The Drexel Rental Application Process: Simple, Transparent, Efficient

Moving is stressful. Applying for an apartment should not be. This page lays out our rental application process step-by-step so you know exactly what to expect before you spend a dollar.

Our Fairness Promise:
First Completed, First Processed

We follow a strict “First Completed, First Processed” policy.

• We process completed applications in the order they are received. A completed application means we have your ID, proof of income, and required rental references.
• If a prior applicant is approved for the unit you wanted, we refund your application fee. If you submitted a complete application but someone ahead of you is approved, your refund is triggered automatically.
• We do not profit from your hope. We will not collect multiple fees while a unit is effectively spoken for.
  

This policy helps qualified renters move forward confidently and helps unqualified applicants avoid wasting money.

Phase 1:
The Application (Getting Started)

We manage your home or apartment with clear standards and predictable steps, and the application is the same. If you can submit a complete application, you will get a clear answer quickly.

To be considered “complete,” your application must include:

• Government-issued ID for each adult on the lease.
• Proof of income, one of the following:
  • Your 3 most recent pay stubs, or
  • Last year’s tax return, or
  • An offer letter for a new job
    Documents should show your name, employer, pay dates, and totals when available.
• Rental history references (required):
  • Contact information for your current housing provider
  • Contact information for your prior housing provider
    A housing provider can be a landlord, property manager, or leasing office who can verify residency and payment history.

These are the core Chicago apartment application requirements we need to move your file forward without delays.

Application fee

• $75 per financially responsible adult
• This fee covers the credit and background check.
• Non-refundable, except if you are out-queued by a prior applicant for that unit under our “First Completed, First Processed” policy.

Phase 2:
Screening Criteria (Apply With Confidence)

Here is exactly what we look for so you can apply with confidence, or decide not to apply and save your money.

Income

• 3x gross monthly rent, or
• 2.5x take-home (net) monthly income
  We count combined income for all financially responsible adults on the lease.

Credit

• We typically look for a credit score above 600. If you are close, strong rental history and stable income can help.

Deal-breakers

We look at the whole picture, but the following are automatic disqualifiers:

• Prior evictions
• Collections, especially housing-related collections or unpaid balances to a prior landlord

Verification

• We verify rental history with the references you provide.
• We verify employment and income.

Co-signers

• Co-signers are allowed. This is common for students or applicants building credit.

We adhere strictly to these criteria to ensure fair housing compliance and community safety.

Phase 3:
Approval and the 48-Hour Clock

We move quickly once your application is complete and verifiable.

Processing speed

• Verified applications are typically processed in 24 to 48 hours.

Lease workflow

• If approved, the lease is sent digitally through our Drexel Properties AppFolio Portal for review and signature.

The 48-hour deadline

To secure the unit:

• The lease must be signed and move-in funds must be paid within 48 hours.
• We do not hold units without a signed lease.

Move-in funds typically include the first month’s rent and the move-in fee listed below.

Phase 4:
Financials (No Surprises)

We are direct about costs upfront. If you are comparing options and searching for no security deposit apartments in Chicago, this section matters.

What you pay, and when you pay it

• At lease signing:
  • First month’s rent
  • Move-In Fee: $500 to $700
    The exact amount is listed on the unit and confirmed before you sign.
• Monthly (if applicable):
  • Pet rent: $35 per month

No traditional security deposit

• We do not hold a standard security deposit. Instead, we charge a simple move-in fee. This keeps move-in costs predictable and simplifies the leasing process.

If a building or unit has additional requirements, we disclose them before you sign.

Phase 5:
Move-In Day (Welcome Home)

We want your move-in to feel organized and stress-free, not rushed. We are here to guide you through every step of the process, ensuring all your questions are answered and you feel confident in your new home.

Utilities

Before keys are released, utilities must be transferred into the resident’s name:

• ComEd
• Peoples Gas
  We will ask for confirmation, such as a screenshot or email, showing the transfer is scheduled or active.

Renter’s insurance

• Proof of renter’s insurance is required with $100,000 liability coverage minimum.
  Your policy must start on or before move-in day. Proof can be a declarations page or certificate.

Key handoff and welcome

We do not leave keys under a mat.

• We meet you at the apartment at an agreed-upon time.
• We hand over keys, confirm move-in details, and welcome you.

The golden rule

• Keys are only released if the lease is signed and all funds are paid. This policy ensures a smooth and confirmed transition for all parties involved.

Ready to Apply?

If you have reviewed the requirements above and you feel confident you qualify, the next step is to choose a home and submit a complete application.

View our Rental Listings to see what is available and start your application.