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Application Q & A
1. How long does the application take to process?
The application usually takes 7 to 10 working days to process depending upon the accuracy of the information provided on the application and how quickly employers, current landlords and previous landlords respond to our inquiry. You will be notified in writing if your application was accepted or declined.
2. Does my spouse need to complete an application?
All adults 18 years and older must complete an application regardless of income source, employment or any other criteria.
3. Does my spouse or other occupying relatives need to complete the application even if they do not work?
Again, all adults 18 years and older must complete an application regardless of income source, employment or any other criteria.
4. Is my application fee refundable?
Your application fee is not refundable under any circumstances.
5. Do I have to pay an application fee for all property that I may wish to apply for?
No, the application fee may be used toward and property during a three-month period from the date of your initial application.
6. Who processes the applications?
The applications are processed by our processing center. Once the application has been reviewed by the processing center, the application is referred to a SLPM property manager to inform the applicant(s) of the results. Application processors do not communicate directly with applicants and only make tenant selections based on the merit of the application and supporting documentation.
7. Do you accept co-signers?
We do not accept co-signers. Only applicants who will occupy the residence will be considered.
8. Do you rent to students?
An applicants occupation or source of income is not relevant to the application process. All applicants are evaluated in the same manner regardless of occupation.
9. How much money do have to make to rent the property?
You have to make a gross (before taxes) monthly combined income of at least two and one-half times the monthly rent. For example, if the monthly rent is $1,000.00 your total gross household income must be at least $2500.00 a month.
10. How do your verify income?
If you are employed we need your last two paystubs. If you are self-employed we need a complete filed copy of last years IRS 1040 form with all schedules -or- three months of bank statements supporting your current income level.
11. How do you select tenants?
We evaluate applications by using a credit qualifying model which assigns value to relevant elements of the application. Each application is scored based on this standarized criteria and this determines whether or not the applicant qualifies for tenancy.
12. What if I have bad credit or a bankruptcy?
Credit is an extremely important element of the application evaluation. The effect of derogatory credit will depend on type and amount of delinquiency and other qualifying factors on your application.
13. What if I have extenuating circumstances regarding my application?
You are welcome to add a letter or any documentation you wish to your application. Information and/or documentation that clarifies negative items or credit issues will be considered.
14. Do you accept pets?
Pets are acceptable at some properties. There is an additional security deposit when a pet is permitted.
15. Do you accept tenants on programs sponsored by Housing and Urban Development (HUD)?
Tenants using HUD programs are acceptable on some properties. Individual tenant qualifications remain the same.
16. How many people can occupy a residence?
Two people per bedroom plus one additional person is permitted unless otherwise noted.
17. When do I pay my security deposit or holding deposit?
Once you are notified of acceptance and you have seen the property you have 48 hours to pay your security or holding deposit. Security deposits cannot be paid by personal check. You may use a cashiers check or money order.
18. Do I have to show identification when renting a property?
Yes. Valid photo identification (Drivers License, Military ID, State ID or passport) is required when signing the lease agreement.
19. Is the condition of the property documented?
A detailed check-in list will describe the current condition of the property. The check-in is reviewed and signed at the same time as the lease agreement.
20. How can I find out if the owner is planning on selling the property in the future?
The property managers do not have information on the personal information or plans of property owners. Only infomation regarding the terms and specifics of the rental are available.
21. May I have a six month, one-year, or two year lease?
Most rental agreements have a minimum 6 month term. You may request a longer lease subject to written approval of the property owner.
22. How long will you hold a property vacant once you have approved an application?
Properties are usually held for no more than one to two weeks depending on the demand for the property. Property is rarely held vacant for more than two weeks.
23. How can I expedite the processing of my application?
With your completed application please provide copies of the following documentation
Copy of Existing Rental AgreementCopies of last 6 months of cancelled rent checksCopy of a recent utility bill mailed to you at your current addressCopy of your last move out accounting from your previous landlord(s)Copies of last two months paystubsCopies of last years W-2(s) for all employers
Self Employed: Copies of last years filed IRS 1040 form complete with all schedules
Section 8: Copy of most recent property inspection
