RENTAL AND OCCUPANCY CRITERIA

INDIVIDUAL APPLICATIONS MUST BE PROCESSED FOR EACH PROSPECTIVE RESIDENT

18 YEARS OF AGE AND OLDER

 

1.             INCOME/ASSETS AND IDENTIFICATION

·          The income of all applicants must be verified by obtaining one or more of the following, and a legible copy of a currently valid governmentally issued (domestic or foreign) picture identification:

o         Information adequate to verify employment and income with current employer

o         Copy of  payroll check stub issued within last month

o         Copies of  most recent bank or financial institution statements

o         Copies of any other documents that substantiate monthly cash flow, assets, or student loans available for rental obligations.

·          Financial information must substantiate the ability to fulfill the financial obligations during the term of the lease as follows:

o         Gross monthly income of combined applicants must be at least three (3) times the initial rent, or

o         After considering verified income sources, assets must equal at least three (3) times the total lease obligations less the rental payments qualified by the applicant’s income.

·          Income/assets of all applicants for an apartment shall be combined for qualification purposes.

 

2.             PRIOR RENTAL HISTORY

·          To the extent possible, verification with past two landlords that applicant substantially complied with lease terms and conditions.  This includes investigation into:

o         Unexplained late payments or returned checks

o         Damage to an apartment, beyond normal wear and tear

o         Unacceptable behavior, noise, or other lease violations.

·          If no prior rental history, verification with parties with whom applicant lived, i.e. parents, school, friends

·          If homeowner, verification that met mortgage obligations, if any. 

 

3.             CO-SIGNERS/GUARANTORS

·          An unqualified applicant may become a resident if a qualifying individual co-signs and guarantees the lease obligations. 

·          Co-signors/guarantors must fully complete a rental application and sign the lease and guarantor form.  All information must be verified as though the co-signer/guarantor is a resident. 

·          Income and/or assets must equal five (5) times lease obligations. 

 

4.             DECLINED APPLICATIONS

·          Inadequate verifiable income or assets

·          Falsification of the Application

·          Any conviction for manufacturing, distributing, or possessing a controlled substance, or arrest for an offense involving actual or potential injury to a person

·          More than three (3) late payments or two (2) returned checks within a twelve (12) month period

·          History of unreasonable damage or behavior to or in apartments, as prohibited in our lease

·          Under age 18 applicants generally are not competent to enter a binding contract, including a lease

·          We reserve the right to perform a SafeRent investigation if reasonable concerns arise on any applicant.

 

5.             SECURITY DEPOSIT REQUIREMENTS

·          Full security deposit is required prior to processing an application

·          Apartment security deposit is two-thirds (2/3) of the initial monthly rental amount, rounded up to the nearest twenty-five ($25) dollars

·          Amount of security deposit does not vary based on number of prospective residents in an apartment

·          For multiple residents, each application must clearly indicate what portion of the deposit that applicant paid.

 

6.             OCCUPANCY

·          Maximum number of people per apartment is two (2) per bedroom, for example;

o         Studio: 2 people

o         One bedroom: 2 people (sunroom apartments at Chateau qualify for one (1) additional person)

o         Two bedroom: 4 people

·          For purposes of occupancy, an infant is not considered a person until the child is two (2) years old 

·          If the occupancy limit is exceeded due to either the addition of an infant, or an infant living in the apartment reaches two (2) years of age, residents shall have up to the expiration of the lease term, or sixty (60) days, whichever is longer, to transfer to an appropriate sized apartment.

 

7.                    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.