Resident Selection Criteria / Lease Policies

*****INCOMPLETE APPLICATIONS WILL NOT BE PROCESSED*****
*****APPLICATION FEES ARE NON-REFUNDABLE*****

“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.”

-Applicants must see the interior of the property before an application will be processed.

-We recommend you do not submit an application if any of the following applies to your or any additional applicants in your household: including, but not limited to: Evictions, Debt to Previous Landlord, Credit Score Below 600, Undischarged Bankruptcy, Discharged Bankruptcy within 5 years of Application, Unsatisfactory Rental Reference, Unacceptable Pet Breed.

-We use a third-party pet policy service, ALL Applicants must create a No Pet or a Pet/Animal profile. Applicants should go to this link: https://ostopm.petscreening.com

-Each property is different and not all allow pets. There may be restrictions on the number of pets and/or the size of the pet. Please see the property listing to determine if the home you are interested in allows pets and what the restrictions are.

-No pets (with the exception of medically necessary animals for the benefit of the occupant(s) of any kind are permitted without specific written permission of landlord and an addendum to lease, a non-refundable pet fee acceptable to landlord and/or an additional pet rent or additional security deposit. A separate pet application must be submitted with shot records and a picture of the pet(s) before approval. Landlord may require liability insurance.

-A non-refundable pet fee in the amount of $300 per pet is required plus a monthly pet rent (Does not apply to medically necessary animals)

-Monthly pet rent ranges from $15 - $50 per month and is determined upon receipt and review of pet application and approval

-Unacceptable dog breeds include, but are not limited to: Akita, Alaskan Malamute, American Staffordshire Terrier, Bullmastiff, Chow Chow, Dalmatian, Doberman Pinscher, German Shepherd, Husky, Mastiff, Neapolitan Mastiff, Pit Bull, Presa Canario, Rottweiler, Siberian Husky, Staffordshire Bull Terrier, Tibetan Mastiff, Wolf Dog Mix or any mix of these breeds.

-Applications will be processed on a “first come, first served basis” with time and date denoted on the application to act as receipt. If more than one application is submitted, before approval can be achieved, the highest rated approved application would be selected. Incomplete applications will be automatically denied.

-You will be required to provide a copy of a valid form of identification.

-A valid social security number is required of each applicant. For applicants without a social security number, proof of permit stay in the US with a visa is required as well as additional security deposit and/or advanced rent.

-You must be prepared to provide 3 years of residential history as well as contact information for your rental references.

-The applicant's combined household gross income must be at least three (3) times the monthly rent amount. Proof of income must be submitted. We require 2 months of pay stubs. Self-employed applicants will be required to produce the most recent tax return and 3 months of bank statements. Other acceptable proof of income: Social Security statement, 12 month payment history of court ordered Child Support and/or alimony, IRA statement, Pension. Reemployment assistance is not considered income.  When income is from employment, the income history must be minimum of 24 months and current.

-Processing a rental application generally takes between 2-3 business days. Some of our properties require approval from a homeowner's or condo association and may require additional processing time and may require an additional processing fee. If such is the case, you must also apply separately to such homeowners or condominium association and remit whatever other application fee and/or deposit may be required.

-Each resident over the age of 18  must submit a separate rental application and pay the required fees.

-Once you have been notified of your approval, you must place a good faith deposit equal to at least one months rent, within 24 hours of your approval notification. This must be in Cashier's check or money order. NO CASH OR CREDIT CARD ACCEPTED

-All initial move in funds and first month's rent must in the form of Money Order or Cashier's Check. NO CASH OR CREDIT CARD ACCEPTED

-Osto Property Management utilizes electronic documents and signatures.

-No rental property will be held vacant for more than two (2) weeks, unless approved by Osto Property Management.

-A one time non-refundable tenant administration fee of $199 per household is due upon approval.

Listings

All Osto Property Management residents are enrolled in the Resident Benefits Package (RBP) for $35.00/month which includes renters insurance, HVAC air filter delivery (for applicable properties), credit building to help boost your credit score with timely rent payments, $1M Identity Protection, move-in concierge service making utility connection and home service setup a breeze during your move-in, our best-in-class resident rewards program, and much more! More details upon application.

Resident Application/Rental Requirements

The Osto Property Management Resident Benefits Package (RBP) delivers savings and convenient, professional services that make taking care of your home second nature. By applying, Applicant agrees to be enrolled and to pay the applicable cost of $35.00/month, payable with rent.  


Your RBP may include, subject to property mechanicals or other limitations:

  • Renters Insurance that meets all lease requirements from an A-rated carrier
  • HVAC air filter delivery directly to your door approximately every 60 days.
  • Utility concierge service: one call set up your utility services, cable, and internet services
  • A resident rewards program that helps you earn rewards for paying your rent on time.
  • Credit building to help boost your credit score with timely rent payments.
  • $1M Identity Protection for all adult leaseholders
  • 24/7 online maintenance reporting
  • Home buying assistance for when the time is right to buy your “forever” home.
  • Online portal: Access to your account, documents, communication and payment options.
  • Vetted vendor network: we find the technicians who are reputable, licensed, and insured. 

Renters Insurance requirements and options:

The Landlord requires Tenant obtain liability coverage of at least $100,000 in property damage and legal liability from an A-rated carrier and to maintain such coverage throughout the entire term of the lease agreement. Tenant is required to furnish Landlord evidence of the required insurance prior to occupancy, at the time of each lease renewal period, and upon request. 

To satisfy the insurance requirement, Tenant may either (1) be automatically enrolled into a policy that satisfies the coverage requirements as part of the Resident Benefits Package; or (2) obtain alternative liability coverage from an insurer of Tenant’s choice. The option Tenant chooses will not affect whether Tenant’s lease application is approved or the terms of Tenant’s Lease. 

Option 1: Do nothing. Tenant will be automatically enrolled into an insurance policy as part of the Resident Benefits Package. No further action is required. Coverage will begin on the effective date of Tenant’s lease and continue throughout the lease term. Please refer to the evidence of insurance that is supplied by Osto Property Management for additional coverage details. The Resident Benefits Package monthly rate will be adjusted by the premium amount in the policy.

Option 2: Buy a policy. If Tenant prefers, Tenant may find, purchase, and maintain another policy that satisfies the Landlord’s requirements. The Resident Benefits Package monthly amount will be adjusted accordingly. Visit http://insurance.residentforms.com/ and follow the instructions listed there to provide evidence of the required insurance coverage to your Landlord.

Please be sure that your policy meets the following criteria prior to submitting:

  • Policy is purchased from an A-rated carrier
  • Policy meets or exceeds the required $100,000 in property damage and legal liability
  • Osto Property Management is listed as additional interest
  • Osto Property Management address is listed as: PO Box 66012 Dallas, TX 75266

It is Tenant’s responsibility to pay premiums directly to your insurance provider. If the policy is terminated or lapses, Tenant will be subject to a lease violation fee of $75 and agrees to be subsequently enrolled into the policy referenced in Option 1 above.

NOTE: The total monthly cost of the Resident Benefits Package is all-inclusive, and no discounts will be given if any element of the package is unavailable due to a lack of HVAC or another limitation at a specific property.

Resident Selection Criteria

1. All Adult applicants 18 or older must submit a fully completed, dated and signed residency application and fee. Applicant must provide proof of identity. A Non-refundable application fee will be required for all adult applicants. Applicant may be required to be approved by a condo/homeowner's association and may have to pay an additional application fee or an additional security or damage deposit.

2. Applicants must have a combined household gross income of at least three times the monthly rent. We do not accept co-signers. A minimum of three (3) years residential rental history is required.

3. Credit history and/or Civil Court Records must not contain slow pays, judgments, eviction filing, collections, liens or bankruptcy within the past 5 years, or foreclosures and/or repossessions within 7 years.

4. Self-employed applicants may be required to produce upon request 2 years of tax returns, 1099s and/or bank statements. Non-employed individuals must provide verifiable proof of income.

5. All sources of other income must be verifiable to qualify for a rental unit.

6. Criminal records must contain no convictions for felonies for the illegal manufacture or distribution of a controlled substance within the past 7 years, no felonies resulting in bodily harm, no felonies involving violence or intentional damage or destruction of property within the last 7 years. No sexual offenses.

7. Previous rental history reports from landlords must reflect timely payment, sufficient notice of intent to vacate, no complaints regarding noise, disturbances or illegal activities, no unpaid NSF checks, and no damage to unit or failure to leave the property clean and without damage at time of lease termination.

8. Credit Score for each applicant in household will determine amount of Security Deposit and/or denial or application:

Credit Score of 700 & up - Deposit equal to One month's deposit

Credit Score of 651 - 699 - Deposit equal to One and a half month's deposit

Credit Score of 601 - 650- Deposit equal to Two month's deposit

Credit Score of 600 -          and under - Denial

Credit Score of N/A - Considered on a case by case basis (If Approved - Two Month's Deposit)

9. The number of occupants must be in compliance with HUD standards/guidelines for the applied for unit. Current occupancy standards are a maximum of 2 persons per bedroom except for infants under 2 years of age. Roommates are not allowed.

10. We may require a holding or good faith deposit to be collected to hold a property off the market. In the event the application is approved and applicant fails to enter into a lease, the applicant shall forfeit this Good Faith Deposit. In the event the application is approved, this deposit shall be applied to the required security deposit.

11. Any exceptions to our company's criteria will need to be submitted in writing to the rental agent for presentation to the landlord for consideration. If approval is then given for such exceptions, additional security, and/or additional advance rent payments may be required.

12. Our company policy is to report all non-compliance's with terms of your rental agreement or failure to pay rent, or any amounts owed to the credit bureau and/or a collection agency and if the amount is disputed, it shall be reported as disputed in accordance with law.