INCOME AND EXPENSE OPTION
If you do not have sufficient income under our Regular Income Standard, you may elect to qualify under our third alternative income standard – the Income & Expense Standard.
Under the Income & Expense Standard, an applicant may qualify if their income is greater than or equal to two times the proposed monthly rent (including any rental payments for parking, storage or pet fees), PLUS all of their combined household monthly expenses averaged over the previous twelve months. Monthly expenses are defined as ALL expenses, excluding only housing and savings. Both your income and all of your expenses are verified under this alternative.
Each proposed occupant must provide evidence of 12 months of ALL of their expenses and the expenses of all dependants who will reside in the unit, including but not limited to expenses such as utilities (e.g. telephone, cable, internet, water, gas and electricity), credit card purchases (not just payments), clothing, food, entertainment, vacation, travel, personal sundries, automobile expenses, medical, loans (student or automobile, or investment) and all forms of taxes (federal and state withholding, social security and disability).
The information must be provided in a logical format with legible copies of all statements, bills or invoices. If we discover you have excluded any portion of the previous 12 months of expenses, regardless of the reason, your application will be rejected as an incomplete application.
A suggested ledger format is provided on our web site. As long as you provide copies of all your monthly expenses and invoices for verification purposes, you may organize them in any format that you believe is appropriate. However your income and expenses should be organized, easy to read, understand and verify. The suggested web site ledger format is provided merely to give you guidance as to how we believe it is easiest to organize.
All of the supporting financial documentation must be submitted with the application, brochure and payments to be considered a completed application.