California – RentWise Statement of Rental Policy
Application Process
Step 1: Tenant Application, Credit, and Background Check
All applicants 18 years or older who intend to reside in the rental unit and wish to be considered for tenancy must complete a tenant application and authorize a credit and background check. Only complete or accurate applications will be allowed.
Applicants must apply through RentWise’s designated application link, provided via our “available properties” page at www.gorentwise.com. A non-refundable application fee of $30 is required per applicant. We do not accept credit reports or screenings from external companies.
Step 2: Photo Identification and Proof of Income
Within RentWise’s application portal, applicants must complete a Persona ID verification and provide two of the following proofs of income:
- Salaried or Hourly Applicants: Two most recent pay stubs.
- New Job Applicants: Signed offer letter on company letterhead, stating start date, title, salary, and company official’s phone number. The offer letter must be dated within 30 days of the rental application. Screenshots or photos are not accepted.
- Self-Employed Applicants: Most recent W2 or 1099 form or income tax return. Also, submit two months of recent bank statements. Screenshots or photos are not accepted.
- Varied/Commission-Based Income Applicants: Three months of recent pay stubs and two months of bank statements. Screenshots or photos are not accepted.
- Additional Income Sources: Copies of court orders/awards letters for child support/alimony or earnings statements for SSI, disability, pension, or retirement. Include two months of recent bank statements showing deposit amounts. Screenshots or photos are not accepted.
- Housing Voucher Holders: In compliance with SB 267, applicants with housing vouchers must demonstrate their ability to pay their portion of the rent. Acceptable proof includes pay stubs, bank statements, other lawful evidence, and the housing voucher indicating the authorized rent amount. Bank statements must clearly show income and deposit sources. Provide two months of prior bank statements, all pages. Screenshots or photos are not accepted.
Step 3: Lease Start Date & Rental Price Confirmation
Applicants must submit their earliest desired lease start date and confirm the rental price to RentWise’s leasing team via email to hello@gorentwise.com or their showing coordinator.
Step 4: Additional Information (Only If Needed)
If necessary, RentWise may request the following:
- Co-signer or Guarantor: A co-signer or guarantor may be added if an applicant doesn’t meet minimum qualifications and the homeowner authorizes it. They must complete the same application process and have income greater than 5x the monthly rent, liquid assets greater than 80x the monthly rent, and a credit score of at least 650.
- Savings: If income is insufficient, applicants must have savings or liquid assets of at least 80x the monthly rent.
- Lease Start Date Adjustment: We may ask applicants to adjust their desired lease start date if it doesn’t meet minimum qualifications.
Note: Applications are considered finalized only after completing all steps, with all individual applications within a group received. You have the right to request additional time for translation, reasonable accommodation for a disability, or an alternative application/payment method if needed.
Screening Criteria & Minimum Qualification
- Income or Savings: Household monthly income should be 3x the rent, or savings/liquid assets should be at least 80x the rent. A combination is possible. Only verifiable income and savings are considered.
- Credit Report: Required for all applicants, with a preference for 650+ credit scores. Negative credit items may require explanation and could lead to disqualification.
- SB 267 Compliance: Housing voucher holders are exempt from credit checks and can provide alternative evidence of their ability to pay their portion of the rent.
- Background Check: Required unless prohibited by local laws. Negative results may lead to disqualification.
- Rental History: Applicants must demonstrate a positive rental history, including meeting obligations, maintaining property conditions, and no prior evictions.
- References: Provide references from previous landlords and employers for at least 12-24 months. Inaccurate or unreachable references may disqualify the application.
- Lease Start Date: Ideally, the lease start date should be within 14-21 days of the application date.
Selection Process & Lease Signing
Multiple qualified applications are prioritized based on the following:
- Earliest completed application
- Earliest lease start date
- Offered rental price
The property remains on the market until the holding deposit is submitted and the official lease is signed.
- Holding Deposit: Due immediately after application approval. Payable online via RentWise’s portal. Upon receipt, the official lease will be presented for digital signature.
- Lease Signing: Leases are sent electronically. Applicants have 24-48 hours to review and sign.
- Please complete the lease signing and holding deposit within the given timeframe to avoid application cancellation. The holding deposit will convert to the security deposit upon the successful completion of the lease.
Move-In Process and Costs
- Move-in delays may occur if the rent payment isn’t received and posted to RentWise’s bank account. Timely payment is crucial. Payments typically take up to three business days to post, potentially longer if initiated late on Friday.
- First Month’s Rent: Paid online via RentWise’s portal or directly to the owner. Instructions will be provided upon your application approval.
- Other Move-in Costs (if applicable):
- Pet damage deposit (due with security deposit)
- Non-refundable HOA move-in fees/deposits (typically due before the lease start date)
- Rental Payments: Made online via RentWise’s portal, due on the 1st of each month – unless otherwise noted in the lease agreement.
Non-Discrimination Policy
RentWise complies with all applicable fair housing laws and does not discriminate based on race, color, religion, national origin, sex, familial status, disability, or any other protected characteristic.
