Thank you for choosing Wells Asset Management! Our policy is to
offer equal opportunity housing for all people regardless of race,
color, religion, sex, national origin, handicap status, familial
status, disability, or any other protected classifications.
Applicants will be accepted on a first come, first serve basis, and
are subject to the availability of the particular apartment type
requested.
Rental Applications
Rental applications and supporting documents are primarily
submitted electronically through our online prospect portal.
Applicants with a joint credit record may complete one application
or apply for credit separately. Any omissions, errors, or
falsifications may result in denial of an application or terminate
the right to occupy the apartment.
All applicants must be a legal adult as defined by law and provide
valid government-issued photo identification and allow it to be
photocopied. All applications are subject to approval through a
computerized score from a 3rd party agency. We are not responsible for
any inaccurate information obtained. Completed application results
are either Approved, Approved with additional deposit, or denied.
Results are based on a review of the criteria below:
Income Requirements
Household income must be ≥ 3.5 times the
monthly market rent. If income qualifications cannot be met, a
qualified guarantor is acceptable.
Employment
1. Applicant(s) Gross
monthly income must be ≥ 3.5 times the
monthly market rent of the unit they are applying for.
2. Applicant must be
receiving income ≥ 6 months
3. Verifiable
documentation must be submitted within 24 hours of completing an
application.
a. (Ex:) check stubs
covering 1 month, offer/award letter, previous U.S. tax return
Credit History
Credit History will be verified by a 3rd party verification
service. A complete credit history from a credit bureau is
required. Income plus verified credit history will be entered into
a scoring model to determine rental eligibility.
1. Applicants with an
unfavorable history of late payments, slow pay, excessive
collections, excessive amount of available credit used, or
foreclosure may require additional deposit or be declined.
2. Applicants without
verifiable credit history will require an additional deposit.
Rental History
1. Applicants that owe
monies to another property or management company will be
declined.
2. Applicants with more
than 1 eviction judgement will be declined.
3. Applicants with only 1
eviction judgement may be approved with additional deposit if the
eviction is older than 5 years, there is no outstanding
landlord/tenant debt, and good rental history has been
reestablished after the eviction.
4. Applicants with only 1
eviction filing may be approved with additional deposit.
5. Applicants with
unfavorable past performance of payment, disruptive behavior,
property damage, or poor housekeeping will be declined.
6. Applicants without
rental history will be required to pay an additional deposit.
7. Broken leases may be
approved with additional deposit.
Criminal History
All applicants are required to have a criminal background
screening. Criminal history which indicates that an applicant’s
tenancy would constitute a direct threat to the health or safety of
other individuals or whose tenancy would result in substantial
physical damage to the property of owner or others will result in
rejection of the application.
Criminal history resulting in denial would include, but not be
limited to, any felony or misdemeanor conviction, pending case or
deferred adjudication associated with sexual assault or other sex
related crimes, theft of property, damage to property, the sale or
manufacture of illegal drugs, crimes against persons, burglary,
robbery, and violence.
Occupancy Limits
Occupancy limits will not exceed two (2) persons per apartment
bedroom. Efficiency and studio apartments are considered one (1)
bedroom’s for occupancy purposes. Apartments with dens can
accommodate one (1) additional person. People over the age of
twelve (12) months old will be included in the occupancy number for
the apartment.
Guarantor Requirements
Guarantors may be used for students with insufficient credit or
applicants with insufficient income. A Guarantor must have income
at least six (6) times the monthly market rent verifiable through
tax returns, check stubs, etc.; score in the “Approved” category
for credit history, minimum employment of one year, and must
furnish all necessary information on leasing or mortgage history.
If approved, the standard deposit will be accepted.
Rental Insurance
We require proof of minimum $100,000 personal liability coverage
and need to be listed as additional insured to ensure we are
notified of cancellation, renewal, etc. We may provide you with
information on an insurance program that we make available to
residents, which provides you with an opportunity to buy renter’s
insurance from a preferred company. However, you are free to
contract for the required insurance with a provider of your
choosing. Proof of Renter’s insurance must start when your lease
contract does and must be submitted prior to our approval of your
lease contract.
Pets
The maximum number of pets is two (2) per home. Pets will be
subject to visual inspection. Resident(s) agree to comply with all
community policies and will be required to sign a separate Pet
Addendum and pay a pet fee and pet deposit. A monthly pet rent is
also required. Aggressive breed dogs (or pets that may have a
violent or dangerous disposition) are not permitted, including but
not limited to: Pit Bull, Staffordshire terrier, Doberman,
Rottweiler, Chow and/or any similar breed or mixed breed. This does
not guarantee the approval of any other breed not listed. Exotic
pets are prohibited. Weight limit is 50 lbs.
