Income and Expense Application Standard
If you do not have sufficient income under our Regular Income Standard, you may elect to qualify under one of our other three alternative standards (Net Worth, Guarantor, Income & Expense).
Regardless of the income standard you choose to apply under, each Application Standard requires:
- Acceptable prior landlord references.
- Excellent credit (unless noted otherwise, as in our Guarantor Option).
- A completed Application for each proposed adult occupant.
- At minimum, a standard deposit payment (25% of one months rent).
- A $40 payment for the application fee for each adult applicant (including any guarantor applications).
Our Income and Expense Standard is designed for inviduals who have excellent history budgeting and paying their monthly bills with less income than needed to quality under our other standards.
Under the Income & Expense Standard, an applicant may qualify if:
1. Their income is greater than or equal to only TWO times the proposed monthly rent (including any rental payments for parking, storage or pet fees), PLUS all of their combined household monthly expenses averaged over the previous twelve months. Monthly expenses are defined as ALL expenses, excluding only housing expenseand savings. Unlike our other standards where we primarily focus on income, both your income and all of your expenses are verified under this alternative.
2. Each proposed occupant provides evidence of 12 months of ALL of their expenses and the expenses of all dependents who will reside in the unit, including but not limited to expenses such as utilities (e.g. telephone, cable, internet, water, gas and electricity), credit card purchases (not just payments), clothing, food, entertainment, vacation, travel, personal sundries, automobile expenses, medical, loans (student or automobile, or investment) and all forms of taxes (federal and state withholding, social security and disability).
3. The information is provided in a logical format with legible copies of all statements, bills or invoices. If we discover you have excluded any portion of the previous 12 months of expenses, regardless of the reason, your application will be rejected as an incomplete application
Application Priority
Because we review the first completed application and only a single application at a time, the applicant or applicants must elect to apply under a single specific standard, at the time the application is submitted. If there is more than one applicant, the applicants must select a single application standard for the proposed household. Applicants for a single apartment unit may not apply under different standards. If you fail to qualify under the standard you initially choose, your application will be denied. If there is a back-up application, the back-up application will then be processed. You will not maintain your application priority once denied, regardless of the reason.
To be reconsidered after failing to qualify under your chosen standard, you will then need to reapply using another standard that you select. Therefore, we strongly recommend that you choose your economic standard carefully and select the one that best suits your household economic position.
A completed application must include all necessary payments (deposit and credit check fees), a signed rental brochure, the standard residential Rental Application, fully completed by each proposed adult occupant and guarantor(s), along with all necessary supporting documentation. If any portion of the application is missing, it will not be considered complete and will not be processed until the missing materials have been submitted. If the missing materials are not submitted, the application will not be reviewed and will be considered an abandoned application. Any payments will be mailed to the applicant(s) last known address if one has been provided. If not, the checks will be marked VOID and filed with the incomplete application.
