental laws very seriously and always keep up to date with changing ordinances. This list is current as of October 2022. Please also refer to the Renting in Portland website for more information.

Rents

Rent is due on the 1st of each month. There is no grace period. On the 5th of the month there is a late charge of $75. We reset rents annually based on market conditions. We do not raise rents more than 10% annually, other than rents which were set unusually low during the COVID-19 pandemic.

Occupants

Most of our apartments are efficient studios designed for one person. If you are in a studio and want to have a roommate, we ask for an additional rental charge, generally $95. All residents must be on the lease. If a roommate joins you after you move in, that roommate must apply like any other resident. We will not unreasonably withhold approval of a roommate once they apply.

Utilities

We use a proportional billing system for all utilities that are not individually metered. Twice a year, on January 1 and June 30, we reset the utility charges based on actual past usage. Our utility charge is based on single occupancy. There is a 50% surcharge for each additional occupant. Actual utility bills are available for tenants to review at our office, or can be emailed on request. 

Our utility charge varies by building and currently ranges from $79 to $115.

Internet

We provide free wifi for all of our residents. We use a system called FastMesh. We offer a base tier for free and allow residents to upgrade to higher speeds for $25/month. Most of our residents are happy with the free base tier which works well for video calling and streaming videos.

Pets

We generally allow pets, but you must let us know so we can add it to your lease. If it’s not specified in your lease, you can’t bring a pet onto the property, not even for a visit. We don’t ask for a pet deposit, but we do charge pet rent. Pet rent is $25/month per cat and $44/month per dog. This is to cover the increased wear-and-tear that pets inevitably bring.

Renters insurance

For the protection of our residents, we require renters insurance with a limit of $100,000 or more. This is very important as our insurance does not cover your belongings and does not cover you in case you accidentally cause damage to the building (such as from a leak in your apartment).

Lock outs

We have a $50 charge for lock outs during business hours, which will be added to your account. For lock outs after business hours, you must call a locksmith and pay the cost directly. If you have lost your keys, you must pay the cost of replacing your locks, generally $100.

Move out and cleaning

Your unit must be professionally cleaned at move-out. You may hire your own cleaner and give us the receipt, or we will clean the unit for you and pass the cost on. For an apartment in good condition, the cost is generally about $145.

Leases and month-to-month tenancy

We prefer to have all of our residents on leases. We may reach out to you prior to the end of your lease and offer you a new lease. If you do not accept the new lease or if we do not offer one, then your tenancy will become “month-to-month”. If you move to month-to-month, your rent will go up by an amount specified in your lease, generally 10%. Once you are month-to-month, then you may end your tenancy any time provided you give us notice by the 10th of the month at the end of which you wish to move out.

Early lease breaks

Our leases do not allow for early lease breaks. If you are a tenant in good standing, we may offer you the opportunity to buy your lease out. If we offer you a buy-out, the cost will be one month’s rent and forfeiture of security deposit. Lease breaks can only happen on the last day of the month and you must give notice by the 10th of the month prior to when you want to move out.

Payments

We prefer all payments to be made through our online portal (http://greatexpectations.appfolio.com). If you cannot use our online portal, then you can pay by check, money order, or in cash at a 7-Eleven or a CVS location with a code we will provide you. We do not accept cash for residents directly at any time for any payment.

There is a $50 for NSF (bounced checks). After one NSF check, you may no longer pay by check and must pay with money order or other certified funds. Checks are not accepted for any late amounts.

If you prefer to pay with Money Order (Western Union, etc), please contact us about a code you can use to pay us directly at 7-Elevens, CVS and other locations — this will save you money.

We do not accept partial payments at any time, unless as part of an approved payment plan. Payments made after the first of the month must be made in certified funds, such as a cashier’s check or money order.

Notices

If you violate the terms of your lease or these policies, we may be compelled to post a legal notice to your apartment. In such case, there will be a $39 charge for each notice we post. This is an addition to any legal fees or penalties associated with the notice.