General Rental Criteria & Policies

Thank you for choosing to apply to rent a PMI Raleighwood property! As we provide a high-quality experience to all our residents; we are seeking long term, high quality residents.

ALL applications are processed when submitted and application fees are non- refundable. Available properties will continue to accept applications until a lease contract is signed and security deposit collected. There is a possibility that there are multiple applications on the property that you apply for and another application could be approved and lease signed which would change the property status to unavailable. In the event that your application is not approved for the original property you applied for, your application will be eligible to transfer to another available property within 30 days of applying.

Application approval is based upon collective factors including, but not limited to: credit score, bankruptcies, accounts in good standing, debt to income ratio, income to rent ratio and accounts in collections, rental/eviction history and criminal history. All homes are offered in accordance with the Federal Fair Housing Law and welcome Persons of all Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin.

We do not prescreen applications. Please review the rental criteria below before submitting your application.

Rental Application

• All prospective residents of the property that are 18 years or older must complete an individual rental application.
• Each applicant over the age of 18 must pay a non-refundable application fee prior to the application being processed.
• Select a move in date within 30 days of the properties availability date.
• A valid government-issued photo ID is required from all applicants.
• We reserve the right to request documentation for any information listed on the rental application.
• Falsification of information or omission of information on a rental application is grounds for denial and application fees will be forfeited.

Income/Employment

• Total monthly household Gross Income (combined income of all leaseholders) must be at least 3 times the amount of the monthly rent.
• Income verification is required- All applicants are required to complete income verification. The preferred method is securely linking your bank account verification.

"Management reserves the right, at its sole discretion, to request additional forms of income verification or to require bank account linking. This applies particularly if any alternative documentation provided cannot be verified, appears incomplete, or is otherwise deemed unreliable. Failure to comply with income verification requirements may result in denial of the application."

• If the combined gross income does not meet or exceed the required amount, we may deny the application or require a cosigner to approve the application.
• A cosigner MUST be an immediate family member and have a gross income of 4 times the month rent and may only be used to supplement income.

Credit History and Scoring

• Credit score of 625 or higher.
• A higher security deposit will be required for any discharged/closed bankruptcies within the last 5 years. Automatic denial for any open bankruptcies.
• 80% of open accounts are in good standings.
• Accounts in collections will be reviewed. Automatic denial for any rental/landlord accounts in collections. Medical and Student Loan accounts in collections are excluded.

Criminal History

• Automatic decline if National Sex Offender Records Found.
• Automatic decline if Found in OFAC list.
• Felony convictions may result in denial.

Rental History

• Any negative rental history is grounds for application denial.
• If you have an open collection from a landlord or property management company, this is an automatic denial.
• Automatic denial for any past evictions.
• Automatic denial for any rental/landlord accounts in collections.

Pets

• Pets are permitted on a per property basis with each property having specific breed and weight restrictions.
• Limit of 2 pets per property.
• One-time non-refundable pet fee: $350 for pets under 25 lbs $500 for pets over 25 lbs. Monthly pet rent: $30 per pet Maximum of 2 pets allowed Breed restrictions may apply.
• Tenants are required to complete a profile for acknowledgement of not having or having pets on the property. Profile registration will be completed at https://pmiraleighwood.petscreening.com/
• Service Animals, as defined by the Americans with Disabilities Act and the Federal Fair Housing Act, are not considered pets. They are exempt from fees and restrictions.

Smoking and Marijuana Use: NO tobacco or marijuana smoking is allowed inside of ANY of our rental homes. Under Federal law, marijuana remains a Class I Controlled Substance and therefore illegal under the Federal Laws. NC law and Federal law gives us the right to prohibit it. Marijuana use, possession, and/or growing is prohibited at all our rental homes and violators will be evicted per our lease agreement.