Rental Criteria 3401 Clay Street

This community is an equal opportunity housing provider that fully complies with the Federal Fair Housing Act.  This community does not discriminate on the basis of race, color, religion, national origin, sex, handicap/disability, familial status, marital status, age, ancestry, sexual orientation, medical condition, gender expression, genetic information, source of income, citizenship, immigration status, primary language spoken, any arbitrary characteristic, perception, association, or any other basis protected by Federal, California, or local law.
  All persons 18 years of age or older must complete an application and be listed on the rental agreement. A valid Government issued photo identification is required at the time of application. The full name on the rental application must match your identification completely. Applications with incomplete, inaccurate or falsified information will be denied. Failure to cooperate in any way with the verification process will be cause for rejection of your application. After submitting your application, additional information may be needed to verify your identity. You will receive an email from the approved screening company with instructions on verifying your identity, which may include a single-use authentication code sent to your cell phone. This process is time-sensitive and will need to be completed within 10 minutes of starting the process.  This verification process must be completed before your application can be approved.
No co-signers, we only rent to the person(s) who will occupy the unit. 
The application process can take three to five business days depending upon the accessibility of information.
Application Fee:

• $60.00 per person (Application Fees are non-refundable)
• $60.00 for Canadian application (Application Fees are non-refundable)

Combined deposits cannot equal more than 1x the rent amount.  If this occurs, application will be denied.

• $3,000 for studio
• $3,000 for one bedroom
• $5,000 for two bedroom
• $6,000 for three bedroom 

• Lease term dependent on current availability

Maximum two people per bedroom plus one additional person for the apartment. No more than three (3) occupants in a one bedroom or five (5) occupants in a two bedroom. In determining these restrictions, we adhere to all applicable fair housing laws.  If at lease renewal the occupancy has been exceeded the lease will not be renewed.
  Prior to move-in, Resident must deliver to Landlord a copy of the insurance policy or certificates of insurance evidencing the existence and amounts of the required insurance.  The policy must be on an
occurrence basis and have personal liability coverage of at least $300,000.00 (per occurrence), with a deductible of no more than $500.00 per occurrence.
  Each application will be processed through 3401 Clay Street Apartments approved credit screening company.  A copy of a credit report supplied by an applicant will not be sufficient.  Income, credit rating and other statistical data are used to evaluate each application with three (3) possible decisions:

• Accept: The application is approved with the standard security deposit.
• Accept with Conditions: The application is approved with an increased security deposit.  The increased security deposit will be one (1) times the monthly rent amount. The increased security deposit will be one times the monthly rent amount.
• Decline: The application is declined and residency will not be considered.

Applicants must pass the Office of Foreign Control (OFAC) and Terrorist Watchlist Search.  Any persons listed will be automatically denied.
  All future residents must sign all lease paperwork prior to move-in.

• Deposit and application fees are due the day of rental.
• If your move-in date is on or before the 15^th, only your pro-rated rent is due.
• If your move-in date is after the 15^th, both your pro-rated rent for the month and rent for the next month is due.
• All move-in monies must be paid with a cashier’s check or money order. Personal checks will not be accepted at move-in.
• A $25 administration fee will be charged if lease dates or lease term is changed by applicant.

• If the Holding Premium or Application fee payment is returned for nonpayment by the bank at any time, the application will be denied and you will not be allowed to enter into a rental agreement.

• The Holding Premium monies left with the Holding Agreement will be cashed immediately.  If the application is denied, the deposit money will be refunded by mail.  For credit card payments a credit will be issued via the credit card payment system.

The entire property is designated as a non-smoking environment.
  Resident is responsible for all utilities.
  The total gross monthly household income must equal two and a half (2.5) times the stated rent amount.

• Most recent one (1) month’s consecutive paycheck stubs from your current employer will be required.
• Applicants starting a new job and have not been paid yet, may provide an offer letter on company letterhead.  The letter will be verified.
• Applicants that are not employed or have other sources of income may provide any of the following Lawful Verifiable income may mean, but is not limited to:
  • Order of alimony or child support with three months most current and consecutive bank statements showing the deposits.
  • Most recent annual Social Security Benefits Letter, Social Security Benefit Statement, or a SSA Notice of Change in Payment.
  • Most recent annual Income Assistance Benefit Statement
  • Statement of annuity account payment showing regular annuity, interest and/or dividend income dated within the last 30 days,
  • Statement from the financial aid office of a college or university that shows loans and/or grants awarded for living expenses beyond tuition and other school expenses dated within the last six (6) months.
  • Rental Agreement for any real property or personal property rental and three (3) months of bank statements to verify payments and/or a copy of Schedule C from your most recent tax filing.
  • Letter of verification of payments, retirement funds, pensions, disability or death benefits or similar types of periodic payments.  Amounts in the letter must correspond to deposits shown on bank statements.
• Self-employed applicants will be required to show proof of income through copies of the previous year’s complete personal tax return with 1099s (if applicable).  In addition, copies of entire monthly bank statements for a minimum of six (6) months or YTD, whichever is longer, will be required to verify stated income on the application.  Business must be in operation for at least 6 months.
• If the applicant(s) have no lawful or verifiable income from any source, proof of assets in U.S. funds (meaning cash or cash equivalents) must be provided in the amount of two (2) years’ worth of rental payments for the stated rent on the apartment that is being applied for.  The previous three (3) months full consecutive bank statement is required. 
• If the total gross monthly household income does not equal two and a half (2.5) times the rent amount, applicants must provide three (3) months full consecutive bank statements of current proof of assets in U.S. funds (meaning cash or cash equivalents) that equal at least twenty-four (24) months of the amount the applicant is short. For Example: Rent is $2500, 2.5 times the rent is $6250, applicant provides income of $6000, applicant is short $250 times 24 months, which equals $6,000.
• An application will be denied if we are unable to verify income that reasonably affirms your ability to pay rent.

A current residence and at least two (2) years verifiable resident history with valid phone numbers will be required.

• There must be at least twelve (12) months positive verifiable rental or mortgage history from a third party reference to be considered for approval without an increased deposit.  We do not accept references for rental history verification from parents, family members or friends unless proof of rental payments is provided.  If there is no previous positive verifiable rental or mortgage history or less than one year’s rental history, the application may be approved with an increased deposit.  The total deposit will be increased to one (1) month’s rent.
• Home ownership will be verified through each applicant’s credit report.

• The application will be denied if there is a combined amount of four (4) NSF checks or late rent/mortgage payments within the last twenty-four (24) month period.  If within the last twenty-four (24) month period there are 2 or 3 late/NSF payments, you may be approved with an increased deposit equal to one (1) times the monthly rent amount.
• Rental debt amounts due between March 2020 and September 30, 2021 will not be used as a negative factor for the purpose of evaluating a prospective housing application or as the basis for refusing to rent a unit to an otherwise qualified applicant. 
• The application will be denied if rental history demonstrates documented noise or other complaints, and/or when the previous or current manager/owner will not re-rent and/or the previous or current manager’s/owner’s reference indicates lease violations, poor housekeeping, improper conduct, damage to the property or money owed.
• Any evictions or unlawful detainers will automatically result in denial of the application.

An average Beacon Score of 600 or above is required, however, if the average Beacon Score is under 600 (575-599), you may be approved with an increased deposit equal to one (1) times the monthly rent amount.  If the average Beacon Score is less than 575, the application will be denied.

• A Chapter 7 or Chapter 13 bankruptcy must be two (2) years old from the date of discharge to be eligible for approval.  Proof of discharge may be required. 
• If no Beacon Score has been established, you may be approved with an increased deposit equal to one (1) times the monthly rent amount.  If the credit report shows all negative accounts and no score can be established, a score of “0” will be used and your application will be denied.  If the credit report shows no more than two (2) negative accounts or collection accounts and three (3) or more positive accounts, you can be approved with an increased deposit equal to one (1) times the monthly rent amount.
• If the applicant(s) have no rental history and no credit history, the application may be approved if the applicant(s) has a gross income of four (4) times the rent amount. An increased deposit of one (1) times the rent will be required.
• Any type of foreclosure or short sale within the last three (3) years will result in an increased deposit equal to one (1) month’s rent.  If in addition to the foreclosure or short sale you have a credit score below 600, then your application will be denied.
• If there are any outstanding balances, collection accounts or judgments from a management company or landlord the application will be denied.
• Red Flag Warnings: Fraud prevention cautions, and warnings may be displayed alongside recommendations from our credit screening company.  Applicants may then be required to provide additional information from one or more resources to verify identity, address, or related item.

• Service Animals and Support Animals are always permitted if all documentation is completed and approved.  The fees listed below are not applicable.  See Management for additional information.
• TWO (2) ANIMAL MAXIMUM (does not include caged animals).

• Animal Rent (monthly): $75.00
• Deposit: $500 additional deposit per pet.
• Cat: At least one (1) year old.  Prior to final approval, proof that the cat has been neutered or spayed.
• Dog: 45 lbs. or less, one (1) year or older.  Prior to final approval, proof that the dog is licensed in the City of San Francisco is required along with veterinarian records dated within the last twelve (12) months that show age, weight and proof of rabies vaccination and that the dog has been neutered or spayed. Dogs must be of an approved breed.  No Staffordshire Bull Terriers, Dobermans, Rottweilers, Chow Chows, Pit Bull Terriers and any mixes thereof.
• Prior to final approval, a photo of each cat and or dog must be provided.  A visual assessment of the animal may be requested.
• It is understood that the Resident is responsible for, and will incur, a move-out charge of $45.00 to deflea the unit.
• Caged Animals: Must weigh less than 3 lbs. at adult age.  $150 additional deposit required. Maximum of 2 caged animals permitted.
• Aquarium: 20 gallon maximum and one (1) filtered aquarium maximum.  $150 additional deposit and proof of renter’s insurance required.

Under California law, applicants receiving a government rent subsidy have the option, as the applicant’s discretion, of providing lawful, verifiable, alternative evidence of the applicant’s reasonable ability to pay tenant’s portion of the rent.  This includes, without limitation, government benefit payments, pay records, and bank statements.  If an eligible applicant elects to submit alternative evidence, we will consider this alternative evidence in lieu of obtaining applicant’s credit history.
 
 
   
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