Reservation Fee
Chicago rental demand is very strong, especially when it comes to professionally managed and well-maintained/condo-quality units. We typically receive multiple applications for each unit, so understanding and following the instructions below is very important.
If an applicant is approved, the applicant will receive an approval email and the approved applicant will have 24 hours to tender a Property Reservation fee in the amount of first month’s rent. The Property Reservation fee will be applied to the first month’s rent at lease signing/move-in.
If you are initially approved and you do not tender the Reservation Fee within 24 hours, we will move to the next qualified applicant (first come, first serve basis). If you are an agent, please pre-screen your client(s) and make sure they have funds readily available before submitting an application.
To ensure a consistent, secure, and efficient screening process, all applicants are required to complete income verification by securely connecting a bank account through our verification platform.
While the platform may display additional verification options, Anchor Real Estate only accepts income verification completed through the bank account connection method. Alternative options, including payroll account connections or uploaded pay stubs, will not satisfy our income verification requirements and cannot be considered in place of bank account verification.
Applications cannot move forward until income verification has been successfully completed through the approved method. If verification is not completed, we may discontinue processing the application and proceed with other qualified applicants.
Please complete this step promptly using the secure verification link provided to avoid delays.
Rental Requirements
Key Requirements
- Income: Minimum 3x monthly rent (net)
- Credit: 600+ (lower scores may be considered with explanation)
- No evictions
- Utilities must be current
Application Details
- $55 non-refundable fee per applicant (18+)
- Each adult must apply separately
- Use of false/alternate SSN (e.g., CPN) = automatic denial
Important Notes
- Bank account income verification is required (paystubs not accepted)
- Rent is non-negotiable
- Be prepared to verify rental history and landlord details
- Prepaid rent may help if you have qualifying challenges
Reservation Fee
- Approved applicants have 24 hours to submit a Property Reservation Fee (equal to first month’s rent) to secure the unit.
- This fee is applied to rent at move-in. If not received in time, the unit is offered to the
next qualified applicant.
**YOU MUST COMPLETE THE INCOME VERIFICATION WITH THE OPTION OF LINKING YOUR BANK ACCOUNT. PAYSTUBS ARE NOT ACCEPTED. IF YOU CHOOSE TO COMPLETE THE APPLICATION PROCESS WITHOUT LINKING YOUR BANK ACCOUNT, YOU ARE ACKNOWLEDGING DENIAL OF YOUR APPLICATION & THE $55.00 PROCESSING FEE**
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