*** This must accompany the Rental Application***
We are pleased that you have selected one of our premier rentals as your new home. To insure high quality residents, we require that all applicants meet the following requirements. We do not discriminate against anyone on the basis of race, creed, color, sex, familial status, national origin or disability.
APPLICATION PROCESSING TIME FRAME:
Every attempt will be made to process your application as quickly as possible. Usually this will take up to 24 hours from the time that all documents and support information are received. Causes for delaying approval are: difficulty contacting references, or waiting for additional documentation from applicant.
VIEWING THE HOME
All prospects and applicants must present a valid driver’s license or photo ID in order to tour the community and or view an apartment.
Documentation is required for approval. We require government issued ID, 2 most recent pay stubs (or 2 years tax returns if self-employed), pet photo taken with applicant (if applicable). Landlord contact info for last 2 years. All adults aged 18+ must apply & pay a $95 application fee.
CRITERIA FOR APPLICANTS AND OCCUPANTS
Roommates will be held equally responsible for rental agreements and must qualify separately on all criteria. Occupancy for a rental property is limited to two persons per bedroom. If occupancy includes multiple unrelated persons, the limit is no more than two unrelated persons per home. 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 Years or sexual related offenses for any time period will not be approved. Other possible reasons for denial are: Incomplete application, evictions, collections from landlords, credit score below 500, insufficient income, unsatisfactory references, non-discharged bankruptcies, unqualified occupants, pets (no aggressive breeds allowed), vehicles and/or move in dates too far in future can also be a reason for a declined application.
Every applicant will be verified on the following 4 categories:
Previous residency must be verified via landlord, or home ownership must be verified via credit report or documentation from Mortgage Company. We do not accept any unresolved tax liens, skips, evictions, rental housing debt or a pattern of returned checks or late payments.
All applicants must be currently employed with a minimum 1 year employment history, or in place of that, have 12 months rental equivalent in a bank account. Employment must be verified via employer. Self-employed applicants must provide income reporting documents. Retired applicants must provide sufficient income verification.
RENT TO INCOME RATIO
Your gross monthly income, verifiable by employer and income reporting statements must equal the rent to earnings ratio of 3.0 (3 times the rent).
Your credit history will be run from a national credit reporting agency. Be advised that we will check your credit report thoroughly as well as check into previous addresses listed on the report.
Must complete an application and qualify under all criteria. The gross monthly income of the cosigner must also be high enough to meet the guidelines. A security deposit of two months rent is required for any applicant that is approved with a Co- Signer.
Security deposits are security for faithful performance by tenants of all terms, covenants and conditions of the lease agreement and tenants may not dictate that the security deposit be used for any rent due. Security deposits are due upon lease signing. Unless claimed due to a breach of lease or damages, the security deposit is refundable when the tenants move out of the property at the expiration of the lease term.
There is a $195.00 non-refundable administrative fee to Sarasota Management & Leasing paid upon the closing of the lease agreement.
A reservation fee may be submitted with your application of at least $500.00 up to the amount equal to 1 month’s rent. This must be paid in a cashiers check or money order. This reservation fee does not guarantee that you will get approval to rent. However, we will take the property off of the market pending decision on your application. If for any reason the management decides to decline the application, management will refund you your reservation fee in full minus the application fees. You will have 48 hours to provide all necessary documents to approve your application, or you will be put on a waiting list until all documents are provided. Once your application is approved, the applicant has 48 hours to sign a prepared lease or they may forfeit their reservation fee. Once your application is approved, your reservation fee will be applied towards your security deposit. Failure to follow through and sign a lease will result in a forfeit of the entire reservation fee.
APPROVAL WITHOUT RESERVATION FEE
Once your application is approved, you are still not guaranteed that you will get to lease the property unless you pay a reservation fee. Until such reservation fee is received by SML, the property will continue to be on the market and SML may accept other applications and deposits. Therefore, it is critical that you place a reservation fee on the property as soon as possible once you receive approval.
APPROVAL SCORING PROCEDURE
When processing applications, we score a tenant’s application based on Employment History, Rental History, and Credit Score. If an applicant has more than 2 years working experience in their field, a good rental history, and a credit score above 700, they may only be required to place a security deposit of one months’ rent. If any of this criteria is lower, the tenant may be required to place the equivalence of two months’ rent in a security deposit and if the applicants score does not reach a sufficient standard in all areas, they may be required to place two months in security deposit and provide a last months’ rent.
We are moving toward having 100% of our payments made through our Online Payment Portal. Their services have a flat fee for each payment made through ACH bank payments or a percentage fee for credit card payments. We encourage our tenants to use this system for all payments unless otherwise specified in the lease agreement.
No pets (with the exception of medically necessary pets) of any kind are permitted without the specific written permission of Sarasota Management & Leasing and an additional Non-refundable Pet Application Fee of $300.00 for 1 dog or 2 cats and $175.00 each for any additional pet. The following pets will not be accepted under any circumstances, GERMAN SHEPHERDS, DOBERMANS, PIT BULLS, CHOWS, OR ROTTWEILERS.
We provide accommodation for residents that request a reasonable accommodation for disabilities. Service dogs have been trained to do work or perform tasks for the benefit of an individual with a disability and we allow accommodations for person’s with disability. Emotional Support Animals are animals that provide support to persons with disabilities who have a disability related need for such support. To receive accommodation for a person with a disability and an Emotional Support Animal, Tenant must submit a Doctor’s Note (Or Note from a Qualified person) and a reasonable accommodation request. The Doctor’s letter must state that the tenant is a person with disability under Fair Housing Laws.
Our company policy is to report all noncompliances with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau and or a collection agency and if the amount is disputed, it shall be reported as disputed in accordance with law. Falsification of information on your rental application will be cause for immediate denial. This “Rental Process Disclosure” is hereby made an integral part of my/our application. I/we do hereby acknowledge that I/we understand and agree to the terms of application and rental process as described herein. This must be sent in with the Rental Application. Please initial this section and include with your rental application either in person or by fax to (941) 378-5863.
THANK YOU FOR APPLYING WITH SARASOTA MANAGEMENT LEASING!
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If you’d like to learn more about our properties and what it’s like to work with Sarasota Management & Leasing, get in touch. We’d be happy to talk more about our rental properties, our application requirements, and our leasing process.