Each adult on the lease is required to complete an application which includes background and income verification. More information below. The cost of each individual application is $50.
Total combined gross monthly income must be at least 2.5 times the amount of monthly rent; i.e. $700 monthly rent x 2.5 = $1,750 monthly income requirement. Subsidy recipient’s income must be 2.5 times the amount of the rent portion they are responsible to pay.
Income must be certifiable in writing, which may include a pay stub, verification form on company letterhead, letter of benefit assignments or tax statements.
Examples of income include, but are not limited to: Wages, Salaries, tips, Social Security benefits, Retirement, pension or Savings Accounts, Stocks or Bonds.
Savings accounts may be considered in lieu of active employment with verification of bank balances (savings, checking, money market, certificates of deposit totally at least six (6 times the monthly rent.
The following items may disqualify rental acceptance:
Previous unpaid evictions
Outstanding balance owed to previous or current landlord.
History of lease violations or broken lease terms (i.e. late payments, NSF checks, noise complaints, skips or any negative reference.
Applicants with no previous rental history may be required to provide a cosigner who meet the income and credit requirements of the Rental Acceptance Criteria, and/or furnish additional funds as determined by landlord including but not necessarily limited to an increased security deposit at twice the deposit amount in effect at the time of approval and/or last month’s rent paid in advance.
The following items may disqualify rental acceptance:
Bankruptcy: Applicant is eligible immediately after the date of the order of discharge for a Chapter 7 bankruptcy, 2 years after the date of the order of discharge or Chapter 13 bankruptcy.
Credit history will be weighted in conjunction with all other rental criteria. Stinson Apartments reserves the right to deny any applicant based solely on a history of any delinquent credit activity.
All applicants are required to pass a criminal background check. If residency in current state does not exceed seven years, additional reports are required from all previous states that applicant resided in the last seven years.
All tenants are required to obtain and maintain a renters insurance policy for the duration of their lease.
See this page for more information on insurance requirement.