Net Worth Option/Standard
Warning - Due to the recent volatility in the asset market, this alternativeincome standard is under review and may be modified. Applicants are warned this option may not be available in its current form at the time of their application. If you are considering this option, please verify with the manager or leasing agent it has not been modified.
Regardless of the income standard you choose to apply under, each Income 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 each credit check for each adult applicant (including any guarantor applications).
If you do not have regular income or sufficient regular income, you may qualify based in whole or in part on your liquid assets, or your liquid net worth.
To apply under this option:
1. You must submit three statements of valuation of the assets. This can be done most easily by submitting a statement of account value from your brokerage firm.
- One of the three statements must be current within 30 days of your application.
- The second evaluation must be a statement that is no less than 6 months old, and the third must be no less than 12 months old, but not greater than 18 months old.
- The net worth valuation will be determined by averaging the value of the three statements.
2. Your liquid net worth must be greater than or equal to sufficient income to meet our Regular Income Standard for five or more years. Under this alternative, your liquid net worth is then converted to phantom monthly income.
- By way of example, an applicant applying for an apartment unit renting for $1,500 per month, would need a net worth of five times $54,000 (the standard income required of three times the rent) or $270,000. This is a net worth equal to the Regular Income Standard for 5 years.
- Another example, if you are applying for a $2,000 per month apartment as a single occupant, our Regular Income Standard would require that you have income greater than or equal to three times the monthly income, or $6,000 per month, or $72,000 per annum. Under the Net Worth Standard, you need to show that you had this amount of income in liquid assets for a minimum of 5 years, or $360,000 of liquid assets.
Combination Option/Standard
As another alternative, you may qualify using a combination of our Regular Income Standard and the Net Worth Standard. If your income is slightly below the Regular Income Standard, an individual could qualify if their monthly income was only $18,000 per year – but in addition if they had a net worth of $90,000. In this example, the net worth counts for 50% of the income necessary under our regular income standard.
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.
Other Options:
Regular
Income-Expense
Guarantor