What are the income criteria needed to qualify?
Potential tenants must have an annual income either equal to or exceeding 40 times the monthly rent. For example, if the rent is to be $1,000 monthly, then the applicant must prove an annual income equal to or exceeding $40,000. Also, if there are to be multiple tenants, the accumulative sum will be considered.
Is the use of a Guarantor possible?
Yes, and they are required to meet and document an annual income equal or exceeding 80 times the monthly rent. Note, a guarantor does not negate the lease applicant meeting the credit and background criteria.
How much is the security deposit?
Traditionally, security deposits are equal to one month rent. Yet, there may be circumstances in which additional fees are added.
How long is the application process?
In situations where the lease applicant has all of the needed documentation,
the process can be as quick as a few hours.
What is the needed documentation?
-A completed StarCities Property Management L.L.C. application
-A non-refundable $50 application fee for each applicant payable
to StarCities Property Management L.L.C.
-Copy of most recent bank statement
-Copy of photo I.D. (must be Government issued)
-A letter of employment verification and/or three consecutive pay stubs
-Reference letter from former Landlord (note, there may be situations in which
the lease applicant must present income tax returns)
What, if any, payments must be made at Lease signing?
The lease applicant must have a check which amounts to the first month rent plus security deposit.