- Income Requirements: The total annual house hold income must be at least 3x times the annual rent. If any applicant has an active mortgage then the annual house hold income must be at least 7x times the annual rent. Below is a table that can be used to help figure out what hourly rate is need for full time work to rent a house per applicant.
- Deposits: All properties require a one month deposit. Additional deposits maybe required if applicants have problems with either the employment or rental history. Paying the full deposit will remove the property from the market. Pet fee is $300.00 per pet limit 2 pets per house.
- Lease Terms: All initial leases are for 12 -18 month minimum terms. All leases will renew for one additional year with an adjustment for taxes, insurance, or other market factors, at a minimum of 3% per year.
Each Applicant will be required to submit an application, as well as completing all the required verification forms. During the application process we look at the following for each applicant.
- Employment History: We ask that each applicant submit the last three (3) years of employment history. We do not require a full three (3) years of employment, we just need to know what has been going on the last three (3) years. If there are employment gaps please let us know why. We focus on the last 18 months of employment history.
- Rental History: We ask that each applicant submit the last three (3) years of rental history. We do not require a full three (3) years of rental history, we just need to know what has been going on the last three (3) years. We will contact the previous landlord to determine if you left on good terms and still owe a balance with the landlord. If you do owe a balance with a landlord we recommend working with that landlord to clear any outstanding balances so it does not have an effect on your application. We additionally look for evictions. If you have an eviction on record we may require at a minimum an additional ½ month’s rent, if there are 2 evictions we may require at a minimum an additional one month’s rent. We do not accept 2 or more evictions on record. If you cannot provide 3 years of rental history additional deposits or charges will be required.
- Criminal History: We do perform a background check for criminal offenses. We use the last 5 years of history in our qualifying process. During our search we look for violent crimes, manufacturing or distribution of drugs. If you do have any felonies that within the last 5 years we do require a written explanation of the felony(s). We comply with all federal, state, and city laws in complying with criminal history.
- Credit and Evictions: We do run your credit history. During this process we will evaluate all information provided. If there are more than 2 evictions filed that will be grounds for denial, regardless of their age. Additionally, we will review your credit. We do not worry about credit score, but do look for balances owes to landlords and utility companies. If the balances owed are greater than rent, that shall be grounds for a denial. Please work with any creditor to clear those accounts.
Each Applicant is required to turn in the following items before we can start processing your application:
- A copy of a state ID or Driver’s License
- A valid social security card or Resident Alien Card
- An application, emergency contact form, and initialed terms and conditions form
- Last 2 months of check stubs. If self-employed last 2 year’s tax returns and previous 6 months of bank statements.
- Employment Verification Authorization and Release for any job in the last 3 years
- Employment Rental Authorization and Release for any rental in the last 3 years
- Payment of the application ($40.00 per adult)
House Application Process:
After we have received your application we shall start processing the application by first sending off all verification forms to all employers and previous landlords. This process takes the longest (2 – 7 days) and we might need your assistance in getting the employers or landlords to respond. Once we have the verifications, the application is considered complete and we will begin processing the application, by running a criminal background check. Your application will be then given to the Director of Operations to review, set the approved rent, and determine deposits required. An Alden Short leasing agent will call you with the final determination. At that point you can come pay the deposit, removing the property from the market, and set your move-in date.