Rental Application Guidelines
Every resident age 18 or older must apply and pay an application fee of $65 per applicant.
The rental listing will specify on each property if pets are permitted. If pets are permitted, there will be a $300 non-refundable pet fee per pet and an additional pet fee each month per pet. The monthly pet fee will be determined by your "Paw Score" at petscreening.com, so take the time to carefully complete your pet profile as thoroughly as possible.. If you have a dog, you must make sure your renter’s insurance policy insures coverage for that breed of dog. Additionally, if the landlord’s homeowner’s insurance policy does not presently insure for that breed of dog, you may have additional expenses to cover the Landlord’s increased insurance premium. We can’t answer specific questions about your breed at a given property until you first apply.
This generally depends on how long it takes to get back items out of our control, including copies of photo ID, landlord references and income verification. We are generally able to receive all items needed and make a decision within 3 business days. You can help expedite that time, by helping to obtain all items as quickly as possible.
- Each adult applicant must present evidence of a valid Social Security or Tax ID Number for the purpose of obtaining a credit report and matching to a photo ID.
- Applicants must have a combined verifiable monthly income from a local employer equal to or greater than three times the monthly rental rate.
- Any non-employment and/or passive income must be guaranteed for the term of the lease by the government agency or
- Applicants must have a history of satisfactory rent payments and occupancy with all previous landlords.
- Applicants must have given sufficient notice-to-vacate at their last address.
- Judgments and evictions from any previous landlord are considered bad credit.
- Group 15 Real Estate purchases a credit report on all applicants and requires good credit to be approved.
- Credit scores above 650 are considered good credit.
- Scores between 500-650 are considered questionable credit, depending on the rental amount. All scores below 500 are considered bad credit. Questionable and bad credit scores are not automatically approved, but may still be considered depending on the applicant’s overall file and lease negotiations.
All leases have a $200 lease preparation fee due upon application approval. Depending on credit an additional risk mitigation fee may be due. It has been shown through both statistical and historical analysis that an applicant's overall credit rating directly affects the risk and likelihood of default, damages and unpaid rent for the landlord. Applicants with a lower overall credit rating pose a significantly higher risk and liability. In an effort to mitigate that risk and allow applicants with a less than perfect credit rating to still gain approval for their chosen property we have implemented a scoring model that allows applicants to pay a fee to offset the increased risk and exposure the landlord faces in approving them with lower than a good credit score.
** For multiple applicants the scores are averaged. For example, Tom and Suzy apply for a property and Tom has a credit rating score of 665. Suzy has a score of 580. 665 + 580 = 1245. 1245 / 2 applicants = 622.5 average score. We always round up to the next whole number so the score is 623. Looking at the table above Tom and Suzy would pay $200 as their Contingent Approval fee. Applicants with no credit score showing will be assigned a score of 500 for the purposes of determining the contingent approval fee. All scores are based on TransUnions Fico Classic 04 scoring model.Criminal History
- Applicants may be denied for any felonies of illegal manufacture or distribution of a controlled substance within the last 7 years, felonies resulting in bodily harm or intentional damage or destruction of property, for example, "arson", within the last 7 Year.
- Applicants may also be denied for any
sexualrelated offenses for any time period.
As a company, we do business in accordance with the Federal Fair Housing Law and welcome Persons of all Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin.
Typically twelve months, with the exception that none of our leases end in the months of November, December or January.
The typical lease includes a security deposit equal to one month's rent. Questionable items on the credit report may require a security deposit equal to two month's rent.
Group 15 Real Estate does not accept Section 8 or any other housing voucher programs.
We will reach out to you once your application is approved and ask you to pay the lease preparation fee within 24 hours via paypal. Once that fee is paid we will send you the lease for e-signature and will send you an accounting of the funds required to secure the property, including security deposit and any relevant fees. Once the lease is signed and those initial funds are paid we will take the property off the market. Please note that at any given time in the process up until us receiving the required funds the property could be taken off the market and rented to another party, even if your application has been approved.