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Leap Rent Guaranty
Conditionally Approved with Leap Rent Guaranty
In this Article
- What is Conditional Approval?
- Credit Score & Income Scale for Approval
- What is Leap Rent Guaranty?
- Next Steps
What is Conditional Approval?
The credit score threshold for an approved application is 660 or higher.
If your credit score falls below 660, Real Property Management Express offers a solution for renters that do not meet our standard requirements through Leap Rent Guaranty!
Credit Score & Income Scale for Approval
| Credit Score | Income Required | Management Fee | Coverage |
| 660+ | 3X Rent to Income | 1.50% | Security Deposit |
| 620-659 | 3.5x Rent to Income | 3.00% | 6x Rent |
| 600-619 | 4X Rent to Income | 3.50% | 6x Rent |
| 550-599 | 4.5X Rent to Income | 4.00% | 6x Rent |
| 549 and below | Denied |
What is Leap Rent Guaranty?
Leap acts as a cosigner for applicants with a credit score between 550-660.
Real Property Management Express participates in Leap's Agile Rent Guaranty program for all South Dakota and Iowa properties. Leap Deposit Replacement (LDR) is being tested at select locations.
Click the link below to view more information about Leap Rent Guaranty.
Next Steps
1. Real Property Management Express will send an Adverse Action Letter.
- This is an official notice of denial of your application for standard approval.
Receiving an Adverse Action Letter can be confusing -- especially when you may still be conditionally approved. So why do we do this? We want to make it very clear that the application cannot be approved on its own, and renter solutions like a co-signer or Leap Rent Guaranty, are required to proceed.
2. Apply for Leap! Click the link below to apply.
3. Email us with this information:
- Desired Move-In Date
- Note: This must be within 2 weeks of the availability date.
- Desired Lease Length
- Note: The marketed rent amounts are for a standard 12-month lease and/or lease that ends during optimal leasing seasons. Rent quotes are subject to change with changes to lease length. Some properties have more flexible lease options than others.
4. Real Property Management Express will send you a lease with your provided information.
5. Sign your lease and pay the Documentation Preparation Fee.
6. Real Property Management Express will finalize Leap Coverage and your lease!