GRAY
RESIDENTIAL RENTAL QUALIFICATION CRITERIA
Before anyone applies to rent an apartment home in a Gray
Residential managed community, please take the time to review this
screening policy. A rental application will be processed on all
prospective residents eighteen (18) years of age or older, and a
non-refundable application fee will be paid for each applicant. For
every lease that all applicants are on, there will also be a
non-refundable administration fee charged as well.
Please note that this is Gray Residential’s current rental
criteria, and nothing contained in these requirements shall
constitute a guarantee or representation by Gray Residential that
all residents and occupants currently residing in the community
have met these requirements. There may be residents and occupants
that have resided in the community prior to these requirements
going into effect; additionally, Gray Residential’s ability to
verify whether these requirements have been met is limited to the
information Gray Residential receives from the various resident
credit-reporting services used. It is the policy of Gray
Residential to comply with all applicable fair housing laws
including those which prohibit discrimination against any person
based on race, color, national origin, religion, sex, gender
identification, sexual orientation, familial status, and/or
disability.
Falsification of Application
Any falsification of applicant's paperwork will result in the
automatic denial of application. If an applicant falsifies his/her
paperwork, the owner has the right to hold all deposits and fees
paid to apply towards liquidated damages.
Identification
Applicant(s) must provide one (1) valid government issued forms of
identification. Some of our communities may participate in an
Identification and Income Verification program. Applicant(s) will
have to provide identification and answer questions to provide
proof that the identification information matches the
Applicant.
Positive Owner/Rental History
- Applicant(s) not having
rental history will pay the highest deposit tier.
- Any evictions within the
last five (5) years must be paid off in full and provide proof that
evictions are paid off. Additional fees and/or deposits may be
required.
- Proof of payment will be
required if you have ever had an account sent over to a rental
collection agency.
- Applicants will be
denied for:
- Outstanding debt to any
landlord(s). Any non-sufficient fund (NSF) check must be paid in
full.
- Breach
of lease resulting in negative rental reference.
- Any
foreclosure that has happened within a year of
applying.
Occupancy Guidelines
Gray Residential considers anyone (regardless of if the person is
on the lease or not (i.e., children)) that occupies an apartment on
a full time or part time basis an occupant of that apartment and
therefore must adhere to the HUD Standards
Renter’s Insurance
Applicant is required to obtain and maintain renter's insurance at
Applicant’s cost for the entire duration of the lease. Applicant’s
renter's insurance policy must contain at least $100,000 in
property liability coverage and must name the property and its
address as additional interest/interested party on the renter's
insurance declaration page. If Applicant fails to provide a
renter's insurance policy that complies with the guidelines stated
in this section, then Applicant will automatically be enrolled into
property's renter's insurance program and will be responsible for
paying the monthly cost associated with the program.
Apartment Reservation
An apartment will not be reserved until applicant(s) complete and
sign the rental application, all qualifying documents are verified
by the property’s leasing office staff, applications fee(s) and an
administration fee are collected by the property’s leasing office,
and the Applicant has completed the identification and income
verification. Again, application fee(s) and administration fee are
non-refundable even with application denial.
Income Requirements
Applicant(s) household must earn verifiable monthly gross income
equal to or greater than three (3) times the total net monthly
rent. Income from all applicants of eighteen (18) years or older
may be combined to meet this income requirement.
Communities not participating in Checkpoint ID:
- Employed Applicants:
Applicant(s) must provide a copy of the three (3) most recent
paycheck stubs for income verification.
- Self-Employed
Applicants: Applicant(s) must provide a copy of their latest
Federal Tax Return and business license, as applicable. In lieu of
the tax return, the applicant may provide a copy of the last three
(3) bank statements showing deposits greater than three (3) times
the monthly rent and copies of all 1099's issued to the
applicant.
- Fixed Income:
Applicant(s) must submit one (1) or more of the following: the
current year supplemental security income (SSI) award letter,
benefit letter, the last three (3) months of payment statements for
pension.
Fair to Good Credit Record
- A credit report will be
completed on applicant(s) to verify credit ratings. Income plus
verified credit history will be entered into a credit scoring model
(i.e. RV Index) to determine rental eligibility and fees and/or
deposits. Requirements are to have a score of fifty (50) or higher.
Unfavorable accounts which will negatively influence this score
include, but are not limited to, collections, charge-off,
repossession, and current recent delinquency; and open bankruptcies
will result in an automatic denial of the application. Medical debt
and student loans will be excluded.
Guarantors
If an Applicant needs a guarantor to help qualify the Applicant,
the guarantor must provide proof that he/she makes five (5) times
the monthly rent, passes the credit scoring model (i.e. RV Index)
with a score of sixty-five (65) or higher, and does not have any
accounts in bankruptcy or foreclosure within the past seven (7)
years of applying, and does not have any accounts with a rental
collections agency or been evicted within the past five (5) years
of applying.
Pet Application
Every resident will have to complete an application on
PetScreening.com regardless of whether the resident has a pet or
not. If the resident has a pet that does not qualify as an
assistant animal or emotional support animal, the resident will
have to pay the annual fee that PetScreening.com charges. If the
resident does not have a pet or has a pet that is classified as an
assistance animal or emotional support animal, then the resident
will not have to pay the annual fee that PetScreening.com charges.
The property's one-time non-refundable pet fee ($250) will be
charged if the pet is approved through screening. Every resident
who has a pet that does not qualify as an assistance animal or
emotional support animal will also be financially responsible to
pay the monthly pet rent ($35 per pet). If a pet DNA program is not
already in place at the property, the property's ownership has the
right to implement any pet DNA program and a resident will be
financially responsible for paying any fees or fines associated
with the pet DNA program.
Criminal Background Check
A criminal background check will be conducted for each applicant
and occupant aged eighteen (18) years or more, regardless of if the
occupant is on the lease. The application may be denied if an
applicant has been convicted of a crime, based on the severity of
the crime and how many years ago the applicant was convicted of the
crime. All records are evaluated from the date of disposition. An
applicant may request this decision be overridden by a
committee.
Please remember that the background screening process does not
constitute a guarantee or representation that occupants currently
residing in the Gray Residential managed community have not been
convicted of or subject to deferred adjudication for a felony,
certain misdemeanors or sex offenses requiring registration under
applicable law. There may be occupants that have resided in the
community prior to this requirement going into effect.
Additionally, Gray Residential’s ability to verify this information
is limited to the information made available to Gray Residential by
the resident background reporting services used.
