- 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: The criminal records of all household members over the age of 18 will be checked and reviewed for certain felony and Class A misdemeanor offenses. The information gathered as the result of this check would affect the approval of the application as follows:
- Applicants with any of the following felony convictions (or similarly classified offenses in jurisdictions outside of Texas) in the ten (10) year period preceding the date of application will be denied approval: murder, capital murder, aggravated kidnapping, sexual assault, aggravated sexual assault, indecency with a child, sexual performance by child, first degree criminal solicitation, compelling prostitution, trafficking of persons, aggravated robbery, burglary if committed with the intent to commit felony sexual assault, aggravated sexual assault, sexual abuse of a child, or prohibited sexual conduct, offenses under Section 481.134(c), (d), (e) or (f) of the Texas Health and Safety Code (or, such other applicable state law, if allowed by law) if it is shown that the offender has been previously convicted of an offense for which punishment was increased under the aforementioned sections, offenses under Section 481.140 of the Texas Health and Safety Code (or similarly classified offenses in jurisdictions outside of Texas) relating to any felony conviction increased in punishment as a result of use of a child in commission of such offenses, and any offense where the offender used or exhibited a deadly weapon during the commission of a felony offense or during immediate flight therefrom will be automatically denied.
- Applicants will be automatically denied for any prior conviction for manufacturing or distribution of a controlled substance (or similarly classified offenses in jurisdictions outside of Texas).
- Applicants will be automatically denied if they are currently subject to a registration requirement under Article 62.001, Code of Criminal Procedure, Sex Offender Registration Program (or similar Sex Offender Registration Programs in jurisdictions outside of Texas).
- Any other felony or Class A misdemeanor conviction other than those set forth in 4.A. above related to violent criminal activity (or similarly classified offenses in jurisdictions outside of Texas) will result in denial if the conviction occurred in the seven (7) year period preceding the date of application.
- Any conviction of Theft under Texas Penal Code Sections 31.03 (as defined by 31.06) or 31.04 related to Theft by Check or Theft of Services (or similarly classified offenses in jurisdictions outside of Texas) in the three (3) year period preceding the date of application will result in conditional approval and, if allowed by law, require the applicant to agree to pay all amounts due and payable by applicant within the initial lease term (including all rental payments, deposits, and other lease charges) with certified funds.
- Notwithstanding the above, any applicant may provide documentation disputing the negative criminal activity or provide evidence of circumstances that mitigates the negative criminal activity. Any request for reconsideration of a denial of tenancy due to criminal activity shall be submitted within fifteen (15) calendar days of such denial and management shall make a determination, within twenty-one (21) calendar days thereafter, as to whether to uphold the denial of tenancy.
- Failure to accurately report any criminal activity constitutes a non-curable material falsification and is grounds for termination of tenancy regardless of when such material falsification is discovered.
- 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.