Applicant Rental Criteria

Elon Student Properties

University Pointe; Evellien; Provence

1.             All full-time occupants of the apartment that are 18 years of age or older must complete an application and pay the $50.00 application fee (unless waived because of current specials). An occupant may be considered part-time only if they can show proof of residency in another city or state and\or proof of full-time student status where residency is established in another city or state.  The occupant must not spend 15 or more consecutive nights at the apartment in any given 30-day period.

2.             Monthly rent to income ratio must be less than or equal to 50% for standard application and security deposit approval

                OR Applicant must produce documentation of a Student Loan or Student Scholarship disbursement amount equal to the total annual rent due OR Applicant must obtain a qualified Guarantor with a monthly rent to income ratio of less than or equal to 25% for standard application and security deposit approval.

3.             Applications are approved based on a Tiered Screening process that is designed to estimate the relative financial risk of leasing an apartment to the applicant(s).  This process offers an objective and consistent way of reviewing relevant applicant information and offers 2 tiers of approval based on the financial risk determined from factors we have chosen.  Below is an explanation of the factors:

A.            The following items will individually and collectively be factored into the scoring process:

a.             Public Records for Civil Judgments for unpaid accounts above $100.00, excluding medical and educational loans.

b.             Collections for unpaid accounts above $100.00, excluding medical and educational loans.

c.             Foreclosures.

d.             Collections, Charge- Offs, Late Payment history.

B.             The following items will individually be factored into the process and will result in the application being denied.

a.             Landlord\Tenant Records for judgments and evictions, that occurred in the last 84, or less months. 

b.             Landlord\Tenant Records for court filings that occurred in the last 24, or less months.

c.             Bankruptcy that occurred in the last 12, or less, months. 

d.             Multi-Family Collections that occurred in the last 84, or less months.

e.             Rental History indicating 3 or more late payments, and/or 3 or more NSF payments in a 12-month period.

C.             Other independent items that will be factored into the screening process:

a.             If Utility Debt is found, the applicant must pay the debt in full and provide proof of payment to be approved. 

b.             A Multi-State Sex Offender Registry check will be performed and, if found, the application(s) will be referred to the Corporate Office for review.

c.             A criminal background check will be processed and if a criminal conviction is found the application(s) will be referred to the Corporate Office for review.

Standard Security Deposit is Equal to 1 Month of Rent.

Second Tier Security Deposit is Equal to 1.5 Months of Rent.

4.           a.             If an application is denied, based on our screening criteria, unless due to unpaid multi-family

collections, court filings, evictions, or judgements, the applicant can elect to pay a 2^nd tier security deposit and administrative fee and an amount equal to 2 times the market rent.  The 2^nd tier administrative fee and 2 months’ rent up front must be paid by certified funds once being notified of the denial, and no more than 48 hours after, and the security deposit must be paid on or before the beginning date of the lease term.  Income requirements must still be met.  The prepaid rent amount will be applied to rent due at move in and future rent.

b.             If our Screening results in criminal history or Multi- State Sex Offender registry findings, and the applicant is denied following review from corporate staff, the denial will remain, and any paid Administrative Fees will be refunded.

5.           Occupancy standards specified below would also include a plus “+1” option for all apartments. For consideration regarding an exception to this policy, applicants will have the option to complete a Reasonable Accommodation form.                

1 Bedroom                            2 persons

2 Bedrooms                          4 persons

3 Bedrooms                          6 persons                                                                                             

Should your application be denied, or conditionally accepted, you can learn which factors most negatively influenced the decision by contacting the consumer reporting agency listed below. Additionally, you can obtain a free copy of your consumer report, if you make the request to the consumer reporting agency within 60 days of the adverse action.     

Rent Grow

Ph. (800) 898-1351

Rentgrow.com       

Procedure for Securing an Apartment

1.            Application must be filled out completely with all information needed for approval and it must be dated and signed.  If the necessary information is not provided by applicant(s) when the application is submitted the applicant must provide information requested within 48 hours of our request.

2.             The application fee (per adult applicant, which is anyone at/over the age of 18) must be paid (unless waived because of current specials).

4.             Applicant(s) must choose the apartment they are applying for.

5.             Applicant(s) must sign a lease within 3 working days of the day they are notified that the approval process is complete and they are approved unless the scheduled move in date is within 3 days of the approval notification date.  Applicants have until the end of the 3rd day to sign the lease agreement.  If the lease agreement has not been signed by the end of the 3rd day, the applicant will be considered a back out and will forfeit the administrative fee.  Simply stated, the applicant can back out of the agreement within 3 days of approval or will be considered a back out if the lease is not signed by then end of the 3rd day.

6.             After the lease has been signed and the 3-day period has expired, the lease agreement will act as a contract and all financial obligations under the contract are binding.  The beginning date of the lease term will be the move in date and the date signed will be the actual date the lease is signed.  The keys will be distributed, and other paperwork will be signed on the move in date.

7.             We will allow lessees to sign the lease agreement at separate times, but they do so at their own risk with the understanding that if the additional persons listed as lessee(s) on the lease agreement do not sign the agreement, they are not considered lessee(s) and will not be treated as such.  The keys will be distributed, and other paperwork will be signed on the move in date. 

Procedure for a Temporary Hold

A prospect can place a “temporary hold” on a specific apartment for 1 day (which is defined as the end of the business day after the date the hold was placed, including Saturday), if they are willing to complete a rental application and pay the application fee and administrative fee.  We will then “pencil” their name in for that apartment, but we will not run the application or deposit the checks during the hold period.  If the prospects have not contacted us by the end of the next business day the hold will be removed and the application fee and administrative fee will be mailed back to the prospect(s) at the address they provided on the application unless another address has been provided.  Once the hold is removed, the apartment will immediately become available to the next prospect.

Waiting List Policy

When our current availability does not meet the needs or desires of a prospect or their desired move in date exceeds the time allowed (based on current occupancy), the prospect can elect to be placed on a waiting list.  In order to be placed on the waiting list the following must occur:

An application must be completed by all persons 18 years of age or older.  The application fee must be paid (unless waived because of current specials).  If\when an apartment meeting their specifications becomes available we will notify the applicants and will give them until the end of the next business day to pay the administrative fee, notify us of their intent to secure the apartment and begin the application approval process.  During this time we will “hold” the apartment for them, but if they have not paid the administrative fee and notified us of their intent to secure the apartment by the end of the next business day, the “hold” will be removed and we will call the next person on the waiting list and follow the same procedure. At this point the apartment will be rented to the prospect that begins the process of securing the apartment 1^st.           

Animal Policy- University Pointe Only- Animals are not permitted at Evellien or Provence unless by Reasonable Accommodation Approval.

Restricted breeds include Rottweilers, and Bully Breeds, including but not limited to the American Bully, American Pocket Bully, American Pit Bull, American Staffordshire Terrier, Bull Terrier, Cane Corso, Dogo Argentino, Shorty Bull, American Bulldog, Pacific Bulldog AND any mix of the Rottweiler or Bully breeds.

Limit 3 animals per apartment and all animal owners must provide the following documentation prior to lease signing:

• Current vet records for each animal, that includes the animal breed, estimated weight at full growth, and rabies vaccination.
• A picture of the animal.
• Proof or Renters Insurance that allows the properties insurance company to subrogate against the Lessee (Provided prior to Move In).                  

Guarantor Rental Criteria

Elon Student Properties