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AVAILABILITY
Applications for apartment homes will be accepted on a first-come, first-served basis and subject to the availability of apartment type requested. Rental rates are subject to change without notice.
RENTAL
APPLICATIONS
A Rental Application must be completed and maintained for each legal adult prospective resident who will be living in the apartment and/or contributing to the payment or rent. Any false information will constitute grounds for rejection of application and the license agreement may be nullified.
EVALUATION
As a means of evaluating credit, the following information is evaluated with a scoring method that weighs the indicators of future rent payment performance. The score is based on statistical analysis of prior renters’ indicators and subsequent payment performance. Based on the score, we may choose to accept or reject an applicant, or seek additional requirements for approving the application.
QUALIFYING
STANDARDS
Residence: Up to 24 months of rental history may be verified on present and previous residence. A positive record of prompt monthly payment, sufficient notice, and no damages is expected. For applicants who are homeowners, permission must be granted to verify payment history with the bank or lending institution.
Credit Report: An unsatisfactory credit report can disqualify an applicant from renting an apartment home at this community. An unsatisfactory credit report is one that reflects past or current bad debt, late payment s or unpaid bills, liens, judgments or bankruptcies. If an applicant is rejected for poor credit history, the applicant will be given the name, address and telephone number of the credit reporting agency that provided the credit report (but not be told the content of the credit report). An applicant rejected for unsatisfactory credit is encouraged to obtain a copy of the credit report from the credit reporting agency, correct any erroneous information that may be on the report and resubmit an application to this community.
Employment: Stable employment record and income verification may be required. In order for an applicant to be approved, he/she must generally earn two and a half times the monthly rent in the case of non-voucher applicants. Should an applicant have a voucher, then the applicant must generally earn two and a half times the remaining amount of the monthly rent after the amount of the monthly voucher has been subtracted. Acceptable income verification if required may include: a paystub; a letter from the employer; the most recent W-2 form; or, for self-employed applicants, a copy of the most recent tax return or certified verification from his/her company accountant or bank; for Diplomats, an Embassy letter of guarantee that includes salary in US dollars.
Criminal Background: Grounds for rejection of an applicant or occupant may include, but are not limited to, any felony conviction or arrest record. We also do not license to applicants with certain misdemeanor arrests and convictions. Verification is via state public records.
CO-SIGNERS/
GUARANTORS
In the event a guarantor/co-singer is required, he/she must complete a Rental Application and meet all income and qualifying standards. Guarantor’s income must equal to five times the monthly rent. A guarantor/co-signer will be fully responsible for the License Agreement if the occupying resident(s) defaults.
SUBLETTING
Subletting is prohibited without the prior written consent of management. Any potential sub-lessee must complete a Rental Application and be approved by management.
APPLICATION FEE
A non-refundable fee paid by applicant for verification of information.
OCCUPANCY
STANDARDS
Two people per bedroom, plus one additional person in an apartment home (“2 plus 1”). 2424 Penn will adhere to any changes in occupancy standards set forth by local or state laws.
ROOMMATES
Each person must complete an application and will jointly qualify for the apartment. Each is fully responsible for the entire rental payment, and each must execute the License Agreement and its supporting documents.
For any questions, please call (844) 520-1621.
