Security Deposit Allocation
Typically, the security deposit is equal to one month's rent. However, the security deposit allocation is based on the information provided on an application. Once all of this is reviewed, a score is recorded based on the risk the homeowner would accept by approving an offer for you to rent the property. If the application score (not credit score) is lower than 700 and higher than 500 but still qualifies under our rental criteria, the applicants can be conditionally approved at a higher security deposit (up to 2x the monthly rent) to protect the owner’s investment.
Qualification is based on a tenant screening score from a third-party processor. The scoring system is based on multiple factors, including credit history, income, past-due debt, type of debt, and collections. It is not based on credit (FICO) score alone.
There are different levels of qualification for approval:
*Nestwell CANNOT tell you what your application score will be without fully submitted applications being screened through our third-party processor.
**Application scores are based on a combined average score for all applicants 18 and older for the property.
If you are qualified for approval, the following scoring and income matrix show what your potential deposit multiplier will be. Each unit belongs to one of the Rental Qualification Tiers based on many factors. The rental criteria Tier as shown in the listing for the specific unit you are applying will be the only Tier to apply to your application.
Approval: A qualified application with a score and provable income that fit into a green box with a 1X will require a Security Deposit equal to the amount in the rental listing (most commonly equal to one month’s rent). Applications with results that fit into a green box with a 1X may require less processing and be completed faster depending on the results. Valid ID, proof of income, and pet screening results (if applicable) are the minimum required for a complete application in this score range.
Conditional Approval Level 1: A qualified application with a score and provable income that fit into a green box with a 1.25X will require an additional deposit equal to 1.25X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Conditional Approval Level 2: A qualified application with a score and provable income that fit into a yellow box with a 1.5X will require an additional deposit equal to 1.5X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Conditional Approval Level 3: A qualified application with a score and provable income that fit into an orange box with a 1.75X will require an additional deposit equal to 1.75X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Conditional Approval Level 4: A qualified application with a score and provable income that fit into an orange box with a 2X will require an additional deposit equal to 2X the amount in the rental listing. Applications with a score in this range will require full processing prior to being considered complete.
Decline: An application with a score and provable income that fit into a red box below 499 will be declined. There will be no conditional approval for an application in this score and income range. Please see our list of common reasons applicants are declined besides the application score.
IMPORTANT: Until a lease is executed for the particular property, management will continue to accept applications. Even approval of an application does not guarantee placement unless and until a lease is executed. A subsequent application may be approved in a quicker time frame depending on the objective quality of the applicant and the particular criteria for that property. Applicants will be notified of their application results and placement once the application is complete.
All applicants must be well-qualified and meet certain financial and personal standards. Common reasons applicants are declined include, but not limited to, the following:
- Income or application score that are in a red Decline box in the matrix above
- Debt to income ratio is greater than 50%.
- Excessive past-due debt.
- Active bankruptcy or one that has not been discharged for at least 6 months.
- Any current or previous evictions within the past 7 years.
- Negative rental history, landlord references, evictions, or unpaid balances due to landlords or utility companies.
- Failure to provide valid documentation for proof of legal residency in the United States for the duration of the lease.
- More than 3 unrelated adult occupants or roommates.
- Smoking or vaping.
DO NOT SUBMIT YOUR APPLICATION WITHOUT READING AND AGREEING TO THE ABOVE INFORMATION. APPLICATIONS WILL NOT BE PROCESSED UNTIL AGREEMENTS ARE COMPLETED, E-SIGNED, AND APPLICATION FEES SUBMITTED.
PLEASE NOTE, IF YOU CLOSE THE APPLICATION WHILE YOU'RE FILLING IT OUT, YOUR PROGRESS WILL NOT BE SAVED. ALL DATA IS CLEARED FOR YOUR PRIVACY AND SECURITY.
Rental Expense Disclosure
Rental amounts and fees are disclosed in the advertisement of each property and may fluctuate based upon availability and market conditions.
You should review the lease agreement before signing. After you have applied, if the terms of the lease are different than those advertised or disclosed herein and you determine not to accept those terms, you may be entitled to a refund of the application fees paid. After rejections of the lease terms due to the differences or non-disclosure, you may request such refund if made in writing within five (5) business days, specifically stating the differences and the cause for such request. The request must be made as required by Utah law and emailed to support@nestwell.com.
Some regular, required monthly charges such as utilities may be based upon actual usage and/or seasonal variable rates and will vary from month to month. Some optional and/or avoidable fees are not included in the advertisement or this disclosure, including but not limited to pet rent, late fees, washer/dryer, valet garbage, etc.