STRATFORD HILLS AND STRATFORD ON MLK APARTMENTS RENTAL CRITERIA
EFFECTIVE DATE: February 2022
STUDENTS WITH NO REPORTABLE INCOME ARE EXEMPT FROM INCOME REQUIREMENTS CLAUSE OF THE RENTAL CRITERIA
Application Process
A. Income
B. Rental History
C. Employment
D. Permission to Obtain Credit Report
E. Verifiable Gross Monthly Salary
Qualifying Criteria:
The following information will be verified through ResidentCheck and other sources:
Income Requirements (STUDENTS WITH NO REPORTABLE INCOME ARE EXEMPT)
Residential History
Credit History
a. Must not contain an active Chapter 13 (Wage Earner Plan) within the previous 24 months.
b. May contain a maximum of one (1) Chapter 13 (Wage Earner Plan) that has been dismissed within the previous 24 months.
c. May contain a maximum of one (1) Chapter 7 (Straight Bankruptcy) that has been filed, dismissed, or discharged within the previous 24 months.
Negative Credit History
CO-SIGNERS
Co-signers are not permitted.
Guarantor
Guarantors only guarantee timely payments of all monetary obligations of the lease and any extension thereof. (Guarantors are for persons other than students)
1. Excellent credit history
2. Income required of five times monthly rent
3. Be an immediate relative of the applicant
4. Have verifiable references for residential and employment history
5. Come in personally for lease orientation (signing) with manager prior to applicant’s move in or provide a notarized cosigner guarantee form.
6. U.S. citizen.
Students
Students are permitted
Occupancy Standards
One Bedroom w/ Den
2 persons
Two Bedrooms
4 persons (2 adults maximum)
Three Bedrooms
6 persons (3 adults maximum)
Four Bedrooms
8 persons (4 adults maximum)
Students
One Bedroom w/ Den
2 persons
Two Bedrooms
2 persons
Three Bedrooms
3 persons
Four Bedrooms
4 persons
Pets
Pets will be allowed. A maximum of 2 (two) per apartment are permitted with a $300 non-refundable fee for the first pet and a $300 non-refundable fee for the second pet. No aggressive breeds are allowed. Management reserves the right to meet pet(s) prior to move in. Any pet damages will be the responsibility of the resident and will be charged to the resident’s account upon move out. Pet fees do not cover pet damages.
Lease Terms
The length of the initial lease term is 6-12 months; however, ALL leases expire annually on July 31. Renewal leases are 12 to 24 months at a stipulated rent amount. Month-to-month leases are allowed after the initial lease term at a rate of $150 above the current market rent rate. A lease of more than 12 months is available, at an additional cost, with a built-in increase after the initial 12 months.
Management reserves the right to amend lease terms offered at any time.
BROWN INVESTMENT PROPERTIES, INC.
Learn more about what The Cottages have to offer and apply to reserve your new home.