Screening Policy
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

1.        Applicant(s) Gross monthly income must be ≥ 3 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 25 lbs.