Application Approval Criteria

Clear standards. Faster approvals. Better residents.

General Information

At Prism, we use consistent, transparent criteria to ensure a fair process and high-quality tenancy for every property.

All applicants are required to meet established criteria to be considered for residency.

Equal Housing Opportunity

Prism is an equal housing opportunity provider and complies with all Federal, State, and Local Fair Housing laws. We do not discriminate based on race, color, religion, sex, handicap, familial status, national origin, age, marital status, or sexual orientation.

The term “applicant(s)” refers to individuals signing the lease as residents/tenants.
The term “occupant(s)” refers to individuals authorized to live in the property under the lease.

These criteria are designed to ensure all residents and occupants have equal opportunity to enjoy their home and community amenities.

Basic Requirements

Age Requirement

All applicants must be 18+ and complete a full application.

Property Viewing

At least one applicant must view the property in person.

Application Completion

Applications must include all required documents to be processed.

No Co-Signers

Applications must qualify on their own without co-signers.

Incomplete, inaccurate, or unverifiable information may result in denial. Prism reserves the right to verify all submitted details.

Verifiable Gross Income

Total gross income of at least 2X monthly charges for an individual applicant. For applications with more than one unrelated applicant over the age of 18, each applicant must qualify separately with an income of at least 1.5X monthly charges per applicant. You will need to submit proof of income at the time of application submission.

Proof of Income:

  • Employees – Three current paycheck stubs or offer letter on company letterhead + three paycheck stubs from prior employer.
  • Self-employed – Previous 2 year’s tax returns with confirmation of filing with the IRS.
  • Other – Applicant(s) that are retired, or have other verifiable income must provide proof of income and/or assets that equal 3 times the total contractual amount of the Rental Agreement.

Credit & Background

Credit Score

A score of 660+ (Provided by Experian) is preferred for approval. If the Experian score is reported as ‘Not Available’ (NA), the application will be declined. *

Payment History

Applicants must have a credit report that reflects a positive payment history for all accounts.

Bankruptcy

Bankruptcy must be discharged for at least seven years.

housing subsidy

Credit history does not apply to applicants applying with the assistance of a housing subsidy.

* Applicants may be considered with credit scores under 660 with an added recurring Marginal Credit Score Fee of 1/12th of monthly rent. Approved applicants can resubmit credit information if credit score is improved to 660+.

Rental History

Present and previous landlords/mortgage companies may be contacted to determine the applicant’s ability to meet rental obligations and character references. Endorsement from Apartment Community and/or mortgage companies is required with a minimum of two years verifiable rental/mortgage history.

In the event applicant has no verifiable rental history an additional deposit equal to one month rent in addition to the normal deposit will be required.

If present or previous landlords and/or mortgage companies report any of the following items, the applicant will be denied:

  • 1 or more late payments in the last 12 months
  • 1 or more NSF payments in the last 12 months
  • 2 or more NSF payments in the last 24 months
  • Foreclosure on mortgage in the last 3 years
  • Outstanding balance for damages or rent owed to another Landlord/mortgage Company.
  • Any demonstration of poor residence care
  • Any eviction (FED), skips or notice given by landlord

Additional Policies

Criminal History

While we do not rent to registered sex offenders, we do consider applicants with other criminal history.  We look at a number of factors.

Pets

Well behaved pets will be considered at landlord’s discretion with pet fees. A photo of applicant with each pet to be considered is required with application. No Large or Dangerous Dogs. No more than 2 pets total will be considered.

Vehicles

All vehicles must be registered and in operating conditions.

Smoking

No smoking is allowed inside the property or on the premises.

Marijuana

Possession, use, and/or growing of marijuana is not permitted inside the property or on the premises.

Confidentiality

We maintain a strict policy of confidentiality and privacy for our applicants and residents. We do not discuss information on applications with anyone other than the applicant. In addition, we do not discuss individual credit reports with an applicant. If you would like to discuss or dispute anything in your credit report, you will need to submit a written request to ‘info@prismrent.com’ to initiate the process.

Please note that requirements for tenants receiving housing subsidies may be different based on Colorado SB-184.

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