Below is a summary of our typical rental criteria. Please note that this information is subject to change and this serves as a generic guide. Other criteria, restrictions and exceptions may apply.
Four (4) Requirements to be eligible for a standard refundable security deposit:
Acceptable Credit Rating per Resident Screening system.
Approved Criminal Rating per Resident Screening system.
Combined Gross income (including co-applicant) shall be A MINIMUM of three (3) times the rent amount plus RUBS/Allocated Utilities.
Six (6) months of current employment, validated by pay stub showing YTD earnings.
Self-employed persons will need to show proof of income (tax returns, etc.) for the past 2 years.
Income may include sources other than employment such as Social Security or retirement accounts.
Applicants who cannot provide proof of income from a verifiable source must have 36 months of the monthly rental rate in a verifiable savings account.
SNAP and Unemployment Benefits will not be considered income.
Twelve (12) months of positive verifiable rental history or home ownership.
Requirement when Monthly Income/Employment does not meet 3x the rental rate and all other criteria have been met:
If the Applicant can provide satisfactory evidence of at least 2.5x to 2.99x the rental rate - Deposit must be equal to 1.5x the monthly rent to proceed.
If the Applicant is below 2.5x – an approved co-signer or 36 months’ worth of rent in a verifiable savings account to proceed.
The Property Manager reserves the right to review the application in its entirety and based on the other factors may opt to decline the applicant.
Requirement when Resident Screening credit rating indicates “Conditional Accept” and all other criteria have been met:
Deposit shall be equal to $400.00 to proceed.
Requirement when less than Twelve (12) Months of positive verifiable rental history but all other criteria have been met:
Deposit shall be equal to 1.5x the monthly rent to proceed.
All persons over the age of 18 must be a signer on the lease contract. Occupants are limited to two (2) persons per bedroom. A person is considered an occupant after 12 months of age. If the occupant reaches 12 months during the lease term, the residents may stay in the unit until completion of the lease term. There may be some variations to the above occupancy standards based on square footage of the unit.
Lease Holder(s) must present evidence of Liability Renter’s Insurance coverage including Personal Liability for $300,000 and a minimum deductible of $500. The policy must include the Property Name listed as an “Additional Interested party” and must remain in effect for the term of the lease.
A Credit Report and Criminal Background Check will be completed for all applicants and occupants eighteen (18) years of age and older.
All credit and background information is supplied through Yardi Resident Screening.
Applicants Must Have One (1) Government issued ID (Driver’s license, Social Security Card, Passport, or Visa) and one (1) additional form of ID such as (Bank Card, Health Insurance Card, Credit Card, etc.) that includes their full first and last name. A photocopy of all ID’s will be required for our files.
I also understand that I will be required to pay a holding deposit which is non-refundable once I am approved. If my application is not approved, I will receive a refund of my holding deposit in accordance with federal, state and local regulations. If approved, my holding deposit will be applied to move-in charges at time of move-in.
I also understand that within 48 hours of applying for an apartment, all applicants must 1) pay all applicable upfront fees, 2) complete an Application, 3) provide a copy of your Driver’s license or other issued Government photo ID, 4) provide your 2 most recent paystubs or job offer letter, 5) the Rental verification is filled out by your current residency and 6) you must sign this Rental Criteria or your application may be cancelled and all upfront fees will be forfeited.
Co-signers combined income must equal to six (6) times the current monthly rent, and pay their own mortgage/rent, and other monthly financial obligations to be considered.
Note: Paying a non-refundable application fee per person that will not be returned to the applicant under any circumstances. If employment is verified through TheWorkNumber.com website, a charge of $17.85 is assessed for each verification in addition to the aforementioned application fee.
Gaines Investment Trust is fully committed to equal housing opportunities. We do not discriminate against anyone based on race, color, religion, sex, handicap, familial status, LGBTQ, or national origin, as stated in the Federal Fair Housing Law. Falsification of application will result in denial.