Rental Application Process

Thank you for your interest in our property. Since we are a small business, we are looking to rent to people who will take care of our property as if it is their own residence.  We want you to become familiar with our process so you understand what is required before you complete an Application. The following outlines the steps involved.

STEP ONE

RENTAL APPLICATION:  A rental Application is required for each Applicant, over the age of 18, who will be living at the property.  Each Applicant will receive an email with a link to complete the online Application. Each Applicant must complete the Application, in its entirety, before the Application can be processed. By submitting the Application, the Applicant authorizes DRE Holdings, LLC to proceed.   An application fee of $50 will be paid by each Applicant. A holding fee of $250 will also be paid as described below.

APPLICANT SCREENING:  Each Applicant authorizes DRE Holdings, LLC to obtain credit history, criminal history, rental/ownership history and employment/income history.  The basic tenant screening, authorized online, will provide the credit and criminal history. Each Applicant will sign the Verification of Rental History Form to authorize DRE Holdings, LLC to secure information from current and or former landlords regarding rental history.  In addition, each Applicant will submit the two most current pay stubs to verify employment and income.

HOLDING FEE: A holding fee of $250 is paid by the Applicant to demonstrate that he or she wants to rent the property.  A holding fee is required once the credit and criminal background checks are complete and the Applicant meets the requirements through this step of the process. At this point, DRE Holdings, LLC will take the property off the market and stop showing it to other interested Applicants.  The holding fee is NON-REFUNDABLE if the Applicant meets the requirements through the credit and criminal background checks and DRE Holdings, LLC proceeds to the next steps -- verifying rental history, employment and income.  The holding fee will be applied towards the security deposit.  The Applicant understands that if he or she is approved, the rental agreement will be initiated.  The holding fee can be paid via PayPal.

QUALIFICATION STANDARDS:  To qualify for the available property, an Applicant must have a minimum of:  two (2) years established credit history, positive, verifiable references from present and past landlords and verifiable income to support monthly rent and associated costs.  Married couples and related residents over 18 may combine income. Self-employed Applicants will need to provide verification of income through bank statements. If an Applicant does not meet these qualifications, the following cures may be used, at the sole discretion of DRE Holdings, LLC:

HIGHER SECURITY DEPOSIT:  In some cases, a higher security deposit, in an amount no more that one and one half (1 ½) times the rental amount, may be used. If the Applicant knows of something derogatory in his or her Application package, please be prepared to pay a higher security deposit.

CO-SIGNER:   In some cases, a co-signer may be used to cure negative credit, insufficient monthly income, little or no rental history, or lack of stable income for six (6) months or longer.  A rental Application is required for the co-signer to complete. An Application fee of $40 will be paid by the co-signer to cover a portion of the costs associated with processing the Application. To qualify, the co-signer must have a minimum of:  two (2) years established credit history and verifiable income to support the Applicant’s monthly rent and associated costs, in addition to the co-signer’s financial obligations.

STEP TWO

RENTAL AGREEMENT:  If the Applicant(s) is approved, a rental agreement will be emailed for signature.  When the Applicant(s) signs the rental agreement, fifty percent (50%) of the security deposit minus the $250 holding fee is due.   A $250 Lease Administration fee is also required.

SECURITY DEPOSIT:  The standard security deposit is generally equal to one month’s rent though a higher security deposit, in an amount no more that one and one half (1 ½) times the rental amount, may be used.  Fifty percent (50%) of the security deposit, minus the holding fee, is due when the Application is approved and the rental agreement is signed.  The remaining fifty percent (50%) is due with the first month’s rent. The security deposit may not be used as last month’s rent.

LEASE ADMINISTRATION FEE: Applicant shall pay a $250 non-refundable lease administration fee upon signing the rental agreement.

STEP THREE

FIRST MONTH’S RENT POLICY:  Four days prior to the move in date the following costs shall be paid: the first months rent; pet rental fee and landscaping fees, as applicable; rental tax; any prorated days; the remaining fifty percent (50%) of the security deposit; and the cleaning fee.  Monthly rent payments are encouraged to be paid electronically or by cashiers check made payable to DRE Holdings, LLC.

CLEANING FEE: Cleaning fees are between $350 and $500 and are non-refundable and subject to rental tax.  The specific amount will be detailed in the rental agreement.

RENTERS INSURANCE:  DRE Holdings, LLC requires the Applicant(s) to obtain and keep Renters Insurance in place for the full term of the rental agreement naming DRE Holdings, LLC as “additional interest” on the policy.

EQUAL HOUSING OPPORTUNITY PROPERTY: We do business in accordance with the Fair Housing Act. (The Civil Rights Act of 1968, as amended by the Fair Housing Amendments Act of 1988). IT SHALL BE ILLEGAL TO DISCRIMINATE AGAINST ANY PERSON BECAUSE OF RACE, COLOR, RELIGION, SEX, (PHYSICAL OR MENTAL) DISABILITY, FAMILIAL STATUS (HAVING ONE OR MORE CHILDREN), OR NATIONAL ORIGIN. Anyone who feels he or she has been discriminated against should send a complaint to: U.S. Department of Housing and Urban Development Assistant Secretary of Fair Housing and Equal Opportunity, Washington, D.C. 20410.