In order to process your application our office will need the following items from EACH ADULT that will be living at the property:
- A completed application
- A copy of your Driver’s license
- 2-3 recent paystubs
- $40 money order per applicant for the application fee (non-refundable) / credit report.
- A separate money order or cashier’s check for the security deposit equal to one month’s rent
- (This will take the unit off the market while we process your application & is refundable if denied)
Please have all of these items prior to submitting your application. We will not accept cash for the application / credit report fee. We will only accept a money order or cashier’s check for the payment of the security deposit, first month’s rent, and pet deposit. After that time, we will accept personal checks for payment.
QUALIFICATIONS FOR RENTAL APPROVAL
Midtown Meridian Realty & Management LLC. approves applications based on a point system. Applicants must score 13 points or higher to be approved. The following four categories are how we assess the number of points each applicant receives. Applicants can earn up to 5 or 6 points in each category.
- Credit Checks. NO MINIMUM CREDIT SCORE. We do not take into account student loans or medical bills. The greater the positive accounts to negative ones, the more points earned.
- Positive Rental History. Applicants must have positive rental history that includes on-time payments, no evictions, no bounced checks, left apartment in good condition. The longer you have rented and the fewer late fees paid, the higher the score.
- Household income needs to be approximately 3x the amount of rent. The gross amount (before taxes) is used. The more applicants make above 3x, the more points earned.
- Job Stability. The longer on the job, the more points earned.
Qualification includes verification of previous rental history, satisfactory credit history, income verification, and eviction history.
The security deposit is due as necessary collateral in removing the property from the market and holding it for an applicant. Deposit funds are immediately deposited into an escrow account. If an applicant is denied, a refund check will be cut back to the applicant for the amount. This process can take up to 5 business days. Deposits are fully refundable if applicant is denied.