Skip to main content

Rental Requirement

Rental Requirement

GENERAL RENTAL REQUIREMENTS AND QUALIFICATIONS

The Rental Application has been designed to allow for a thorough financial and criminal background check on all Prospective Residents. Each Applicant is required to complete a copy of the Application Packet. An application must be submitted for each Prospective Resident or Occupant eighteen (18) years of age or older unless a reasonable accommodation request submitted by the guardian on behalf of a dependent is approved by Management. All Applicants, including married couples, must complete and submit individual Applications.

Upon acceptance of any Application, the back portion entitled “Contemplated Lease Agreement” will be completed by an Owner’s Representative and all parties must sign the Application where indicated. To reserve an apartment, payment for the Application Fee and Administrative Fee must be made along with the completion of the Application Paperwork.

The Screening Report is based on a Pass, Approved with Conditions or Fail basis according to rent-to-income qualifications, debt-to-income qualifications, overall credit score, rental/mortgage history, check writing history and a criminal background screening. If the Screening Report returns with information contrary to our standards of qualification, an Adverse Action Letter will be mailed promptly. The Adverse Action Letter will supply information for the decisions involved in the final outcome of the Application status, as well as how to obtain a free credit report.

I. VERIFIABLE INCOME TO RENT EARNING RATIO:

A. All lease holding Applicants must provide verifiable income. The combined income for all leaseholders over the age of eighteen (18) is required to be at least three (3.5) times the monthly rental amount.

B. Income must be verified using the last two (2) consecutive paycheck stubs or equivalent to one full month’s pay OR an offer letter from an employer, direct supervisor, or human resources department. If an Applicant is self-employed, the previous year’s tax return or bank statements from the last six (6) consecutive months will be acceptable means of verification.

C. Verifiable income sources may include Current Employer, Child Support, Grants, Pensions, Social Security, GI Benefits, Alimony, Disabilities, Unemployment*, Trust Funds, Assets Receiving Dividends, Savings Account**.

  • **The amount in the savings account must equal triple (3x) the amount of the monthly rent multiplied by the term of the lease.
  • Any other source of income that can be proven to be received on a regular basis may be considered.
  • If verifiable rent-to-income earnings ratio falls below our scoring guidelines, a Guarantor may be used to achieve approval. The Guarantor must complete a separate Application and qualify under the same guidelines. However, the rent amount of the apartment cannot exceed twenty five percent (25%) of the co-signer’s monthly income/must earn 4x monthly effective rent. Any and all bankruptcy records will decline the co-signer Application.

II. CREDIT:

All Applicants will be subject to a credit screening as well as a check writing history search, through Equifax, Experian and/or TransUnion. The Resident Screening process will review trade lines within the last two (2) years to determine credit worthiness of Applicants. Collection balances pertaining to rental debt will be denied unless the debt is paid in full to achieve approval. If an Applicant has filed bankruptcy within the past two (2) years and the discharge has not occurred, the Application will be denied. If the Applicant screening reveals a discharged bankruptcy within the past two (2) years, the Application will be denied or eligible for a Guarantor. The screening search also verifies debt-to-income ratios and will deny Applications where debt exceeds acceptable income thresholds as it relates to rent-to-income requirements. The presence of a public record on a consumer report negatively impacts the overall score.

III. RENTAL/MORTGAGE HISTORY:

Rental/Mortgage history will be based on the length of history as well as the pay record. An application with a record reflecting an eviction judgment or broken lease with money owed to a current or previous landlord will be declined unless proof of payment in full is provided to achieve approval. Collection balances pertaining to rental debt must be paid in full to be approved. Foreclosures will be denied unless the other factors affecting the consumer report merit conditional approval. Applicants with reported rental debts to any CLEAR Property Management managed property will be denied unless the balance owed is paid in full. Any person subject to eviction or mutual termination for non-rent related breaches of lease at a CLEAR Property Management managed property will be denied. The Applicant bears the burden of proof when disputing his or her credit report. Residents’ dispute resolution claims are to be directed to the property’s screening provider.

IV. CRIMINAL HISTORY:

A criminal background check is performed on all individuals age eighteen (18) and over. Applicants with felony or misdemeanor convictions or deferred adjudication for violent crimes against a person or law enforcement official; including, but not limited to, assault with a deadly weapon, sexual offenses including registered sex offenders or crimes against a child or the elderly, kidnapping, drug manufacturing, distribution, or trafficking will not be accepted.

Misdemeanor possession of drug or drug paraphernalia convictions less than three (3) years old from the date of discharge will be declined. Applications with other felony and misdemeanor offenses are subject to denial or approval based on the degree of offense and the specific length of time from the date of offense. A list of specific offenses and the timeline filters are available upon request. Persons with a misdemeanor for theft by check will be required to pay rent by certified funds each month. NOTE: The criminal history requirement does not constitute a guarantee or representation that those Residents or occupants residing in the apartment have not been convicted of any of the above-mentioned crimes. Additionally, our ability to verify this information is limited to the information made available to us by the Resident credit reporting services used.

V. ENFORCED OCCUPANCY REQUIREMENTS:

Efficiency and One (1) Bedroom/One (1) Bath No more than three (3) persons
Two (1) Bedroom/One (1) or Two (2) Bath No more than five (5) persons
Three (3) Bedroom/Two (2) Bath No more than seven (7) persons

VI. IDENTIFICATION POLICY ENFORCED:

To ensure the protection of each Applicant’s identity, and in accordance with Fair Credit practices, persons applying from remote locations in which we have not had the privilege of identifying in- person, must be present at the time of move in for the initial release of keys, security devices and for final record of identification to be added into the Resident file as official documentation of identify confirmation by Management.

VII. HOLDING FEE POLICY:

The Deposit IQ Bond or Security Deposit, Administration Fee and Application Fee are required to reserve an apartment and hold it off the market from other Potential Applicants. An additional risk assessment fee may be required to achieve approval based on credit, rental history, income and/or other qualifying standards. If an application is cancelled before or after approval, all fees paid may be forfeited as liquidated damages. If any information provided on the Application is in any way false, all fees paid may be forfeited as liquidated damages.

VIII. CANCELLATION OR DENIAL OF AN APPLICATION:

If an application is canceled by an Applicant before or after approval, the administrative and Application Fees will be forfeited as liquidated damages. If an application is denied by Management due to failure of the Application to meet rental criteria, administrative and Application Fees will be forfeited as liquidated damages. If an application is canceled by Management, all funds paid by the Applicant will be refunded.

IX. PRIVACY POLICY:

We are dedicated to protecting the privacy of our Applicants and Residents, including Social Security Numbers and other identifying or sensitive personal information. Our policies and procedures are designed to help ensure that information is kept secure, and we work to follow all federal and state laws regarding the protection of personal information. While no one can guarantee against identity theft or the misuse of personal information, protecting the information provide to us is a high priority to our company and team. If you have concerns about this issue, please feel free to share them with us.

A. How personal information is collected: You will be asked to furnish some of your personal information when you complete a Rental Application. This information will be on the Rental Application form or other documents which you will provide to us or to an apartment locator service, either on paper or electronically.

B. How and when information is used: We use this information only for our business purposes involved in the leasing process. Examples of these uses include but are not limited to verifying statements made on the Rental Application (such as rental, credit and employment history), reviewing lease renewals, and enforcing lease obligations (such as to purse collections efforts).

C. How the information is protected and who has access: Only authorized persons are allowed access to personal information. Documents and electronic records containing this information is maintained in secure areas and systems.

D. How the information is disposed of: After we no longer need or are required to maintain personal information, we will store or destroy it in a manner designed to prevent unauthorized persons from accessing it. Our disposal methods will include shredding, destruction or obliteration of paper documents and destruction of electronic files.

E. Locator Services: Be aware that locator services are independent contractors and are not employees or agents of our company even though they may initially process Rental Applications and assist will the completion of leasing forms to your benefit. All Applicants are encouraged to obtain privacy policies from any and all independent locator services used in the pursuit of leasing an apartment.

X. CONSENT FOR RELEASE OF INFORMATION:

We, the undersigned Applicant(s), authorize all persons or companies in the categories listed below to release without liability, all information regarding our employment, income and/or assets.

The information may be released only to the rental dwelling owner named below. The purpose of releasing the information is to verify information we've given on a Rental Application.

A. Information covered: We understand that previous or current information may be needed. Verifications and inquiries that may be requested include, but are not limited to personal identity, employment, income, assets and allowance for childcare or medical purposes. This authorization cannot be used to obtain any information about us that does not relate to our eligibility for rental housing from the property owner named below. This general consent may not be used to request a copy of a tax return. If a copy of a tax return is needed, IRS form 4506-T entitled "Request for Transcript of Tax Form" must be prepared and signed separately.

B. Group or individuals who may be asked: The groups or individuals who may release the above information include, but are not limited to: Present and Past Employers Present and Past Landlords (including Public Housing Agencies) Support and Alimony Providers, Welfare Agencies, State Unemployment Agencies, Social Security Administration, Medical and Child Care Providers, Veterans Administration Retirement Systems, Financial Institutions (Banks, etc.) and Credit Reporting Agencies.

C. Conditions for release: We agree that a photocopy of this authorization may be used for the above purposes. The original of this authorization is on file and will stay in effect for thirteen (13) months from the date signed. We have a right to review the file and correct any information that is incorrect.

D. Rental dwelling owner: Rental history information may only be released to authorized personnel representing the Community as indicated below or CLEAR Property Management.

XI. Pet Screening:

All residents, whether you own a pet or not, must complete a pet profile via petscreening.com prior to move in. If profile has not been approved application will be denied. ESA animals still pending approval at time of move in must pay required pet fees. Once approved, all fees will be credited back to account ledger. A FIDO score of 3 or below may be denied.

Community Name:

Community Address:

Community Phone #:

Community Fax #:

Community Email:

______________________________
______________________________
______________________________
______________________________
______________________________

BY SIGNING BELOW, I (WE) ACKNOWLEDGE THAT I (WE) HAVE READ THE ABOVE AND UNDERSTAND THE CRITERIA FROM WHICH MY (OUR) APPLICATION WILL BE APPROVE

DO NOT SIGN BEFORE READING THE ABOVE


______________________________
APPLICANT SIGNATURE
______________________________
APPLICANT SIGNATURE
______________________________
APPLICANT SIGNATURE
______________________________
APPLICANT SIGNATURE
______________________________
APPLICANT SIGNATURE
______________________________
OWNER’S REPRESENTATIVE
______________________________
DATE
______________________________
DATE
______________________________
DATE
______________________________
DATE
______________________________
DATE
______________________________
DATE