Rental Occupancy Criteria


General Requirements:

  • A valid Government issued I.D. with a picture must match name given on application.
  • Applications are processed in the order in which they are received and only when fully completed.
  • An application is not considered ‘complete’ until each Applicant provides; verifiable proof of income, adequate rental history and contact information, and a non-refundable application fee of $45 is paid by each Applicant.
  • Partial and falsified applications result in the denial of the application.
  • Applicant(s) agree upon approval of Application to pay a deposit within 48 hours of approval via check or online payment serving as earnest money to hold the apartment for a period of thirty (30) days from the receipt of the application. 
  • By paying the deposit amount, Applicant(s) agree to execute a written Lease Agreement, Inventory and Inspection Report and pay a full-month’s rental amount for said premises no later than thirty (30) days from the receipt of the application.
  • Application’s withdrawn in writing prior to lease start date forfeit $250.00 as a liquidated damages fee. Failure to fully execute a written Lease Agreement within thirty (30) days of the receipt of the application results in forfeiture of the entire deposit amount.

 

Income Requirements: (Income of all applicants for an apartment is combined for qualification purposes)

  • Gross monthly income must be at least three (3) times the base monthly rent. Consideration will be given to applicants who receive rental assistance, including Section 8 housing vouchers. This may include an adjustment to the gross monthly income requirement to reflect the rental assistance.
  • Two (2) most recent paystubs or other form of verifiable sources of income are required.
  • New hires must supply an offer letter with compensation terms, formal start date, and new employer’s contact information on company letterhead.
  • Applicants unable to provide verifiable income sources must show a liquid asset balance of at least two (2) times the total lease amount.
  • Self-employed applicants must show proof of income through prior year’s tax return and a recorded business name must be verifiable with state records.
  • Inability to show adequate verifiable income or verifiable legal sources of income, i.e. undeclared tips or under the table revenue streams, results in the denial of the application.

 

Credit and Rental Requirements:

  • Credit scores of applicants for an apartment are combined and averaged for qualification purposes.
  • An average credit score of 574 and below results in the denial of the application.
  • $5,000+ in delinquent debt results in the denial of the application.
  • Rental verification of two (2) years including current address from unrelated 3rd party is required in the absence of verifiable credit.
  • Rental eviction within the last seven (7) years results in the denial of the application.
  • Guarantors/cosigners are only allowed for applicants lacking credit history or not meeting the income requirement. Guarantor/cosigners must be an immediate family member earning five (5) times the base monthly rent and meeting all other rental criteria.

 

Criminal Criteria:

  • Any arrest or conviction for manufacturing, distributing, or possessing a controlled substance not resolved by acquittal or dismissal may result in denial of the application.
  • Any felony conviction for an offense involving actual or potential injury to a person or property not resolved by acquittal or dismissal may result in the denial of the application.

 

Fair Housing

  • It is illegal to refuse to show or rent an apartment to anyone because that person is a member of a legally protected class. This protection also extends to discrimination against a protected person in the terms, conditions, privileges, or provision of services, including different rent, security deposit, term of a lease, qualifying application criteria, income standards, and fees or credit analysis. 


 


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