Atlanta Homes for Rent

Application Policies and Rental Qualifications

Please read this page carefully before completing the application. Applications must be completed online and application fees paid prior to submission for consideration.  

Be certain to email all required documents to Applications@CompassRent.com. To expedite your application immediately after applying online.

Compass Property Management Group requires all Applicants or their Agents to physically tour the home BEFORE submitting an application.

We are pledged to the letter and spirit of the U.S. Policy for the Achievement of Equal Housing Opportunity throughout the Nation. We encourage and support a program in which there are no barriers to obtaining housing because of Race, Color, Religion, Sex, Handicap, Familial Status, or National Origin.

A Completed Application Contains:

General Rental Criteria

Rental Application: Applicants must be of legal age, eighteen (18) years and over. Everyone who will be residing in the home and is over the legal age of eighteen (18) years must submit an application and pay the application fee regardless if their income/credit is not being used to determine eligibility. For minor children we only require names and dates of birth.

All applicants must provide a valid Driver’s License, State Identification card, Military ID or US Government issued picture ID and a copy of their Social Security card upon submission of application.

In order to help us complete your application in a timely manner, we ask that you complete every section of the application. There should be no lines left blank. If a line does not apply, please fill in with "N/A". If you need to call us back with more information, please do so within your 72 hour grace period. Be sure to sign the application and date it where indicated.

Application Requirements: Your application must be filled out completely and accurately. An incomplete application may be rejected. Any misstatements or omissions made on your application may be grounds for denial or termination of the lease. If information given on the application cannot be verified, this is a reason for denial. All information must be legible and verifiable.

Income Requirement: The net monthly income of all lease holder(s) will be considered jointly, and should equal 3 times the rental rate of the home. If a lease holder(s) owns the home described as the current residence, income should equal 5 times the rental rate of the home. All income must be verifiable. Lease Holder(s) must have stable and verifiable employment or, if retired, will be considered self-employed and must meet the guidelines for self-employment.

We will contact your employer to confirm your length of employment, your job position/title and the income amount you report on your application. Some employers will only verify employment details after payment of a fee and with your written authorization so you may provide pay stubs that cover a period for the prior 60 days. If a lease holder(s) is relocating from outside of Georgia, and will remain with the same company, a transfer letter and 6 month's bank statements are required to prove income. If a lease holder(s) has been employed less than 60 days, 6 month's bank statements are required to prove income.

Self-Employment: If you are self-employed, retired or a trust fund benefactor, must also submit signed copy of the most recent year's federal tax return for the preceding year. Individuals who hold jobs that are commission only, base salary plus commission, tips, or bonus will be considered self-employed. If an applicant is self-employed, then proof of income can be shown by providing the following:


If you have income from another source or you are just “independently wealthy” send to us in a written verifiable format. Some common “other income” sources are:  


If income requirements can’t be met then a qualified cosigner may be used to offset any income deficiency. Cosigner qualifications can be found below.

Rental History: Up to 24 months of residency history will be reviewed and must exhibit no derogatory references (such as evictions, filings of initial evictions, or residential collections), and must have given 30 day notice to vacate to previous landlord. Less than 2 years rental history will require a qualified Co-signer. Living with relatives is not considered verifiable rental history and will require a qualified Co-signer. Any debt owed to a previous landlord and/or utility company must be paid in full before the application can be approved. Forcible Entry and Detainers (Evictions) due to property damage or unpaid rent will not be accepted under any circumstance. If you have previously owned a home and are now renting then your payment history should be reflected on your credit report and that will be verified. If a lease holder(s) owns the home described as the current residence, income should equal 5 times the rental rate of the home.

Credit History: Your past payment history, debt to income ratio and credit score from your credit report will be used in making a rental decision. We are looking for things like judgments & collections (especially from previous landlords), unpaid utility bills and generally how you have paid your bills in the past. Poor credit will not generally disqualify you from renting but a higher security deposit and/or co-signer may be required as well as an increased contingent approval fee depending on the overall application evaluation.

Co-Signer/Guarantor: If your application requires a co-signer this person is going to provide strength in an area where your application has weakness. For instance: 1) No verifiable income for full-time students; 2) Unsatisfactory credit rating; 3) Unverifiable rental history; 4) Unsatisfactory Income requirements. The Co-Signer/Guarantor must pass the same application and screening process, pay appropriate application fee, meet all the same requirements as the applicant, have a strong credit rating and verifiable income of at least 5 times the rent. A co-signer will be signing the lease agreement along with you and they will become legally responsible for the rent along with you. No more than one co-signer per applicant will be considered.

Evictions: Any eviction filing within the prior three (3) years will be grounds for denial of your application. Evictions resulting from a foreclosure of a home you owned or rented are not counted.

Bankruptcy: Any current or open bankruptcy filing will be grounds for denial of application. Three (3) years must have elapsed from the discharge or dismissal date of any prior bankruptcy filing.

Property Reservation / Holding a Property: If you are approved and need some time before taking possession, properties can be held up to 14 days with a signed Holding Fee Agreement. Simply pay an amount equal to the first months rent and sign the Holding Fee Agreement. When it comes time to move in you will sign your lease, pay the balance of any funds owed and the holding fee you paid will be applied to the balance owed. If you fail to execute a lease, or pay the balance of funds owed you will forfeit your holding fee on the property and any other fees paid. If you wish to hold a property while your application is being processed pay an amount equal to the first months rent and sign the Holding Fee Agreement. In the event that your application is denied your holding money will be refunded and available for pickup at our office after 2 business days.

Multiple Applications: Many applicants are upset that they apply for a particular property and then lose that property to a competing applicant. Since Compass Property Management Group legally represents the owner of the property; in the event we have multiple applications for the same property, we will process all approved applications based on the criteria we deem most beneficial, to the owner. Only one application will be eventually approved and that may not necessarily be the first one received. In determining the best application that is “most beneficial” to the owner, we might as an example compare two approved applications where one desires to occupy immediately vs. another who cannot take possession for 2 weeks. In this example the most beneficial application is the one that can take occupancy immediately.  In the instance that you have an approved application but lose a property to a more beneficial applicant we will gladly transfer your application to another home of your choosing. Your approved application is good for 45 days. The best way to avoid losing your chance at an available property is to reserve/hold a property using the procedure outlined above.

Security Deposits: Required security deposits are based on overall results of your application information. Standard security deposits are typically equal to one full month’s rent and all but $200 is refundable. Some applications can be approved with higher deposit amounts and/or contingent approval fees (see below) as determined by our processors scoring system. This scoring system gives recommendations on how “low to high risk” you appear to be as a tenant, based on the information you provide. The reality is this; we’re about to hand over the keys to someone's home that is worth a lot of money so we need to be confident about your ability to fulfill all the lease obligations and if your credit history and overall application doesn’t show something consistent with that then paying extra money to prove you have the ability to pay rent every month is the only way you’re going to be able to rent from us.

Administration / Contingent Approval Fee: All leases have a $200 administration fee due at lease signing. Depending on credit an additional contingent approval fee may be due. It has been shown through both statistical and historical analysis that an applicant's overall credit rating directly affects the risk and likelihood of default, damages and unpaid rent for the landlord. Applicants with a lower overall credit rating pose a significantly higher risk and liability. In an effort to mitigate that risk and allow applicants with a less than perfect credit rating to still gain approval for their chosen property we have implemented a scoring model that allows applicants to pay a fee to offset the increased risk and exposure the landlord faces in approving them with a lower than normal credit rating.

                
Average Credit Score Contingent Approval fee
650 - 850 $0
620 - 649 $200
600 - 619 $300
550 - 599 $450
500 - 549 $550

** For multiple applicants the scores are averaged.  For example: Tom and Suzy apply for a property and Tom has a credit rating score of 665. Suzy has a score of 580.  665 + 580 = 1245        1245 / 2 applicants = 622.5 average score. We always round up to the next whole number so the score is 623. Looking at the table above Tom and Suzy would pay $200  as their Contingent Approval fee. Applicants with no credit score showing will be assigned a score of 500 for the purposes of determining the contingent approval fee.

Payment of Rent and Due Date:
All rent payments are due on the first (1st) of each month and must be made via electronic funds transfer (EFT) from a bank checking/savings account. Our staff can get you set up on automatic drafts so you never have to worry about late rent payments. Move ins on a date other than the 1st of the month will be prorated. Here’s how it works: We will prorate your first month's rent to reflect the actual days of possession. For example: You move in on June 20th and your prorated rent amount due would be $330.00  ($900 / 30 days in June = $30.00/day x 11 days of possession for June). From then on your regular rent amount would apply.

Renters Insurance: All leases require tenants to obtain renters insurance and list Compass Property Management Group as additional insured. It is very inexpensive and can usually be purchased cheaply through your auto insurance provider or any number of companies. We can tell you that we see events every week where a renters insurance saved them from a major financial loss. Think about a toilet that overflows and you end up being responsible for all the damages. A storm comes through and rain destroys all your furniture and clothes. Power goes out and ruins all your food. A sewage backup forces you into a hotel while repairs are being made. We could go on and on but believe me there are a million reasons why renters insurance is a good thing and it’s money well spent.

Association Applications: In rare instances some Homeowner / Community Associations may require a separate application. In the event that is necessary you must apply separately with the Association and that approval is a necessary prerequisite to our approval.

Occupancy Standards: As a general rule a maximum of two (2) persons per bedroom not including infants age 4 years or younger are allowed to occupy a rental unit. Many county and municipal ordinances and some community associations limit the number of unrelated adults who may occupy a single dwelling to two (2) adults although this number varies by County and City.

Media Release: We routinely videotape and photograph the condition of our managed properties before, during and after each tenancy, as well as market our property and business with video tours, testimonials, etc.  Applicant understands and agrees our company can use these videos for any legal purpose, and accepts any risk or consequence from these videos being used in the course of business.

Criminal History: Application will not be approved if applicant has the following on their criminal record:


Pets/Animals: : All Pets/Animals are subject to Property Management Approval, which may be at discretion of the owner.  A pet photo must be submitted with the rental application.  Pet restrictions apply to breed type and size as well as a non-refundable pet fee of $350 for 1 pet, $500 for 2 pets. Please consider the following breeds “Unacceptable”:

Also pets : Any combination of these or any dog that has any of the above breeds lineage.

Service or companion animals that assist residents with special needs will always be accepted, provided documentation is submitted. A pet fee will not be charged for service or companion animal.

Contingency

Compass Property Management Group does business in accordance with the Federal Fair Housing Law. (The Fair Housing Amendments Act of 1988). Agents understand that it is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or National Origin. This applies in the sale or rental of housing or residential lots. It also applies to advertising, the sale or rental of housing and the financing or appraisal process. In addition, blockbusting is illegal. To assure residents or buyers that we don’t discriminate, we display Equal Housing Opportunity posters in our office and have its logo printed on our application forms.

*By submitting this application, applicant(s) acknowledge(s) and accepts the lease application will be approved or rejected on the basis of the information above. Falsification of any information on the lease application, provided documentation, or incomplete documentation will result in a decline of the application. Applicant(s) also agree(s) to submit all documents necessary to complete the application within 72 hours of the application date. All information must be verifiable. Failure to provide the documentation will result in a declined application and forfeit of all fees paid to reserve the home.

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