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Stratton Vantage Property Management LLC

Rental Requirements

QUALIFICATION PROCESS & LEGAL DISCLOSURES

EACH OCCUPANT 18 YEARS OF AGE OR OLDER MUST COMPLETE AND FILE A SEPARATE ONLINE APPLICATION.

THE APPLICATION FEE IS $55 PER OCCUPANT 18 YEARS OF AGE OR OLDER. APPLICATION FEES ARE NON REFUNDABLE.

PETSCREENING IS A REQUIRED PART OF THE APPLICATION PROCESS FOR ALL APPLICANTS:

A welcoming environment is paramount to all our residents with or without pets as well as animals. To help ensure ALL our residents understand our pet and animal-related policies, we use a third-party screening service and require EVERYONE to complete a profile. This process ensures we have formalized pet and animal-related policy acknowledgments and more accurate records to create greater mutual accountability. If you need accommodation in another way, please contact your housing provider.

Please get started by selecting a profile category on our landing
page: https://strattonvantage.petscreening.com/

Our current pet policies include a one-time non-refundable pet fee of $250 / pet, and pet rent of $60-$80 / pet / month depending on pet(s), of which $30 per month shall be applied to a pet administrative fee. Each individual property owner has the right to deny an applicant based upon the number, type, size, age, or breed of pet. Restricted Breeds include Pitbull’s, German Shepherds, Rottweilers, Boxers, Doberman Pinschers, and Mastiffs. **Does not apply for Assistive Animals**

Please verify with the property manager that the property you are applying for is available to rent and does not currently have an accepted application in process.

WE WILL CONTINUE TO CONSIDER APPLICATIONS ON A HOME UNTIL THERE IS AN APPROVED APPLICANT WHO HAS PAID THE EARNEST MONEY.

In addition to this rental application, applicants must provide a copy of a valid form of identification, proof of income, and rental or residency references. All applications will be considered and accepted until an applicant is approved and earnest money has been paid. Once an application is submitted, it may take up to 7 days to process the application and verify the information listed or provided.

Earnest Money Deposit

If applicant qualifies and is approved to rent the property, a minimum earnest deposit of 1 month’s rent will be required to secure the home for a maximum of 30 days.

IN ADDITION TO THE APPLICATION FEES, THE EARNEST DEPOSIT BECOMES 100% NON-REFUNDABLE UPON RECEIPT. The earnest deposit will be applied towards the total required move in funds at lease signing.

Application Approval Process

Approval is based upon the following categories:

Employment & Income

Residency

Credit

Criminal Background

1. Employment & Income

Gross monthly income must be at least three (3) times the amount of the required monthly rent. Additional occupants’ income may be combined to meet this requirement. If employment income does not meet the criteria, sufficient documentation of other supplemental income must be provided (i.e., bank statements, savings, educational grants, etc.). Employment must be current and verifiable for a minimum of one (1) year. Other verifiable income may be submitted equaling three (3) times monthly rent or more, which has been consistently sustained for more than one (1) year. Verifiable income includes, as confirmed by employer, or other satisfactory documentation as required.

2. Residency

Rental/Residence history will be verified for each applicant. All residency situations will be considered, but some general minimal guidelines include, but are not limited to the following:

  • Must have a minimum of one (1) year verifiable rental/residence history
  • No more than (2) late payments in any 12-month period.
  • No more than one (1) NSF in any 12-month period.
  • No non-compliance issues that resulted in non-renewal of lease or eviction
  • No prior or pending evictions
  • No monies owed to a previous Landlord

3. Credit

A credit report will be processed on each applicant. All credit situations will be considered on a case-by-case basis. Some general minimal guidelines include, but are not limited to the following:

  • No bankruptcies within the last six (6) months or a pending bankruptcy
  • Fico score of 600 or more
  • No rental collections history
  • No seriously delinquent, past due, or current collection accounts
  • If credit is an issue, applicant MAY be required to have a co-signer.

4. Criminal Background

Applicants must meet our minimal criminal history criteria, which include but are not limited to the following:

  • Applicants that are registered sex offenders will be denied.
  • Applicants must have no felony convictions that are less than 10 years old which involve violent crimes against persons or property, including but not limited to murder, arson, kidnapping, assault, bomb related offenses, robbery or burglary, terrorism, or involvement in the manufacturing or distribution of drugs in any manner. Any other felony convictions must be more than 5 years old.
  • Conviction of any drug related offenses involving possession only, or alcohol related offenses, where no one was permanently injured or killed, must be at least 2 years old.
  • Successful completion of any felony sentence at least 2 years ago, and no new criminal activity for at least 2 years before this application, is required.
  • Applicant(s) with any outstanding warrants or crime that is awaiting trial will not qualify.

Applicant may request management to review additional information regarding a felony conviction or current arrest or warrant as part of their rental application. Applicant is permitted to submit information to management along with this application. Management will review that information on a case-by-case basis and the final decision with be at Management’s discretion. If an Applicant fails to meet any of the above four (4) criteria (Employment & Income, Residency, Credit and Criminal Background), he/she MAY be asked to pay additional security deposit up to, but not exceeding, 1.5 times the monthly rent and/or MAY be given the option of obtaining a co-signer (who must also meet above criteria).

If an Applicant fails to meet any of the above four (4) criteria (Employment & Income, Residency, Credit and Criminal Background), he/she MAY be asked to pay additional security deposit up to, but not exceeding, 1.5 times the monthly rent and/or MAY be given the option of obtaining a co-signer (who must also meet above criteria).

Applicant MAY be denied based upon the number, type, and breed of pet(s). The denial does not apply to any legal assistive animals.

INITIAL MOVE-IN COSTS

  • Security Deposit must be a minimum of an amount equal to 1.25 X monthly rent but not greater than 1.5 X the monthly rent. (75% may be refundable)
  • First Month Rent + 3% Processing Fee + Rental Tax where applicable + $75 Resident Benefit Package Setup Fee
  • Lease Preparation and Administration: $225
  • *Pets – If Applicable, a minimum Non-Refundable Pet Fee in the amount of $250 per pet is required – (Some Breed Restrictions Apply) – Does Not Apply to Assistive Animals
  • *Pets – If Applicable, the First Month of Pet Rent in the amount of $60-$80 per pet depending on type of pet(s) which includes a $30 pet administrative fee – (Some Breed Restrictions Apply) – Does Not apply to Assistive Animals

RECURRING MONTHLY COSTS

  • Rent + 3% Processing Fee + Rental Tax (where applicable)
  • $75 Resident Benefit Package – (includes renters’ insurance, credit reporting, rewards program, and much more – (see below details)
  • *Pet(s) – If Applicable, $60-$80 per pet, which includes a $30 pet administrative fee – Does Not apply to Assistive Animals

RESIDENT BENEFIT PACKAGE DETAILS

The Resident Benefit Package includes the following benefits:

  1. RENTERS INSURANCE: A policy that meets all lease requirements from an A-rated carrier (see below details and options)
  2. HVAC AIR FILTER DELIVERY: Air Filters delivered to your door approximately every 60 days
  3. RESIDENT REWARDS PROGRAM: Earn rewards for paying your rent on time
  4. CREDIT REPORTING: We’ll report your timely payments to the credit bureau to boost credit
  5. IDENTITY PROTECTION: $1M Identity Protection for all adult leaseholders
  6. FREE ONLINE RESIDENT PORTAL: Conveniently pay rent using your FREE portal
  7. AFTER HOURS EMERGENCY HOTLINE: A dedicated hotline for maintenance emergencies
  8. 24/7 ONLINE MAINTENANCE REPORTING: Conveniently report maintenance issues online
  9. HOME BUYING ASSISTANCE: When the time is right for you to buy your “forever home” you will have access to our preferred lender(s), home inspector(s), appraiser(s), title agency(s), and more. Should you decide to have Stratton Vantage Property Management LLC represent you for your home purchase, Stratton Vantage Property Management LLC will apply a $500 credit towards your closing costs
  10. VETTED VENDOR NETWORK: Our preferred vendors and technicians are reputable, licensed, and insured. *In most cases, our preferred vendors and technicians are utilized to ensure quality workmanship and satisfaction
  11. WAIVED, OR REDUCED FEE’S (*policies apply): We understand life happens! If requested, residents will receive a one-time late fee waiver in the amount of $150

RENTERS INSURANCE REQUIREMENTS & OPTIONS

The Landlord requires Tenant obtain liability coverage of at least $100,000 in property damage and legal liability from an A-rated carrier and to maintain such coverage throughout the entire term of the lease agreement. Tenant is required to furnish Landlord evidence of the required insurance prior to occupancy, at the time of each lease renewal period, and upon request.

To satisfy the Landlords insurance requirement, Tenant may either:

OPTION 1: DO NOTHING – No further action is required. Tenant will be automatically enrolled into an insurance policy as part of the Resident Benefits Package. Coverage will begin on the effective date of Tenant’s lease and continue throughout the lease term. Please refer to the evidence of insurance that is supplied by Stratton Vantage Property Management for additional coverage details. The Resident Benefits Package monthly rate will be adjusted by the premium amount in the policy. Policy includes $100,000 of property damage and legal liability, and $10,000 of personal contents coverage. The monthly cost is $10.95. This is included in The Resident Benefit Package monthly cost of $75.

OR

OPTION 2: OPT OUT & PURCHASE AN ALTERNATIVE POLICY ON YOUR OWN: Tenant must purchase and maintain a policy that satisfies the landlords insurance requirement. Under this option, tenant is responsible to pay premiums directly to their selected insurance provider. The Resident Benefits Package monthly amount will be adjusted from $75 to $64.05 per month. If the tenant’s policy isterminated or lapses, tenant will be subject to a lease violation fee in the amount of $100, and furthermore agrees to be subsequently enrolled into the policy referenced to in Option 1 above at which point The Resident Benefits Package monthly rate will be $75 per month. POLICY MUST MEET THE FOLLOWING CRITERIA.

  • Must be purchased from an A-rated carrier
  • Must meet or exceed the required $100,000 in property damage and legal liability
  • Must list Stratton Vantage Property Management LLC as additional interest
  • Must list mailing address for Stratton Vantage Property Management LLC as: PO Box 660121 Dallas, TX 75266
  • TENANT MUST SUBMIT EVIDENCE OF COVERAGE TO LANDLORD AT https://insurance.residentforms.com/pma-tenant-onboarding

ADDITIONAL DISCLOSURES

  • 12-month minimum lease term, (longer lease terms may be negotiated)
  • Renter’s insurance required – Tenant must maintain a valid renter’s insurance policy during lease term. Tenant must add Stratton Vantage Property Management, LLC (including physical address) as an additional insured to the policy. *Failure to provide updated current renter’s insurance may result in additional charges and fees. Refer to Lease Agreement for details.
  • Stratton Vantage Property Management LLC does business in accordance with the Fair Housing Act.
  • Stratton Vantage Property Management LLC does not discriminate against any person based on race, color, religion, sex, handicap, familial status, or national origin.
  • *The information contained in this ad is accurate to the best of our knowledge. Stratton Vantage Property Management LLC is not responsible for any error or omission in the wording or content of this information
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