Who can rent a Lumo apartment?

Who can rent a Lumo apartment?

Renting an apartment from the Lumo webstore and sending a light application are subject to identity verification. We check the credit ratings of all applicants over 18 from the credit information register maintained by Suomen Asiakastieto Oy and the Digital and Population Data Services Agency as well as your resident history if you have rented an apartment from us before.

If you have serious payment delays in your credit information or if you have overdue rent payments to us or other lessors, you are not able to rent an apartment from our webstore or send us a light application. Any problems in your history as a resident in our apartments may also prevent you from being able to rent an apartment. Securing a binding agreement requires accuracy of the provided data and acting in one's own name. We also reserve the right to refuse the tenancy agreement on the grounds of suspected illegal activity.

If you rent an apartment together with a partner or friend, we will check the relevant information for both of you. Concluding a tenancy agreement is conditional on both of you having the aforementioned information in order. Both of you must also be over 18 years of age.

If renting an apartment from our webstore is not possible for you, you can submit an application for an apartment with restricted tenant selection. Payment delays in your credit information do not affect your eligibility to receive an apartment offer for a building subject to asset limits, but they do affect the amount of the security deposit, making the security deposit between 1–3 times the apartment’s monthly rent, depending on the nature and amount of the payment delay on your record. The normal security deposit is €250. No security deposit is collected from customers who rent an apartment directly from the webstore.

If you have lived in Finland for less than three months, you are unfortunately not able to rent an apartment directly from our webstore, but this does not mean you are ineligible for an apartment. Please contact our customer service!

Identity verification and checking credit information

We require our customers to verify their identity when using the Lumo webstore to ensure the reliability and security of our customer service. Once you have verified your identity, we can provide you with better assistance in finding a suitable apartment. We will contact you immediately when we find a suitable home for you.

When you verify your identity on our system, we will check your credit information from the credit information register maintained by Suomen Asiakastieto Oy and the Digital and Population Data Services Agency as well as your resident history if you have rented an apartment from us before.

Identity verification in the Lumo webstore is based on your online banking credentials. We also require your current address, e-mail address and mobile phone number. Your personal data will be stored in our customer data file.

More information on the processing of personal data: Privacy policy

What are the criteria used in the selection of residents?

For apartments rented directly from our webstore, our customers can choose their homes themselves! We do not use agents, nor do we collect commission or a security deposit. Simply find a vacant home that suits your needs, complete the rental process and move in as soon as the next day.

View vacant Lumo homes

For buildings subject to restricted tenant selection, the selection is based on the tenant selection criteria of the Housing Finance and Development Centre of Finland ARA. This means the applicant’s income, assets and the need for an apartment are taken into consideration. To rent an apartment in one of these buildings, please submit an application for an apartment. Some apartments that would normally be available for rent directly through the webstore may be temporarily only available by application.

View vacant apartments subject to an application

Buildings with restricted tenant selection

Renting state-subsidised apartments is subject to the tenant selection criteria of the Housing Finance and Development Centre of Finland ARA. This means the applicant’s income, assets and the need for an apartment are taken into consideration. The tenant selection process gives priority to applicants without a home and others with an urgent need for an apartment as well as applicants with the least assets and lowest income.

In the Lumo webstore, apartments subject to restricted tenant selection are indicated by the text “Asset limit”. You can also search for these apartments by choosing the search criterion “Only show apartments subject to asset limits”.

Assets and income

In the case of apartment buildings subject to restricted tenant selection, your assets may affect your eligibility to rent an apartment. You are asked to provide information on your assets in the application for an apartment and, if necessary, we will request more detailed accounts of your assets when you reserve the apartment. You do not need to provide us with such accounts in advance.

Your assets are defined as the assets you own at the time of applying and assets you have disposed of during the year preceding the date of the application. Earnings do not count towards assets. You can deduct the household’s combined debt from the assets.

Examples of assets include properties or shares in housing companies that you own. A reliable estimate of the asset’s market value (fair value) is required for such assets. You can request an estimate from the property manager, real estate agent or building inspector. The value of assets in the form of shares and fund units is based on the quoted price at the time of the application. In addition, you need to report the fair value of your other significant assets as well as any loans or debt that you have.

You can deduct the value of an owner-occupied home located in your current municipality of residence from your assets if you are moving elsewhere with your family for work and commuting from your current place of residence to the new workplace is not feasible due to the distance or difficult transport connections.

Asset limits apply in all municipalities, but the levels may vary between municipalities.

If the value of your assets exceeds the asset limit for the municipality where you are applying for an apartment, we can’t consider your application in the tenant selection of asset-limited apartments in the municipality in question.

It is not possible to rent an asset-limited apartment in the name of a company.

Read more: Current asset limits in municipalities