Residents/Tenants Q&A: Your Rental Formula Home

Applications are submitted online through our website. Our process is designed to ensure a safe and stable community for all residents. We require applicants to meet criteria in five key areas:

• Credit History: A minimum score (typically 620+) and no major financial issues.
• Income: Stable, verifiable household income, usually at least 2.5 times the monthly rent.
• Rental History: Positive references from previous landlords, with no prior evictions.
• Criminal Background: A thorough check for all applicants.
• Application Fee: A non-refundable fee applies to cover the cost of running these comprehensive reports.

The security deposit is legally limited to $1,400.00 or 1.5 times the monthly rent, whichever is greater, under Michigan law.

Move-In: You must pay the full security deposit and the first month’s rent before receiving the keys.

Move-Out: We will return your deposit within 30 days after you vacate the property. Michigan law requires your landlord (The Rental Formula) to send you an itemized list of any damages (beyond normal wear and tear) deducted from the deposit within that timeframe.

We use a simple, reliable system for all requests:

Routine Requests: All non-emergency requests (leaks, appliance issues, etc.) must be submitted through your online Resident Portal. This allows us to track the request and dispatch the correct vendor quickly.

Emergencies (24/7): For situations that pose an immediate risk to life or property (e.g., fire, severe flooding, total loss of heat in winter), call our dedicated 24/7 emergency line immediately. Do not use the online portal for true emergencies.

Rent is due on the 1st day of every month and is considered late after the due date.

Payment: We require rent to be paid online through your Resident Portal via ACH transfer. We do not accept cash payments.

Late Fees: Per your lease agreement, a late fee will be applied after the grace period expires.

Eviction Protocol: If rent is not paid quickly, we are required by Michigan law to issue a 7-Day Demand for Possession notice. Our system strictly follows all local Oakland County eviction procedures, and failure to pay will result in legal action to recover possession of the property.

We manage lease renewals to encourage stability and long-term residency for good tenants:

• We will contact you approximately 90 days before your current lease expires with a renewal offer.
• The renewal offer will detail the new term and any market-based rent adjustment.
• You must notify us in writing whether you accept the renewal or plan to vacate by the date specified in the notice.
• If you plan to vacate, you must provide the full 30-day written notice as required by your lease.

Your responsibilities are clearly outlined in your lease, but generally include:

Utilities: Residents are responsible for all utilities unless otherwise noted in the lease (e.g., gas, electric, water, trash, internet).

Upkeep: You are responsible for keeping the interior of the home clean and safe, promptly reporting maintenance issues, and paying for any damage you or your guests cause. For most single-family homes, you are also responsible for lawn care and snow removal per the lease terms.