Application Policy

Thank you for working with Providence Property Management for your housing needs! To best serve you, we believe it is important for you to fully understand our application policies and procedures.

Each adult over the age of 18 must submit a separate application. The application fee is $49 per adult and is non-refundable. Before applying, please read the following information regarding our approval process carefully. If you have any questions, contact our office at team@leasewithprovidence.com during business hours: Monday-Friday, 9 AM to 5 PM EST.

Providence Property Management fully complies with Fair Housing Laws. We do not discriminate based on race, color, religion, sex, handicap, familial status, national origin, or age. We also comply with all state and local fair housing laws. Approval is based on the following factors:

All applications must be complete, and all fees must be paid before submission for consideration. Completed applications are processed as quickly as possible. Multiple applications for the same property may be submitted to the landlord for the final decision.

What You'll Need to Apply

To be considered, application must include:

1. A fully complete and signed Providence Property Management Rental Application for each adult resident.
2. A complete Pet Screening Profile (ie No Pet/Household Pet/Assistance Animal)
3. All Required Documentation listed in the application uploaded to our online portal.
4. $49 application fee for each Rental Application.

Required Documentation

All applications will require the following documentation:

1. Valid driver's license or another government issued photo ID for each applicant.
2. Verifiable proof of income (two months of pay stubs/job offer letter OR last year's tax return if self-employed, including IRS 1099 Form).
3. Verifiable cash reserves (Two months of bank statements and current balance screenshot).
4. Any documentation required for your pets, including your Pet Screening Profile

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Applicant Qualifications

Once a complete application is received, we first evaluate it based on our Minimum Requirements. This criteria must be met by all PPM applicants. Once met, we then make a determination if the applicants meet our Eligibility Standard. If met, the application may be approved without any further considerations.

For properties that are professionally managed by PPM, we happily offer a Conditional Approval Program. This program is designed to make housing more accessible to those navigating temporary financial challenges. It is for applicants that still meet our Minimum Requirements but may not meet one or more of our Eligibility Standards. Through this option, applicants may still be approved on the condition that they will pay a risk-mitigation fee of $79 per month during the residency. This fee helps offset the increased operational costs incurred by approving higher-risk applications and may also be used, in part, to secure an additional insurance policy for the property owner, therefore allowing us the ability to not decline such applications.

NOTE: Conditional Approval is only offered on fully-managed listings. Please check the listing description to see if conditional approval is offered on the home you are considering.

Minimum Requirements

All applicants must pass the following checks:

1. Criminal Background Check:

1. Applicants must show no felony convictions in the past 2 years for any violent crimes, firearms related charges, sexual offenses, or for drug manufacturing/distribution.
2. If a record includes "adjudication withheld", "nolle prosse" or "adjudication deferred", etc, further documentation may be required, and the application may still be declined.
3. If an applicant's criminal history suggests their tenancy could pose a threat to the health or safety of others, or may result in property damage, the application may be declined.

2. Resident Negligence Check:

1. Applicants must show no history of prior evictions, unless they have verifiable documentations proving landlord irresponsibility.
2. Applicants must also show no history of damage done to a rental property.
3. Applicants may not owe an outstanding balance to a previous landlord.

3. Financial Check:

1. Prior to move-in, we require a security deposit of 1.5x the monthly rent. Applicants must have the funds needed OR be enrolled in the Deposit-Free Program (details on page 3).
2. The sum of all applicants' verifiable gross income must exceed the sum of 2.5x the monthly rent plus any additional monthly charges, such as pet fees, risk mitigation fees and the Resident Benefit Package cost, etc. Section 8 vouchers are not accepted.
3. Applicants must show cash reserves exceeding their total move-in funds. Move-in funds are the sum of the first month's rent, including any monthly charges plus the required security deposit.

Eligibility Standards

Applications that meet all of the following criteria will be eligible for approval without any further considerations:

1. Each applicant will have a verifiable 2 year track record of arm's length rental history or mortgage payments. We will need to see that you are and were in good standing.
2. Each applicant will show verifiable gross income that exceeds 3x the monthly rent plus any monthly charges, such as pet fees and the mandatory resident benefit package.
3. The average of all applicants' credit scores will be above 599.
4. No applicant will have any unresolved collection issues.

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The Conditional Approval Program

Applications that meet the Minimum Requirements but do not meet one or more of the criteria of the Eligibility Standards may be eligible for approval on the basis of their willingness to pay a $79 per month risk-mitigation fee. This fee can be removed upon request when your lease is renewed if then you are able to meet the Eligibility Standards.

NOTE: Conditional Approval is only offered on fully-managed listings. Please check the listing description to see if conditional approval is offered on the home you are considering.

The Deposit-Free Program

When applying for properties managed by PPM, applicants may also opt into applying to the Deposit-Free Program. This program is designed to lower the upfront financial burden that traditional security deposits can create. If approved, you will not need to pay the 1.5x monthly rent deposit at move-in. Instead, a Third-Party Guarantor will guarantee your security deposit to PPM in exchange for a non-refundable monthly fee ranging from $59-$119/month, which is paid alongside your rent payment. You may remove/lower the monthly fee at any time by making payments for the deposit.

In the event of a valid claim on your security deposit guarantee, the Guarantor will pay the claim up 1.5x the rent amount, but you will still be required to pay the Guarantor the claim amount. An additional credit agreement will be required to be signed with your lease and additional terms apply.

This program is only available to applicants that meet our Eligibility Standards and combining the Deposit-Free Program and Conditional Approval is not allowed. All applicants applying must opt-in to this program to be approved. Approval is determined by a Third-Party and is not guaranteed.

NOTE: The Deposit-Free Program is only offered on fully-managed listings. Please check the listing description to see if conditional approval is offered on the home you are considering.

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Other Terms

Move-in Dates & Lease Length

• Applications with a move-in more than 30 days away are subject to additional approval.
• Applications with a move-in date less than 7 days can be expedited subject to approval.
• Our standard lease length is 12 months. However, we set leases closer to summer time.
  • If approved out of season, your lease length will be adjusted to fit this policy.
  • You will be offered a 12 month lease once it renews.

Maximum Occupancy Guidelines

• Efficiency Unit: 2 Occupants Max
• All other units will have a max occupancy of 2 per bedroom plus one.

Roommate Situations

• Roommate Situations may be considered, but a security deposit of at least 3x the monthly lease amount will be required.
• A "roommate situation" applies when three or more individuals intend to reside in the same rental property and do not qualify as immediate family members.
• Immediate family members are defined as: Parents, Children, Grandparents, Grandchildren

Miscellaneous

• All applicants will be required to view the inside of the property prior to approval.
• Application approval is subject to property specific terms and conditions. Please see the property's listing description and read it carefully to see if any apply to you.

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Approval Process

Upon approval, you will receive an email with your application approval letter.

1. You will be required to e-sign your approval letter within 24 hours to hold the property.
2. Once signed, we will place the property on hold for you for another 24 hours. In that time, you will be required to submit a non-refundable holding deposit equal to one month's rent, and also pay your non-refundable $149 lease preparation fee.
3. Once the funds are received, the property is still held while we have your lease prepared. Once emailed, you will be required to sign the lease within 48 hours. If the lease is not signed within 48 hours, the holding deposit is forfeited and the property will be re-marketed.
4. Once the lease is signed, the property is taken off the market and your holding deposit, equal to one month's rent, is applied to your move-in funds. Any remaining funds (security deposit, pet fees, etc) will need to be paid and cleared prior to your move-in date. Note, Risk Management Fees cannot be prorated. If your prorated rent amount is 25% or less than the full monthly lease amount, then the next month's full rent amount will be due before move-in also. Once all funds are paid, you have turned on all utilities in your name, and any HOA verifications are complete, you will be given keys to your new home the morning of your move-in date!

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Resident Benefit Package

For properties managed by PPM, we require all residents to be enrolled in a Resident Benefit Package (RBP). This does not apply to non-managed property listings. Please check the listing description to see if this applies to the property you are considering.

Details

Our leases require residents to take on certain responsibilities such as maintaining proper renter's insurance coverage, keeping the interior of the unit free of insects, and changing air filters monthly, as well as more basic things such as paying rent on time, keeping a security deposit on file, and keeping the utilities turned on.

To make these as easy as possible, we've included these services in our RBP:

Enrollment in the RBP is obligatory for all PPM-managed properties and the cost is $59 per month.

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Pet Policy

Providence Property Management has a very basic pet policy. We understand that a pet plays a significant part in many people's lives, so we strive to allow most animals in most of our rental properties. However, please check the listing to see if the property you're applying for accepts pets.

Pet Screening Profiles are required for every applicant applying for one of our properties. Pet Screening provides a risk level assessment for each pet profile which is based on the overt risk of the pet. Based on this assessment, we schedule an inspection routine and then charge a monthly pet fee to cover the cost of having the additional inspections conducted at the property. This policy allows us to open our doors to your furry friends while simultaneously offering our property owners a level of protection from long-term damage on their properties. Pet fees are charged on a monthly basis and are paid with your property rent.

The charges breakdown as follows for each paw score risk level and non traditional pets:

Pet Screenings & Policy Affirmations can be completed by going to: LeaseWithProvidence.petscreening.com