Curious about how Poplar Homes prequalifies renters?
We answered the five most frequently asked questions below:
1. How can a renter become prequalified?
To prequalify on Poplar Homes as a renter, you must have these two:
An income or combined income multiplier of 2.5X the monthly rent
A credit score or average credit score of 650 or above
2. Why do we require a 2.5x income multiplier?
The income multiplier is just an added layer of security for you and the Poplar Homeowners. Through this, we can gauge your financial feasibility before you sign the lease.
By the way, did you know that the industry standard is 3X the monthly rent? Meanwhile, Poplar Homes only asks for an income multiplier of 2.5X the monthly rent.
3. How do we compute your income multiplier?
Let's say your group's combined income is $20,000, and the monthly rent is $2,000. To get your income multiplier, we use this formula:
combined incomes of all the renters / home’s monthly rent = income multiplier
$20,000 / $2000 = 10X the monthly rent
So, your income multiplier is 10X the monthly rent, which means your income passed. Cool.
But to prequalify, you still need a credit score of 650 or above.
4. Why do we require a credit score of 650 or above?
We require this credit score to gauge if you can make on-time payments. If you have a 650 credit score, it might mean that you're more capable of managing your finances.
Did you know that most Property Managers require a 670–750 credit score?
Meanwhile, Poplar Homes only requires a fair credit score of 650 or above.
5. What does being pre-approved mean?
if you’re a prequalified renter, it means you will likely get pre-approved by Poplar Homes. But how does a renter get pre-approved?
Let’s say you’re now prequalified and decided to apply for a rental home.
Here’s what will happen next:
After you submit your application for a rental home, Poplar Homes will now pre-approve your application.
If Poplar Homes approves your application first, you will now become a Poplar Pre-Approved Renter. That means you've passed all the necessary checks (income, credit score, and background).
Next, Poplar Homes will now start reviewing your pre-approved application for Approval.
If Poplar Homes approves your application, you will now become a Poplar Approved Renter. We will then notify you to sign a lease.
Getting your dream rental on Poplar Homes is a seamless, hassle-free experience.