Rental Criteria

This document details the Resident Selection Criteria for GenStone, LLC (“GenStone”). It may be revised, modified, or updated at any time by GenStone at the discretion of GenStone. Applicants applying to homes governed by homeowner’s associations (“HOAs”) or municipalities may be subject to additional qualification criteria based upon HOA regulations or municipal ordinances. 

Application

1. All adults, 18 years of age, or considered an adult under state law, are required to complete an application in its entirety;
2. By acknowledging the terms and conditions outlined in the GenStone rental criteria, the applicant confirms all the information provided is true and accurate. Any falsification, fabrication, or untruthful answers and supporting documentation will result in an automatic denial;
3. Applicants are required, unless otherwise noted, to pay a $75.00 non-refundable application fee to authorize a background check and additional qualification processes;
4. Upon applicant's approval, leases are required to be signed within 24 hours of generation. In the event, the Lease is not signed within the 24-hour time, GenStone may elect to cancel the application and place the home back on the market. 
5. All applicants are required to provide valid identification. 
6. Approved applications are valid for thirty (30) days from the submission date. After that time period, all applicants must pay a $75 non-refundable application fee to authorize new screenings, credit checks, income verification, and re-qualification for a property managed by GenStone Management.

Equal Housing Leasing

GenStone Management is pledged to the letter and spirit of all applicable state and federal fair housing laws, including, without limitation, the Fair Housing Act (Title VIII of the Civil Rights Act of 

1968, as amended), for the achievement of equal housing opportunities for all rental applicants and residents throughout each of the states in which we operate. We encourage, foster and support an affirmative advertising, marketing and rental program in which there are no barriers to obtaining or enjoying housing because of race, color, religion, sex, handicap (disability), familial status, 

national origin or any other class of person recognized under any applicable federal, state or local laws, rules or regulations. In addition, it is GenStone policy to make reasonable accommodation for persons with disabilities in accordance with applicable fair housing laws.

Resident Qualification Criteria

Any application that provides falsified or incorrect information may be subject to automatic disqualification. If an applicant falsifies their application or supporting documentation, GenStone has the right to hold all deposits and fees paid to apply towards liquidated damages.

Standard Occupancy Guideline

The maximum occupancy for GenStone properties is two persons per bedroom, plus one additional occupant per home. Occupancy standards may vary by region based on local city, county, and state laws.

Age

All persons 18 years of age occupying the property are required to complete an application.

All persons occupying the property must be identified in the application; this includes all minors under the age of 18.

Credit

All applicants’ credit history enters a scoring model to determine a Risk Score for each application. The Risk Score is determined from an analysis of information found in each applicant’s consumer credit report, application, and previous rental histories (if applicable). Consumer reports may include but are not limited to payment history, bankruptcies, number and type of accounts, collection activity, outstanding debt and credit inquiries. The score determined does not reflect the consumer’s FICO score.

An applicant’s security deposit is determined by the Risk Score of the applicant and may result in an increased security deposit for approval.

Current Open Bankruptcies (Chapter 7 or 13) will result in an automatic denial.

Applicants are subject to further verification at the request of a GenStone representative.

For applications in the state of Illinois: Applicant(s) does hereby consent upon completion and meeting the criteria of a credit and rental history screening, a criminal background report will be processed by GenStone to complete screening of the consumer information report.

Security Deposit

Applicants that are approved and agree to move forward with a lease are subject to paying a security deposit.

Security deposits may vary depending on the market and Risk Score.

Income

Household income requirements are based upon the market, Risk Score, and other qualification factors within the application process.

If a household has more than three (3) applicants, the landlord will use only the 3 highest qualified incomes in calculating the combined household income.

Employment: Applicants are required to provide proof of income for the past four (4) consecutive weeks unless otherwise advised by a representative of GenStone. The most recent proof of income must be dated within the last 15 days of the date of application. (Applicants paid on a monthly basis will be asked to supply two (2) months’ worth of income for consistency of pay evaluation). GenStone may request additional proof of income if documents provided are insufficient. Any falsified documents will result in a denial. Applicants must have a combined monthly income of at least 3x the monthly rent amount.

Additional Income Sources: Social Security Benefits, Child Support, Alimony, Disability, Retirement, Pensions, VA Benefits and Bank Statements (complete) are accepted. Items containing redacted or otherwise altered information are subject to additional verification.

All income should be verified and evidenced by the source of income. If income is not verifiable, GenStone may request additional information for verification of income at any time.

Job Transfer/New Role: Applicants with an offer of employment or transfer of role from their existing employer are required to provide an Offer Letter or Transfer Letter on employer letterhead confirming terms of compensation and start date. The letter should be signed and dated by the offeror.

Landlord may elect to accept pre-paid rent (12 months in advance) in instances where income is deficient and cannot be met.

Applicants that provide any false, counterfeit, or other fake documentation are subject to denial, even if discovered after approval.

Rental History

Prior Evictions, filed or enforced, may result in an automatic denial of the application.

Any outstanding debt or judgment owed to any prior landlord may result in a denial.

GenStone may request rental verification, if rental history cannot be verified.

Criminal History

Each applicant is subject to a criminal background check.

Criminal background screening is broken into the following categories: 1) Crimes Against Persons, 2) Property, and 3) Society. Criminal histories presented through applicant screening reports pertaining to weapons, drugs, violence, or any other act that poses a threat to household, neighborhood, vendors, GenStone employees, or the physical property itself, may result in a denial. Criminal history will be assessed on the risk to persons or property by an applicant, including but not limited to the type of crime; the severity of the crime; circumstances of the crime; and the length of time since the crime occurred.

Criminal background screening is also governed by federal, state or local laws which regulate the GenStone screening processes.

OFAC-Office of Foreign Assets Control

An Office of Foreign Assets Control (OFAC) search is completed for each applicant. If the applicant appears on the OFAC list, the application will be denied.

Homeowner’s Association (HOA) – Rules and Regulations

GenStone pays all HOA dues, but if you choose a home located in an HOA, you are responsible for ensuring compliance with all HOA rules and regulations.

If you violate a HOA rule, then you will be asked to resolve it and, if not, GenStone will action to the HOA request, but you will be required to reimburse GenStone for any costs and associated fines with the HOA violation.

Please contact your Property Manager with all HOA needs and to request a copy of HOA rules and regulations to ensure you maintain compliance.

Renters Insurance

GenStone encourages residents to obtain rental insurance (including flood insurance) in an amount no less than $100,000 for Property Loss and Personal Liability Insurance coverage. In addition, should you decide to obtain a policy, “GenStone Management” is to be named as a “Party of Interest” or “Interested Party” (or similar language as may be applicable based upon the insurance company) on the renter’s liability insurance policy. Proof of this coverage should be renewed upon possession, lease renewal, and/or policy expiration. Waterbeds will only be allowed with proof of fully paid insurance for the term of the lease.

If you fail to purchase Renter’s Insurance, GenStone does not hold any liability for damages caused by events in the home. Any reimbursement is to be reviewed and agreed upon in writing by a managing operator of GenStone. 

Application Does Not Create a Lease

This application, even if accepted, shall under no circumstances be considered a lease agreement between applicant and GenStone, nor an offer to lease, and does not create a landlord/tenant 

relationship. No lease shall exist between an applicant and GenStone unless and until the parties enter a fully executed Lease Agreement conditioned on the applicant paying all required fees, security deposits, and rent.

Revised 12.11.2024