Rental requirements, made simple.
Here's everything we look at when reviewing an application at 505 Collection, so you know exactly where you stand before you apply.
What we look for
All applicants are screened against the same criteria below.
Income
Combined household income of at least 2.75× the market rentCredit score
Minimum score of 550Rental history
A positive rental history is required. Applicants with no rental history are subject to an additional risk fee.
Evictions
No more than one eviction, and it must be older than 3 years with positive rental history since.
Any prior eviction filing, regardless of outcome (including dismissed cases or balances paid), may be considered negative rental history and can affect the approval decision.
Prior balances
No balances over $500 owed to another property.
Bankruptcy
No bankruptcy within the past 2 years. Any prior bankruptcy must be discharged.
Repossessions
A history of repossession is considered a significant risk factor and may result in denial.
Criminal background
Applicants must have no criminal record.
Community fees
No surprises. Here's what's due, when it's due and how to pay it.
| Fee | Amount | When & how | Refundable? |
|---|---|---|---|
| Application fee | $99 / person | Pay online, or in person by money order only | Non-refundable |
| Administrative fee | $99 | Due when your application is submitted | Non-refundable |
| Holding fee | $500 | In person by money order only. Holds your home for 14 days and is applied to your move-in costs. If you cancel, the fee is forfeited. | Non-refundable |
| Security deposit | Set at approval | Amount determined at time of approval. A flexible deposit option is available. | Deposit |
| Pet fee | $300 / pet | Due at lease signing by money order only | Non-refundable |
From application to keys
- 1 Apply Every resident 18 or older submits an application.
- 2 Pay fees $99 application fee per person plus the $99 administrative fee.
- 3 Get approved We review your application and set your security deposit.
- 4 Hold your home A $500 holding fee reserves your home for 14 days.
- 5 Sign & move in Sign your lease and settle any pet fees. Welcome home!
Important policies
Every adult applies
Anyone 18 years of age or older is required to submit an application.
Equal opportunity
All applicants have an equal opportunity throughout the application process.
Applications expire in 30 days
Applications are valid for 30 days from the original submission date. After that, you'll need to re-apply to move forward.
7-Day Satisfaction Guarantee
At Balfour Residential, we believe a home should provide peace of mind from day one. Our 7-Day Satisfaction Guarantee is designed to give new residents confidence at the start of their living experience.
Following move-in, you'll have seven (7) calendar days to evaluate your decision to live here. During this period, you may cancel your lease without early termination penalties, provided all of the conditions are met.
- Move-in Your 7 calendar days begin
- By day 7 To cancel, give written notice and fully vacate
- Day 8 Still occupied? The lease continues under its original terms
Notice & vacate
Within 7 calendar days of your move-in date:
- Provide formal written notice to Balfour Residential
- Fully vacate the unit
If the unit remains occupied on day 8, this guarantee becomes void and the lease continues under its original terms, including any applicable penalties.
Feedback
Residents using this guarantee agree to provide a clear explanation of the reasons for their decision (e.g., unit conditions, defects, operational processes). This feedback is used solely to improve our service.
Terms & conditions
This guarantee is not a discount, grace period or rent-free period. All rent and applicable charges for the first seven (7) days of occupancy are due, whether you stay or vacate.
Eligibility
Applies only to new residents at their initial move-in. It does not apply to lease renewals or internal transfers.
Refunded if you vacate in compliance
- Risk fees
- Holding fee
- Security deposit
- First month's rent
Subject to verification of compliance.
Never refunded
- Application fees
- Any other non-refundable fees
Final provision: Balfour Residential reserves the right to verify compliance with all conditions prior to confirming a lease cancellation without penalty.
En Balfour Residential, creemos que un hogar debe generar tranquilidad desde el primer día. Por ello, ofrecemos nuestra Garantía de Satisfacción de 7 Días, diseñada para brindar confianza a los nuevos residentes al inicio de su experiencia.
Una vez realizada la mudanza, el residente contará con siete (7) días calendario para evaluar su decisión. Durante este período, podrá cancelar el contrato sin penalidades por terminación anticipada, siempre que se cumplan las condiciones descritas a continuación.
1. Notificación y desalojo
Dentro de los 7 días calendario posteriores a la mudanza, el residente deberá:
- Notificar formalmente a Balfour Residential su decisión
- Desocupar completamente la unidad
Si la unidad continúa ocupada a partir del día 8, esta garantía perderá validez y el contrato continuará bajo las condiciones originalmente pactadas.
2. Retroalimentación obligatoria
El residente se compromete a explicar de manera clara las razones de su decisión (condiciones de la unidad, fallos, procesos, etc.), información que será utilizada únicamente para mejora continua.
3. Términos y condiciones
Esta garantía no representa un descuento ni un período de gracia. La renta y los cargos correspondientes a los primeros siete (7) días de ocupación deberán pagarse en su totalidad, independientemente de si el residente decide quedarse o retirarse.
En caso de cumplir con las condiciones y desocupar la unidad, Balfour Residential devolverá el depósito de seguridad (risk fee), holding fee, el depósito de garantía y el primer mes de renta, previa validación.
La tarifa de solicitud (Application fee) y cualquier otro cargo no reembolsable no serán devueltos bajo ninguna circunstancia.
4. Alcance
Aplica únicamente para nuevos residentes en su mudanza inicial. No aplica para renovaciones ni transferencias internas.
Disposición final
Balfour Residential se reserva el derecho de validar el cumplimiento de estas condiciones antes de confirmar la cancelación del contrato sin penalidad.
Ready to make 505 Collection home?
Have a question about your situation? Our leasing team is happy to walk you through it before you apply.
Download application resources
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English resources
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