Rental FAQ
As a prospective tenant, you may have questions about the application process. Below are commonly asked questions which you hopefully will find helpful.
Why do you charge me to apply?
Waymark charges an application fee to run a credit report necessary to process your application. You are able to apply through this website. Application fees are non-refundable.
How long until I learn whether my application has been accepted?
It usually takes 2-3 days. We contact former landlords and gather pertinent information. It will depend on how long it takes previous landlords to return our call.
What is reviewed and considered in the application process?
Landlord references, credit history and income level are all considered. A background check is performed as well.
What if I am a first time renter and do not have a previous landlord?
This is not a problem! Many of our tenants are first time renters. If this is true for you, more of an emphasis is placed on your credit history and income level.
Do I need a minimum credit score?
Yes. A minimum credit score of 650 is required. We receive your accounts and your history. We look to make sure you do not have any collections from previous landlords, utility companies, phone companies or anything of similar nature. We focus on timely payments and any collections record. Medical collections are considered separately.
How is my income considered in the application process?
We request copies of recent pay stubs, indicating that your gross monthly income equals at least 3x the monthly rent. We will consider a job offer letter if you are starting a new position. Incomes are combined if more than one person will be on the lease.
If I see a property I like, should I apply?
Probably not! We encourage you to set an appointment to see the property before completing the online application. The application fee is non-refundable.
Are pets allowed?
This depends on the unit. Most units do not allow pets, however some do for a monthly charge.
How do I pay my rent and when is it due?
Rent is paid online through your tenant portal. You can set up automatic monthly payments. ACH payments are FREE! You are able to use a credit card but will be charged a service fee.
What is happens after my application is approved?
Upon approval, you will sign a lease through docusign, set up your online portal, pay your first month’s rent and security deposit, and upload your certificate of rentals insurance.
Do I need Renter’s Insurance?
Yes. Renter’s Insurance is required. Proof of Renter’s Insurance is required before move in and must be renewed each year.
Am I allowed to paint the property?
No. You are not allowed to make any changes to the property. Should you make unauthorized changes, you will be charged at move out.