Our Rental Requirements
We are an Equal Housing Opportunity Provider. Please know, everyone is invited to apply. However, not everyone will qualify for renting one of our residences based upon certain non-discriminatory qualifications or criteria. Please understand the following questions are to assist both us and you in setting initial benchmarks on that path to qualification. At a later point in the application process, a nonrefundable application fee is required for each person aged 18 and older, who will live in the unit.
Possession/Keys requires:
– a fully executed Rental Agreement;
– the 1st full-month’s rent amount, plus Security Deposit (usually between ~$1500-$2500 for our Apartment residences, or ~$3k-5k for one of our single-family home residences; depending upon screening results, credit, income etc.);
– evidence that utilities are activated in the tenant’s name (prior to possession).
This first payment must be made in certified funds: cash, bank issued check, money order, or Zelle transfer. Subsequent monthly rental payments may be made by personal check or Zelle payment/transfers, subject to conditions.
For our Apartment residences we begin the rental relationship on a month-to-month basis to ensure the situation works out for both of us – but we do prefer long-term, stable tenancies.
For our single-family homes, an Annual Lease Term is preferred; and we do offer a discount for long-term prepayment. Substantial premium for shorter lease terms, if available.
Income RequirementS
Total Gross income of all applicants must be at least 3-times the base rent.
An exception may be allowed – but may require a higher monthly rental amount, modification(s) to the rental terms, a higher security deposit, and/or a valid and acceptable co-signer/guarantor.
All income being used for eligibility must be legal and verifiable.
Credit Scoring
Your Credit Score is important to so many things in life.
Rental approval requires a ‘Good’ – to ‘Very Good’ score of:
- ~670 for apartment unit residences, and
- ~720 for single family home rental residences.
Employment
Current, continual, stable & verifiable employment is necessary to evidence your ability to pay rent on time.
Self-Employed applicants must provide 2 years of certified Federal & State tax returns and 6 months of recent bank statements evidencing satisfactory business revenue/income and expense outflows respective to the business being claimed.
Rental History
Sometimes there is no better predictor of future behavior as was the past…
- Favorable Landlord/Residential references are required.
- Verifiable and on-time rental payment history.
- If not renting, proof of home ownership or your unique situation must be verified.
UtilitIES (gas, electric, etc.)
Applicant(s)/Tenant(s) must be capable of contracting for Utility services with local providers, in their own name, and prior to possession.
For apartment residences, that is: natural gas & electricity.
For single-family homes, that is: natural gas, electricity, water & garbage/waste service.
Cable, phone, Internet/Wi-Fi, etc., as you desire, at your costs for all of our rental residences.
There’s More…
Each applicant (18 years of age & over) must have:
- a valid (unexpired) Governmental Issued Photo (a copy or photo will be made for our Rental file).
- A valid US Social Security Number in order to process the Credit Screening Report /Analysis/Scoring.
To the extent allowable under the law, Evictions, Bankruptcies, Judgements, Late Payments, Charge-Offs, Unpaid Collections, even your Criminal Record can influence your ability to rent.
Some other things to think about…
- Only those persons identified in application(s) and subsequently specified on the Lease/Rental Agreement are allowed to reside in the housing unit.
- It is strictly understood and agreed the leased premises is a non-smoking unit; this includes any substance to be burned or vaped, regardless of recreational or medicinal requirement/use/authorization; legal or illegal. In our multi-family/apartment buildings, while the available rental unit is specifically designated as non-smoking, please note – the entire building may not yet be completely designated as smoke-free.
- Tenant(s) may be required to pay for & provide proof of valid, in-force ‘Renters Insurance’, throughout their tenancy.
- Each Applicant will be run through a credit screening/reporting/ scoring provided by a third-party service such as a (CRA)Credit Reporting Agency or an intermediary service requested/selected by the Property Manager/Landlord/Agent/Owner.
- A criminal background check will be run for each applicant via any combination of publicly available records research, or provided by a third-party screening/reporting/ service.
- Bankruptcy, charge-offs, late payments and similar issues which negatively effect your credit score or reflect poorly on your ability to pay bills on-time may be a reason for rental denial.
- A ‘No Pets’ property means just that – not even temporarily nor “pet-sitting” is allowed unless otherwise granted in the Lease/Rental Agreement. It is a crime to falsely claim or misrepresent a pet is a service, emotional support or therapy animal. Enacted legislation exists prohibiting this willful misrepresentation and violations can result in punishments of a civil penalty, fine(s) or misdemeanor conviction. We agree to cooperate in the investigation and prosecution of any such fraud or misrepresentation with all authorized authorities.
- The overall, complete financial risk & stability profile of the Applicant, such as debit-to-income ratio, bankruptcies, judgments, late payments, charge-offs, unpaid collections, and eviction records factor into the scoring model on a case-by-case basis. A lower score usually results in: a higher monthly rental amount; modification(s) to the rental term; a higher security deposit; or a valid and acceptable co-signer/ guarantor requirement.
- Applicants with a better overall risk profile are likely to obtain the best possible terms, rent amount, Security Deposit amount, etc.
- Applicants with risk profile issues and/or deficiencies are subject to rejection, a higher rent amount, prepaid rental requirements, increased security deposit funds or other modified terms.
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All content deemed reliable but not guaranteed. As hard as we try, and we do, errors might occur and we reserve the right to correct errors and/or omissions.
The above information, details, qualification and requirements are subject to change without notice, and we reserve the right to amend such requirements.