RESIDENTIAL LEASING GUIDE
STEP 1: APPLICANT IDENTIFICATION & QUALIFICATION
If you are applying as a prospective tenant or Guarantor you will be required to submit the following:
– Completed Application Form
– Copy of Government Issued Identification (Driver’s License, ID Card)
– If unemployed, Letter of Academic Enrollment or Statement of Purpose
– If employed, Letter of Employment
STEP 2: VERIFICATION OF FINANCIAL RELIABILITY
Each prospective Tenant must demonstrate their financial qualification per the Landlord’s standards. If one does not qualify, a Guarantor must be used to support the respective applicant’s tenancy.
Do I Require a Guarantor?
– Do you earn at least 40 times your portion of the rent—or—do you have liquid assets exceeding 80 times your portion of the monthly rent? (Yes/No)
– Do you have a Social Security number and a US credit history? (Yes/No)
If you answer “No” to any of these questions, you will most likely require a Guarantor and should begin preparing your Guarantor’s application.
STEP 3: DOCUMENTS REQUIRED TO VERIFY FINANCIAL RELIABILITY
– Letter of Employment (This document must be typed on original company letterhead, stating your position, salary, and length of employment)
– Previous three months bank statement summary pages (Printable online is acceptable)
– Proof of salary payment from last two payment periods (direct deposit line items on bank statement or pay stubs)
– Any additional documentation that can verify financial reliability (Ex: Statements indicating additional income such as stock portfolio, trust funds, verification of property ownership, other assets, etc.)