Frequently Asked Questions
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Is there an application fee?
Yes, there is a brokerage fee applicable to the unit you are applying to. This will be noted on the POLT and disclosed during the property showing.
What is a POLT?
The POLT, or Proposal of Lease Terms, is the first document that you will receive from 413 Lease to review and sign. This states the lease start and end date, the monthly rent, utilities included, etc. This is NOT the lease agreement.
How do I put a property on hold?
To put a unit on hold, each group member will need to apply, the brokerage fee must be paid in full, and one person must complete the digital signature on the POLT.
Do I need a cosigner if I am an undergraduate student?
Yes, you do! If you do not have someone to cosign on your behalf, please contact us to discuss your options.
Do I need a cosigner if I am a graduate student or working professional?
No. You may proceed without a cosigner if you meet our income, credit, and background check requirements, where applicable.
Who can be my cosigner?
A cosigner can be anyone over the age of 18 with a U.S. mailing address, who is not an undergraduate student, and not someone who will be living with you.
What if I don’t meet the income requirements for a unit?
If you do not income qualify you may proceed with a cosigner, HOWEVER you and your cosigner will have to meet the credit requirements and you must pass a background check.
What do you accept for income documentation?
2 recent consecutive pay stubs
the previous year’s tax return
employment letter on letterhead from a current or future employer
statement on letterhead from a government institution declaring regular future income
I-20 form for international students
What are the credit requirements?
We look for multiple factors when reviewing your credit report in addition to the score, as the credit score is easily impacted. Some items that we are looking for that negatively affect your application are past due accounts, multiple late payments made, accounts in collections, etc.
Do you allow pets?
This is property specific! Please ask your leasing agent during the tour.
Sourced from: 413Lease.