Market Rate Rental Application
Rental Application (Income Restricted)
There is a $25 application fee per adult over the age of 18.
Coachlight Communities LLC is committed to the Fair Housing Act prohibiting discrimination in rental housing based on Race, Color, Religion, Sex, National Origin, Handicap, Disability, Familial Status and any other Protected Classes defined by local ordinance.
The following qualification standards apply to all applicants:
Any prospective resident of the apartment over the age of 18 must apply and be a leaseholder, unless familial status applies.
Applicants must disclose all intended residents of the apartment.
A nonrefundable fee will be required for every application processed. This application fee is never refundable, regardless of the circumstances, including cancellation.
Falsification of information or omission of information on a rental application is grounds for denial and all deposits and application fees will be forfeited.
We reserve the right to request documentation of any information presented by prospect on the rental application.
If an application is cancelled after 72 hours of application, all monies (except the application fee itself) will be refunded. Cancellation after 72 hours will result in forfeiture of any monies paid.
No resident will be permitted to take possession of the apartment without having paid all required move-in fees deposits, and applicable rent.
Income / Employment
Total monthly household Gross Income (of combined approved applicants) must be at least three (3) times the amount of the apartment’s monthly market rent.
If applicant is unemployed, self-employed or retired, proof of assets should be provided and must be equal to at least (3) three times the contractual amount of the least term.
Income which does not come from employment (commissions, child support, etc.) requires written verification.
A guarantor must earn four (4) times the monthly rent and have excellent credit.
Any negative rental history may be grounds for application denial.
Rental history must be with a non-relative landlord, an applicant may be asked to produce a copy of his/her lease paperwork.
Applicants who have had an eviction within the past (5) five years will not be approved.
Credit History and Scoring
A credit report will be obtained for every intended resident over the age of 18.
Coachlight Communities LLC has partnered with Screening Reports and Trans Union to assess the credit worthiness of its applicants based on a model designed by Screening Reports.
When scoring credit, the Screening Reports model will take into consideration several variables to determine an applicants willingness and ability to pay their rent. The Screening Reports model has been specifically developed to assess credit worthiness of applicants in the multi-family industry.
The following are a few examples of the variables Screening Reports will take into consideration: income-to-rent ratio, income-to-payment ratio (revolving debt), number of recent credit inquiries, average age of trade lines, revolving debt-to-limit, percent of bank card trade relation to total trades, total trade lines, percent never delinquent bureau scores, number of major derogatory trade lines, economic trends, payment histories and accounts in collections.