APPLICANT INFORMATION
PLEASE READ THIS ENTIRE PAGE
Please understand that application fees and reservation fees are non-refundable. This is a disclosure of potential fees and requirements of signing a lease with APM.
Resident Benefits Package (RBP)
At APM we look to make your life easier. By making sure you are protected against the unforeseen, making the day-to-day a little easier, and maybe even a future home purchase APM is dedicated to ensuring all of our residents achieve their housing goals.
Every residential lease we sign includes a benefits package for the tenant. This package costs $40.00 per month and is a standard portion of all of our leases. The RBP is used for the following items:
- Renters Insurance coverage ($10,000 coverage on belongings and $100,000 liability coverage)
- Concierge utility connection at move-in
- Monthly rental rewards simply for paying your rent on time
- 24/7 maintenance requests take the stress out of the unexpected.
- Online portal allows you to easily pay your rent and access important rental information with just a click
- Regular filter shipments means reduced heating and cooling costs up to 15%
- Rental payments reported to the credit bureaus to build your score.
- Home buying assistance
Application Fee
The application is $50 per adult. Our policy is that ALL ADULTS that live in the property must apply and be named on the lease. The ONLY exceptions are for commuting college age adults or elderly adults that are related to the tenants named on the lease, but will not be financially responsible for the rent payments.
Qualifications
We check Credit, Civil Background, Criminal Background, Income/Employment, & previous Rental History.
Credit - We like to see credit over 625, but with an increased fee we can work with you if credit is over 500 provided there are no other issues. We have yet to approve anyone with credit under 500, but credit alone is not the only factor. No credit is treated just as favorably as good credit. Landlord collections are an automatic denial.
Civil Background - Bankruptcies must be paid off and greater than 5 years old. Eviction judgments are an automatic denial unless you can show that you have made good on your promise to pay and the credit bureau has not reported it. Eviction filings that ended in dismissal we can work with as long as there is not a repeated pattern and there are no other issues to overcome, i.e. credit.
Criminal Background - We do not rent to anyone currently on probation or parole. We know many people have issues in their past and as long as we do not see a repeated pattern of criminal activity we can work with you.
Income/Employment - We require income to be 3 times the rent amount. If the rent is $1,000 the combined monthly income for adults will need to be $3,000. On the application you will be asked to provide your gross monthly pay. If all your other reports come back favorably then we will request 2 months of pay stubs, an employment letter if you are a new hire, or 2 years of w2s if you are self employed. The pay you receive on paper must match what you report on the application.
Previous Rental History - We contact previous landlords and look for potential gaps in your residence history. If you cannot provide us with their information we have no way of getting a positive recommendation from them. If you have a recommendation letter, please email it to us. That always helps in our decision. If you own a home with a mortgage on it where that loan payment and your future rent payment exceeds the income threshold then we may request more information.
Credit Contingency Fee
Management's experience has shown that Residents with credit scores below the optimal amount are more likely to pay late or otherwise default on their lease obligations, creating a higher workload and more risk for Management.
- Residents with a score between 624-575 will be charged a monthly credit contingency fee of 2.5% of the monthly rent.
- Residents with a score between 574- 525 will be charged a monthly credit contingency fee of 3.5% of the monthly rent.
- Residents with a score under 524 will be charged a monthly credit contingency fee of 4.5% of the monthly rent.
- Example = $1000 in rent with a score of 570 will require a monthly payment of $1075.00 ($1000 rent, $40 RBP, $35 credit contingency fee)
Does my spouse, roommate, or significant other need to apply?
Our policy is that ALL ADULTS that live in the property must apply and be named on the lease. The ONLY exceptions are for commuting college age adults or elderly adults that are related to the tenants named on the lease, but will not be financially responsible for the rent payments.
Security Deposit Administrative Fee
Every lease includes a security deposit admin fee of $200.00 payable at lease signing. This fee helps defer the costs of accounting, inspection, walk-throughs and other business related expenses. This fee is not refundable and is not a part of the security deposit.
No Security Deposit Option
As an incentive to our well qualified applicants we do offer a waiver to the traditional security deposit. With income 4 times the rent amount, no eviction filings, and credit over 625 you can opt to waive the security deposit and pay a nominal monthly fee of $30.00. The Security Deposit Admin fee will still apply.
Pet Policy
Residents are required to pay a $250.00 per pet administrative charge upon move-in, and $25.00 per month per pet (limit 2 pets) as additional rent, due on the same day as the regular rent. These fees are not refundable under any circumstances.
Section 8 or Vouchers
We allow individual owners to decide whether they will allow us to rent a property to someone needing public assistance. If the owner has approved it, then we will market the property as "section 8 accepted" or "Accepting Vouchers"otherwise the owner has declined that opportunity. We require all tenants to meet the qualifications as stated above.
Fair Housing Statement
Advantage Property Mgmt is committed to compliance with all federal, state, and local fair housing laws. Advantage Property Mgmt will not discriminate against any person because of race, color, religion, national origin, sex, familial status, disability, or any other specific classes protected by applicable laws. Advantage Property Mgmt will allow any reasonable accommodation or reasonable modification based upon a disability-related need. The person requesting any reasonable modification may be responsible for the related expenses.
