424 Elm Ave SW Roanoke, VA 24016

Offered by PMI Commonwealth

This listing is deemed reliable but not guaranteed.

Availability:
The listed available date is the earliest possible move-in date. Properties cannot be made available before that date or held for more than 30 days beyond it.

Qualification Standards:
Minimum 650 credit score. Gross monthly income must be at least 3x the rent amount (or 3x the tenant’s individual portion for housing voucher recipients). All applications are subject to verification. One application per resident 18 and over required. Additional details are provided in the online application.

Security Deposit & Holding Terms:
- Standard Approval: Deposit is equal to 1 month’s rent. Increased to 1.5x the rent with pets. In cases of lower credit or income, a deposit up to 2x the rent may be required.
- Holding Policy & Daily Cost: Once an application is approved, the security deposit must be paid within 48 hours to hold the property off the market. If an applicant pays the deposit but subsequently fails to execute the lease agreement or withdraws their application, a daily holding fee (equivalent to the prorated daily rental rate for each day the unit was reserved and held off the market) along with actual administrative costs will be deducted from the deposit prior to returning any balance within 20 days per Va. Code § 55.1-1203.

Pet Policy:
With pets, the security deposit is raised to 1.5x the monthly rent, and $25/month will be charged in pet rent. The Resident Benefits Package renters insurance includes dog bite coverage! Breed and size restrictions may apply per property.

Approval, Deposit & Move-In Process:
- Standard Applicants: Upon application approval, the security deposit is due within 48 hours to hold the property off the market. The official Lease Agreement will be sent once the deposit is received. The lease must be executed within 48 hours of receipt. First month's rent is due prior to move-in.
- Housing Voucher Applicants: Upon passing standard screening criteria, applicants will receive a Conditional Approval Notice and an unexecuted draft lease copy. To hold the property off the market, the security deposit (100% tenant responsibility) and completed Request for Tenancy Approval (RTA) packet must be submitted within 48 hours of conditional approval. Per Virginia guidelines, housing authority inspections and final approvals must be completed within 15 calendar days of RTA submission. Final lease and HAP execution, along with the tenant's calculated first month's rent portion, occur prior to move-in.

Prorated Rent: If your lease begins after the 1st of the month, prorated rent will apply.

Additional Fees & Programs:
- Application Fee: $50 per adult (18+)
- Resident Benefits Package (RBP): $40.95/month, which includes:
- Renters insurance ($10k personal coverage + dog bite coverage)
- Utility management and move-in concierge service
- HVAC air filter delivery (where applicable)
- Credit building for timely rent payments
- $1M identity protection
- Resident rewards program

(Tenants may provide their own qualified renters insurance policy if preferred.)

Application Turnaround:
Most applications are processed within 2–3 business days, depending on how quickly references and verification requests are completed.