52 results found
- What Is An Apartment Lease
If you are renting an apartment for the first time or perhaps you’ve made the decision to move to another state, you will be presented an apartment lease when you secure your new space. Most lease agreements are straight forward while others include hidden clauses and complex terms. While a stressful part of your rental journey, it is a necessary one. Lease conditions can differ between states, in terms of its limitations and according to the type of apartment. Before you sign a lease agreement, we look at the best ways to protect yourself and to ensure the apartment lease you sign is fair, valuable and makes your rental hassle-free. Other topics you might like: Why Live in An Apartment Complex Renters Insurance & You How to Rent an Apartment The Apartment Lease Defined The lease is a signed contract between the renter and the landlord. It represents the terms and conditions of the agreement including a list of maintenance measures and services to be delivered for the duration of tenancy. The lease will include the monthly rent, the length of the contract, and the date for scheduled payment. What Does It Mean to Lease an Apartment? The lease is a legal document between the landlord and the lessee or tenant. It will breakdown the terms of the rental including the deposit. Leases cover an average 12 months but can be longer, and includes a monthly agreement What is the Difference Between Leasing and Renting an Apartment? The major difference between leasing and renting an apartment is the duration. A lease can be issued for 12 months compared to a rental agreement that is valid for 30 days. For the duration of your lease or rental, your landlord cannot increase the rent unless there is a mutual agreement to do so. Remember, you cannot simply withhold rent or dishonor the lease if you are unsatisfied with a service or your landlord has failed to provide maintenance. Follow the necessary legal procedure if your landlord or property manager is not fulfilling their side of the lease. How Long is a Typical Apartment Lease? The lease is typically signed for a 12 month term; however, it is a flexible contract and can cover an agreed upon time period provided there is a mutual agreement. In negotiations with a landlord or property manager, a lease can include a 6 month term. Most landlords agree to a 6 month lease to determine the suitability of tenants before extending it for the remainder of the year. To determine which agreement is best for your needs, discuss your options with your landlord or property manager and determine the duration of your stay. Can I Change My Mind on a Lease? A lease generally covers a year. It is a contract that binds you to the terms, which means you are required to live in the apartment for that time. Should circumstances change and you have to move, you will still have to abide by the lease terms. In many instances, you may be required to cover the remainder of the rent. If you have 4 months on your lease at $500 per month, then your outstanding fee is $2000. It is important to read your lease prior to signing. Here you should find the clause with the amount owed, should you break the lease. Depending on the landlord, a security deposit is also withheld if you break your lease. No one can predict the future. The best way to protect yourself is to read, read and read your lease again! Understand the terms even in the unlikely event you have to break the contract. This way you are prepared for the financial and legal implications. How Much Does It Usually Cost to Break a Lease on an Apartment? Depending on the terms of your lease, tenants can settle an early termination fee, when breaking the agreement. This fee is predetermined by the landlord. The average cost for breaking a lease is usually the first two months of rent. Can I Rent an Apartment with a Broken Lease? If you are considering breaking a lease, consider the consequences of this decision. When you terminate your end of the contract, this will negatively impact your rating as a tenant. It goes on record and may not be viewed as favorably by another landlord when you next apply for a rental property. If you wish to hide your tenant rating, this is not a possibility when breaking the lease is reported to the Tenant Rating Bureau. We do not advise breaking a lease and not paying the fee that is due. Not only can this result in legal matters but rental companies and landlords are less likely to offer a lease in the future. What is Included in a Lease? To prepare for your lease and to ensure you are aware of the points that need to be covered, a look at the terms within the agreement can help you familiarize yourself with it. 1. Names of All Tenants Check that your name is correctly spelt to avoid future problems. 2. Limits on Occupancy A breakdown of the number of tenants who can reside at the apartment for the duration of the lease. 3. Term of the Tenancy The agreed upon period of tenancy including 6 month or 12 month lease. 4. Rent The sum agreed upon for monthly rent. 5. Deposits and Fees The stipulated security deposit, lease cancelation fees and related costs are presented. 6. Repairs and Maintenance Responsibilities of landlords and tenants are discussed here. 7. Entry to Rental Property Entry rights. 8. Restrictions on Tenant Illegal Activity Right to eviction based on tenant illegal activity. 9. Pets Regulations concerning keeping pets on the property. 10. Other Restrictions Restrictions as listed by the landlord. What is a Month to Month in a Lease? Month to month leases are suited to flexible occupants who cannot commit to a long term lease. These short term leases can be terminated by the landlord or the tenant with prior notice, which avoids the issue of a penalty. Monthly leases are also easier to manage because it is self-renewing. The lease will run from one month to the next unless otherwise indicated by the landlord or the tenant. While these types of leases offer a multitude of benefits, you can expect a higher rental compared to a fixed lease term. What is a Sublease? Subleasing is when the leaseholder decides to rent the apartment to another person who is not on the signed lease agreement. There are many reasons for subleasing. If a lessee needs to travel or wants to prevent the consequences of breaking an agreement, then a sublease is pursued. This does not mean that every rental allows subleasing. It is a condition that should be discussed with the landlord or property agency. You can also learn whether subleasing is included in your contract prior to signing. If you have a job where you constantly travel for months at a time, consider subleasing in your contract. A sublease does not mean that you are exempt from your tenancy obligations. If you do not receive the rent from the sublease, you are responsible for making the payment. It is not the responsibility of the landlord to pursue the sub lessee for outstanding payment. The option of subletting can work for some and not for others. Take the time to learn of the pros and cons and whether a subleased contract is a suitable choice. How Do Apartments Check for Broken Leases? There may be a situation that is out of your control and a change in your living situation becomes your reality. You may be in the position of breaking the lease on your apartment. During the COVID-19 pandemic, breaking a lease has become a reality for many and owing to the difficult circumstances, breaking a lease during this period will not be issued to your credit report. Your credit will only be affected if any remaining debts with your landlord have not been settled. When a lease is broken, it is typically recorded in a report with the Tenancy Bureau. Should I Settle an Old Apartment Debt? It is important too settle all outstanding debts prior to applying for a new lease agreement. Remember, any debt that hasn’t been paid to a previous landlord will appear on your credit report. You can easily settle your rental debts and know that it will not have a negative impact on your FICO score. Simply obtain the updated payment details for the debt and make the payment. While this will not change your FICO score, it will certainly appear more favorable to future landlords and property managers/agencies. What is the Purpose of a Lease? The purpose of a lease is to provide legal protection for the landlord and the tenant. It is a binding agreement in which the terms for the lease are stipulated so that all parties are aware of their responsibilities. The lease will indicate the period for the contract and the restrictions on occupancy. It is created to protect your rights and that of the landlord. Can a Landlord End My Lease? When you enter into a lease agreement, do not only consider your obligations but that of the landlord too. If you miss a clause concerning evictions and find yourself in the midst of being served by your landlord, it can serve as an overwhelming and stressful experience. Understanding when and how a landlord can issue an eviction will best protect your interests. Landlords can end a lease upon its expiration. The landlord does not have to issue a lease renewal. They are also not bound to extending your lease if you are looking for extra time. Follow up on your eviction rights, so you are aware of what landlords or property agencies can and cannot do. What will Happen to the Lease Once the Apartment or a House has been Sold? Should the property owner decide to sell the apartment and your lease has not ended, they cannot simply evict you. The landlord must adhere to tenancy law and that means upholding the lease agreement in its entirety. If the house or the apartment is sold, the terms of the original lease for the tenant will remain unchanged. If you have agreed to a monthly lease, the responsibilities stated in this agreement will suffice. Does a Lease Include Maintenance? Most lease agreement will cover the basic maintenance of the property. This includes gardening such as trimming the lawn and trees, painting damaged walls, and calling out the necessary professionals when plumbing problems or electrical faults occur. Take the time to read your contract very carefully. Some landlords hand maintenance over to the tenants. If a plumbing issue occurs, this may involve you contacting the plumber and issuing the landlord with the costs. Maintenance procedures are best handled in writing so there is no confusion as to who is responsible for repairs and restoration. What is a Security Deposit? The security deposit is a necessary part of leasing an apartment. Security deposits are issued by the lessee as a means of financial protection for the landlord or the property manager. By the end of the lease, the property should be in its original condition, clean and well-organized. Any damages or dirt left behind could result in the forfeit of a security deposit. If you fail to pay your monthly rental, the security deposit can also be used to cover the cost. The deposit can only be used to settle the expenses associated with the property damage. Other topics you might like: Why Live in An Apartment Complex Why Do Landlords Take a Deposit How to Rent an Apartment How to Move Out? Just follow the steps below: 1. Issue Notice If you wish to move out of your rental apartment, the first step is to provide the landlord with 30 days notice. This differs to the sale of a home. Real estate sales involve a realtor and placing the property on the market. With rentals, once the lease expires, provide your landlord with notice to avoid any legal consequences and fees. 2. Plan the Move Before you decide to move out, find properties of interest that are available and within your price range. You do not want to end up without a place to stay because of poor planning. 3. Take Care of Utilities Any bills that are outstanding concerning water and electricity must be settled. Leaving debts will simply impact your credit score, which means difficulty seeking approval for a future application. 4. Clean Avoid losing your security deposit by cleaning the property. Landlords will conduct a pre-eviction inspection. If damages are present and the apartment left in a mess, the landlord can withdraw the security deposit. 5. Book Elevator Time If you do not live on the first floor, booking elevator time is an important part of a smooth move. A moving company will be occupying the stairwells and elevator, so arranging a suitable day and time will avoid inconveniencing the remaining occupants. 6. Get Your Security Deposit Back To ensure you get your security deposit back, provide your original landlord or property manager with your new address. Landlords are not required to find you to issue the security deposit. Ensure they have your details to prevent complications when paying back the deposit. 7. Change Your Address All bills and services will require a change of address, so you receive post and deliveries to your new apartment. The Importance of a Lease Agreement A lease agreement governs the relationship between the tenant and the landlord. It stipulates the terms according to which both parties must adhere for the duration of the lease. When you are searching for a new apartment to rent, do some homework on your rights as a lessee. This can prevent any surprises in your contract. It also helps you negotiate terms you are unhappy with. Read your lease carefully and understand what is required. You can avoid the stress of failing to abide by lease terms, security deposits and evictions by reading the terms of the lease.
- How to Rent an Apartment
How Do I Rent My First Apartment? Renting your first apartment can be overwhelming. The stress of looking for your new home, rental agreements and preparing to move make it difficult to pay attention to the finer details, especially if you’re new to the process. When you rent an apartment, you need to protect your interests, finances, and lessee rights. Our guide to renting your first apartment will help you make important decisions with confidence. Take a closer look at the factors you should consider before you invest in a new apartment including the steps to affordability and protecting your rights. 1. Renting an Apartment with Bad Credit or No Credit Whether you have bad credit or no credit, finding a suitable apartment is challenging. Fortunately, there are steps you can take to secure your next apartment despite a less than perfect credit history. Start Your Rental Apartment Search with Smaller Landlords Or Self-Managed Private landlords with smaller listings tend to be more flexible with new tenants than traditional listings. While this does not mean late rental payments or slacking on apartment upkeep, it means such landlords may be willing to work with you to create an individualized lease agreement that fits your circumstances. Get Your Documents in Order Preparation and planning are key to securing a rental apartment when your credit history is negative or non-existent. By demonstrating that you have sufficient finances to pay your rent and cover utilities, you could be viewed more favorably. Bank statements and tax returns dating as far back as 6 months prove your financial stability. If your income isn’t steady or is supplemented, include proof of savings or alternative finances in your application. Your landlord wants to know that you can afford the monthly rent and pay on time. Co-signer or Guarantor Co-signers with a better credit score than yours could act as a second tenant on the lease. A guarantor signs surety that should you fail to pay your rent, they will be held liable for the payment. Carefully consider these options prior to applying for a lease. References and Negotiation A reference from a prior landlord, an employer or provider who can vouch for your reliability and monthly payments can make a significant difference to your application. A future landlord or property manager wants to trust that you can make your monthly rent. An alternative is to contact the landlord and negotiate the best way to get your name on the lease. Rentals for applicants with bad or no credit may involve a higher deposit or monthly repayment depending on the state law governing rental caps. Other topics you might like: Why Live in An Apartment Complex Renters Insurance & You What Is An Apartment Lease 2. Budget Your Money Whether you are renting on your own or with another tenant, managing your finances is crucial to paying your rent, and other pressing expenses, on time. Start by jotting down your monthly income, then list your monthly expenses. Once you have deducted your expenses from your income, the next step is to breakdown general living costs and saving for a rainy day. Pressing expenses would include rent, groceries, insurance, utilities, and internet services. Ensure your budget can comfortably cover these each month, even in the event of an unexpected expense. Always read your lease agreement carefully prior to signing as additional expenses such as garden maintenance and administration fees can quickly add to your bills. Include your security deposit and costs for moving your goods to ensure the budget is intact and upfront expenses covered. 3. Understanding Your Lease and Renter Rights Lease and renter rights have significantly transformed over the last decade. Renters are now protected from hiking landlord fees, monthly rent is capped in specific states, and must be aware of individual responsibilities once your name is signed on the lease. To ensure your rights are protected, learn of basic conditions for lease agreements, what happens to a security deposit in the event you change your mind on the property, and the steps needed to receive a refund of your security deposit at the end of your lease. Understanding your lease and remaining aware of your rights, empowers you to make informed decisions that secure your financial and personal interests. (You might also be interested: Why Do Landlords Take a Deposit?) 4. Renter’s Insurance One of the biggest mistakes made by first time renters is overlooking the renter’s insurance. The policy issued by a landlord covers the building and not the personal contents of the renter. If you suffer a home burglary or fire damage ravages your apartment, renter’s insurance provides financial compensation. We cannot predict what tomorrow will bring, but we can plan for accidents and unforeseen circumstances that could leave us out of pocket. Renter’s insurance is a form of financial protection that offers peace of mind you are covered should damage or loss of valuables occur. (read more why renters insurance is so important) 5. Do Your Research Research and more research! Equipping yourself with market knowledge helps prevent paying too much for a rental in a specific location while understanding your rights avoids being taken advantage of in a lease agreement. The process of finding an apartment and securing a lease is exciting but should never be without caution. Do your research and you can prevent complications such as financial strain or facing legal action. Other topics you might like: Why Live in An Apartment Complex? Renters Insurance & You The Truth About Section 8 What Do You Need to Rent an Apartment? Proof of Employment Your landlord wants to know that you have a stable income. Proof of employment including the last 3 to 6 months of salary deposits, tax records, and a letter from your employer prove you have stable employment and can pay your rent. Credit Check Landlords and property managers will perform a credit check when you apply for a lease. This is to determine your financial history, stability, and responsibility to pay your rent on time. Renters with bad credit or no credit will have to follow alternative steps in application to traditional lease agreements. Photo Identification A driver’s license or a government issued document confirming your identity provides landlords with proof that you are the person applying for the lease. List of Past Addresses Specific landlords request references and former addresses from prior landlords or property managers. The purpose is to determine whether you are a responsible and hassle-free tenant. Recent Tax Return and/or Banking Information Tax returns and bank statements reveal your earnings and expenses for a period often averaging a year. This information lets the landlord know whether you can afford the monthly rent and deposits. Proof of Residency and/or Lease Ledger A landlord or rental agency will request proof of residency from tenants who are not US citizens. A lease ledger or a rental ledger provides proof that you have paid your past rent on time. How Do I Get an Apartment I Want? Determine Your Apartment Needs/Essentials The apartment you will be signing a lease for should meet your daily lifestyle and affordability. If you enjoy open plan and minimalist living, the apartment should offer a layout that meets this expectation. Essentials in apartment living include location to the city, available amenities, safety and security, and privacy. Once you know what you need, where you want to live and what you can afford, you are better prepared for lease application. Choose a Good Time to Move Move-in etiquette is an important part of creating a positive impression with your landlord or rental agency and good rapport with fellow neighbors. During the week or on the weekend, early in the morning are fair times to move. Do not move after dark, times when people need to leave for work or busy holiday periods when your transfer of goods will be an inconvenience to the neighbors. Budget the Costs Budgeting and planning remain key factors when choosing an apartment to rent. A rental agency will not consider your application if your general earnings cannot cover your monthly expenses including the rent. Stay within your financial means and improve the chances of having the agreement accepted. Can You Have a Co-signer? Do You Need One? A co-signer can strengthen your application if they have a good credit score (generally if better than your credit score), have a sound rental history and a stable job. Co-signing will provide the individual the same rights and accessibility as the primary tenant. A co-signer is viewed more favorably where bad credit, or no credit is affecting your application. Have Everything Together For, When and If They Have Availability Not many properties that are listed for rent stay on the market for long. By preparing your documents and keeping it in order, you can reduce delays in your application and be among the top applicants for consideration. Most successful rental applications are all about the timing. Are the Lease Terms Acceptable? Reading through the lease agreement, you will come across many clauses. If you are dissatisfied with any conditions but fail to address it prior to the signing, it could spell disaster during your tenancy. Ensure the terms of the lease are acceptable and compliant. Can You Negotiate an Apartment Rent? Many rental applicants never imagine associating the word “negotiate” with rental agreements. Remember, that a landlord or rental agency governs a business. This means finding a satisfactory medium between good tenants and themselves to continue their business and their profits. The following factors must be considered when negotiating apartment rent: Successful negotiation focuses on value for both you as the lessee and the lessor. You can negotiate a fair rental by offering landlords upfront payment for a few months. Most rental agencies and landlords will value upfront payments and depending on the terms, will be open to negotiation. The traditional lease is 12 months. If you see yourself living at the apartment for a longer term, you could extend the lease and negotiate the monthly rent. A reduction in rent may be issued for lease agreements up to 2 years. Will pets be allowed? Many landlords are not fond of tenants with pets owing to the potential for destruction and costly cleanup. If you are moving without a pet, determine whether you can pay less for the security deposit or monthly rent. Lease agreements include additional costs for a parking spot. If you do not have a car or you won’t be using a designated parking spot, you can give this up in exchange for a lower monthly payment. If a landlord is struggling to find tenants in your complex, determine whether you can refer possible lessees and receive a reduced rental for successful references. How Much Should You Save for Your first Apartment? To best protect your financial interests, your income should cover 3 times what your rent is. If you are searching for a rental unit of $1000 per month, your income should be in excess of $3000.00. Financial providers advise on 30% or less of your gross monthly income towards rent. A fair way to determine affordability is to take half of your gross income, then deduct rent (if any) and essential living expenses. What you have left should be divided between personal expenditure (entertainment) and saving for your apartment. There is no set rule for the amount to be saved for your first apartment. Instead, determine how much you can afford to save each month after your expenses, and work towards this goal. How Do You Find an Apartment? 1. Determine Your Price Range The best way to find an apartment is to be realistic about what you can afford. Budget 30% of your gross monthly income, which consists of your earnings before tax. Take your yearly earnings, divide it by 12, and that’s your gross monthly income. Then multiply this amount by 30% and what is remaining is what you can afford towards rent. 2. Start Saving Renting an apartment is not only about the monthly payments, it includes the security deposit, the utilities (depending on the agreement), renter’s insurance, and costs that are often not factored into the total expense. Started a savings plan at the earliest possible stage, even if it is a small amount every month, is the best way to afford your future apartment. 3. Check Your Credit Most rental agencies and landlords run credit checks on your application. This is to determine financial history in paying your debts on time. By checking your credit score you can prevent any unexpected responses. You can also review your credit background to check for any errors on your report and correct these before applying for a lease. 4. Settle On a Neighborhood Based on affordability, proximity to your job, and general lifestyle, choose a neighborhood you prefer. Be flexible with your choices and look at surrounding areas from a sought-after location. 5. Start Looking Look at listings from property type, number of bedrooms and space to the monthly rent. Compare your findings before choosing the first available rental that meets your criteria. Research helps you determine value. 6. Put in an Application Every agency or landlord requires a rental application be submitted. The application includes social security, bank statements, tax statements, proof of income, proof of current address, and references from employers. The application criteria are stipulated on the listing. The landlord will assess the application and if approved, will contact you to sign the lease. 7. Sign the Lease The time to sign on the dotted line is exciting but should also be met with care! Thoroughly read your lease before signing. Ask your landlord if you can have a day or two to read the agreement. If you are satisfied and there are no hidden clauses or costs, sign the lease to secure the apartment. An important note: Only pay the full security deposit after you have read and signed the lease! 8. Transfer/Set up Your Utilities The final stage of settling down is to transfer the lease title into your name including utilities such as water and electricity, so your bills arrive on time. What is the Best Place to Look for Apartments? Apartments Near Me.biz This popular site lists a broad range of rental apartments, houses, and more. Here you will find the latest property listings at affordable monthly rent with second chance program and discounts on your monthly rent. Apartments.com Find an apartment, a condo, townhouse or other property styles. Refine your search criteria using the online filter and compare furnished apartments, pet friendly rentals, and even a SoundScore to assess general neighborhood noise. Rent.com Rent.com will generate apartments in your chosen area and surrounding locations that match your stipulated requirements. You will also find ForRentUniversity.com, a sister website assisting college students find suitable accommodation. Apartment Finder Apartment Finder works by displaying the number of available rentals in select neighborhoods. It is a quick search option, showing the latest listings. Walk Score This unique site helps you find walkable rentals or apartments. If you prefer to walk to where you need to be, check this website out. Craigslist Despite its shaky reputation, Craigslist is used by many people to find apartments to rent. From finding tenants to share a room to fair rental prices, you can easily find a broad range of offers. Always practice due diligence and research a listing thoroughly when using Craigslist. Can I Rent an Apartment with a 500 Credit Score? Landlords can deny an application that has a poor credit score despite a sound rental history and fair earnings. Credit reports are important in the application process and scores of 600 and above are viewed most favorably. Properties for lower score called second chance friendly. (How to rent with second chance) How Can I Avoid Getting Scammed On My Apartment? Follow the Golden Rule If you read a listing and it sounds too good to be true, or you feel pressured by the advertiser, it probably isn’t the right route to find a place to stay. . You’re Asked to Send Money Without Having Met Anyone or Seen the Apartment Many online listings request a down payment to secure a property based on the images online or chats over the phone and email. Do not make any payments unless you have viewed the place, you have met a representative or landlord, and you know the listing is authentic. Landlord Seems Too Eager to Lease the Apartment Landlords who put pressure on you to sign a lease may have hidden clauses, may be aware of apartment problems that are undisclosed, or may be in financial difficulty and fail to implement strict practice when creating the lease. Unusually High-Security Deposit or Too Many Upfront Fees Some landlords issue higher deposits for a negative credit application; however, where prices are far beyond the average neighborhood rentals, it is best to move on. Unwarranted Sales Pressure Landlords who set unrealistic time limits on signing a lease and paying a deposit should be avoided. No reputable agency or landlord will pressure potential tenants into the sale. You’re Told You Don’t Need a Lease According to state law, every rental property must be governed by a lease. If you’re told you don’t need a lease, we suggest you run! The Landlord Not Being Able to Meet You or Show the Property Landlords who fail to show you the property or schedule a meeting have something to hide. Move on to a reputable listing. Conclusion If you have never rented an apartment, proceeding to find a rental to suit your lifestyle and affordability can be both exciting and challenging. One key point to consider is equipping yourself with research. Prepare for the ups and downs that come with a property search and learn of your rights prior to looking at listings. Determine what should be included in a lease and perform affordability calculations to ensure you can cover your rent for the duration of the lease. When you know what to look for and you know your finances, you have the confidence to make sound leasing decisions and that includes choosing your dream apartment! Other topics you might like: What Is An Apartment Lease Renters Insurance & You The Truth About Section 8
- Why Do Landlords Take a Deposit?
A deposit for a rental property is requested with every lease agreement. The purpose is to protect both tenant and landlord for the duration of the lease while securing the property you are interested in. There are many factors and conditions surrounding deposits and rentals. Ensuring you are aware of what is entailed will prevent financial loss, living disruptions, and the possibility of legal pursuits. A closer look at why landlords take a deposit can help you prevent costly and stressful rental mistakes. Other topics you might like: Why Live in An Apartment Complex Renters Insurance & You How To Rent An Apartment The Difference Between the Rental Deposit and the Security Deposit Prior to a tenant taking occupancy, a rental deposit and security deposit must be paid. The deposit is either predetermined by the landlord or it is negotiated between the landlord and the tenant upon the rental agreement. Rental deposits secure a property you wish to lease while a security deposit protects against the costs of damage, unpaid rent, and property abandonment. Why a Landlord Requests a Rental Deposit? A rental deposit is issued to secure the property of interest and should contribute towards rent. Why Does a Landlord Collect a Security Deposit? A security deposit is intended to reimburse the landlord in the event of damages or other losses such as non-payment of rent. It is meant to cover the expenses associated with excessive wear and tear, and other unmet conditions of the lease. It also serves as an incentive for the tenant to pay rent on schedule and follow the conditions of the lease. The first order of business is to determine how much money landlords can collect for a tenant security deposit. This amount is regulated by state law and varies widely across the country. For instance: In Alberta the total of any refundable fees that your landlord asks you for as a security deposit can be up to one month's rent. In California, it's based on whether the unit is furnished. For unfurnished units, the landlord can't charge more than two months' worth of rent. For furnished rentals, the landlord can charge up to three month's rent for the security deposit. There is no maximum security deposit a landlord can charge in Tennessee. Tennessee law on security deposits does not currently put a limit on the amount of security deposit. In New York “No deposit or advance shall exceed the amount of one month's rent”. How Much Does a Security Deposit Cost? The cost of the security deposit is based on the discretion of the landlord, the local neighborhood and state law. There are certain districts that charge a higher security deposit than others making it harder for low to average income families to rent these areas. The security deposit should always be fair in relation to the monthly rent and the applicant rental history. Factors Landlords Consider when Calculating Rental Deposits Landlords must adhere to state law. The deposit must be fair in comparison to monthly rent and renter rental history. It must reflect the average property rates and values in the area. It is influenced by the district and available amenities. Deposits Influenced by Applicant Factors Special circumstances applicants including bad credit, criminal background, second chance property and employment will influence the total sum for the security and rental deposit. What is the Purpose of a Deposit? The purpose of a deposit is to protect your rights as a tenant and the rights of the landlord. It governs the relationship between the lessee and the lessor ensuring that a lessee is not taken advantage of while minimizing the financial loss the landlord can suffer if a property is damaged. There are numerous terms and conditions associated with deposits. It is up to you as the tenant to thoroughly read through an agreement prior to signing it and transferring the deposit. While regulations are available to protect tenants, it is difficult to dispute conditions once it is signed and the deposit paid according to your rental agreement. Do You Get Your Deposit Back from an Apartment? A refund is determined by the type of deposit. Your lease agreement will stipulate whether the deposit is refundable or non-refundable. Remember, your landlord or property manager is not obligated to provide a verbal breakdown of deposit refunds. You must read the conditions and ask questions where clauses are unclear. If you wish to receive your deposit, specific terms must be met. When is a Deposit Refundable? If the rented property is free from damage, has been cleaned and organized, the landlord will refund your security deposit. When is a Deposit Non-Refundable? A security deposit is non-refundable when a leased property is left in disrepair or lost property suffered by the landlord. Landlords may withhold deposits with a failure to pay outstanding rent; however, this is regulated by different states. These regulations also influence whether a rental deposit or a security deposit can be used to cover the last month of rent. Special Circumstances for Non-Refundable Deposits The good news is that certain circumstances may allow for the issuing of a deposit even if it is non-refundable. These include the return of all keys, providing sufficient notice, and investing in the best cleaning service leaving the rented property in its original, or even better than original condition! How to Avoid Deposit Disputes? Keep the property well-maintained and have any damages repaired prior to the end of tenancy inspection. Always provide your landlord an updated address upon moving to ensure your deposit is refunded. A common reason for the dissolution of a tenant and landlord relationship concerns the management of the rental deposit. As a tenant, it is important to understand the purpose of your deposit. A landlord is unable to retain a deposit unless the property is left in disrepair or lease conditions are broken. When Should I Get My Deposit Back? Once you have moved out, the next step is to contact your landlord and make a formal request for the refund of the security deposit. The average lease includes a 30-day refund period while some have 60-days; however, this is dependent on individual rental agreements. Take the time to carefully read your contract so you are aware of deposit regulations. A thorough understanding of your lease can also prevent delays in issuing refunds. What Happens to My Security Deposit if I Get Evicted? Depending on the state you live in, landlords may use a portion of or the full deposit to settle the outstanding rent. It can also be used to cover utilities and other pressing financial matters as determined by the tenant agreement. Upon eviction, you are still responsible for unpaid rent until the day you move from the property. If you cannot afford to or simply do not pay the required rent, your security deposit will be used as a financial safety net for the landlord. Why Wouldn't I Get My Security Deposit Back? Unpaid Rent Your landlord has the right to withhold your security deposit if your rent is outstanding. Your rental agreement is a contract and when you fail to meet its requirements, including unpaid rent, a landlord can cover their costs and potential for financial loss, by keeping all or part of the deposit. If you simply fail to pay, this constitutes a breach of contract. Damages Upon the end of the lease, your landlord can have the property inspected. If it is not in its original condition, damages are apparent or the rental is left unorganized and dirty, the landlord has the full right to withhold the security deposit. Remember, the purpose of a security deposit is to protect the landlord against potential financial damage and loss should the property be left in disrepair by a tenant. If you fail to fix damages you have caused, the associated expenses are deducted from the deposit. Failed Inspection Prior to Moving In When landlords inspect an end of tenancy property, every corner and fixture is investigated. If you did not inspect your rental before moving in and signing the lease, any plumbing leaks, carpet damage and general wear and tear that may not have been caused by your actions, will be constituted as deductible from the security deposit. Always examine your property rental and take note of all potential problems. You can also call on a property inspect to issue a detailed report on their findings and protect against a withheld deposit. Early Lease Termination If you end a lease early or get evicted, you will not get your deposit back. In some states where monthly rent is paid, the landlord must receive a 30 day notice. A breach allows landlords to keep the entire deposit or a portion of it to cover the financial and other losses. Can the Landlord Keep the Security Deposit if I Never Moved in? There are many circumstances in which you may have the full intention to move into a property, but unforeseen events prevent you from doing so or perhaps you simply change your mind. The next question is whether you get a refund on your security deposit despite not moving in? If you sign a lease agreement, pay the deposit but do not move in, your landlord can keep the deposit. The contract legally binds you to its terms as soon as it is signed. Only if the agreement states that a partial or full refund is issued upon failure to move in on the agreed upon dates, then the security deposit may be reissued. In a few cases, landlords come to an agreement with a tenant and refund the deposit but do not bank on this should you find yourself in this situation. Other topics you might like: What Is An Apartment Lease Renters Insurance & You How To Rent An Apartment Should I Give a Security Deposit Before Signing a Lease? A security deposit is required by new tenants to allow the property manager or landlord to issue the keys and access the rental. You would only settle the outstanding security deposit once you sign the lease and not before. If you find that you have paid the deposit, whether by a money order, electronic payment or by check, and you disagree with the terms and conditions presented in the lease, you will unfortunately, not be eligible to request a refund for the deposit. Read your agreement, discuss uncertain terms with the landlord or property manager and once you are satisfied with the lease, sign and pay the deposit. Can I Change My Mind After Paying a Deposit? The lease agreement is a contract and includes the payment of the deposit. Once you secure the rental by depositing the requested payment, it is legally binding. The property manager or landlord does not have to refund the deposit if you no longer wish to move in. It is like purchasing an item at a local store but first placing a deposit to hold the product for you. If you return and discover you are no longer interested, the business is not required to issue the deposit. What Do Most Apartments Charge for a Rental Deposit? Rental deposits are paid to secure the property and frequently used to cover full or partial rent. The deposit issued for rental purposes is influenced by multiple factors. To determine a valuable and fair rental deposit, the following must be considered. The Average Rental Deposit The average rental deposit is one month’s rent; however, this is not a standard requirement. Some rental deposits can reach up to three months of rent. State Limits Each state will determine the limit property managers and landlords can charge when issuing a rental deposit. Be sure to take the time to compare rates. Some states have a ceiling rate while others do not. Area Rates The cost of a rental deposit is influenced by the rates for the area. It is also determined by the amenities and features within the neighborhood. Competitive landlords who are seeking tenants may offer similar rental prices to other apartments to lease the property quickly. While landlords and property managers are required to adhere to state regulations and average pricing, doing a little research into the expected rental deposit costs can help you make a valuable decision. Find the Best Property Rentals and Know Your Rights Finding and moving into a property that meets your living criteria is exciting; however, it should never go without doing some homework first. This includes understanding your rights as a tenant and that of a landlord. Know the difference between a security deposit and a rental deposit and the steps you can take prior to signing a lease. By eliminating the misconceptions, you can prevent the pitfalls concerning deposits and rental agreements. The management of a deposit is your responsibility as the tenant. Prior to issuing the deposit, always read the terms and conditions of your lease. If you are unhappy with the contract or you change your mind, you can leave unscathed if you have not deposited the money to the landlord. To receive your security deposit by the end of tenancy, maintain the property condition and ensure any damages are taken care of prior to an inspection by the landlord. If there are no damages and the property is clean, your deposit should be fully refunded. Landlords cannot use the deposit for the duration of the tenancy. Once the lease expires, the funds are released, and deductions made for property damages or unpaid rent. From security to rental deposits, save time, money, and the stress of common leasing problems by understanding your rights and obligations.
- For Rent | Apartments Near Me
Apartments Near Me We ensure the feeling of home while renting an apartment. Winbranch Complex Renting Blog Residents HELP YOURSELF READ OUR GUIDES Our resources page provides you free tips and tricks to help receive the best housing experience available. Learn everything you need to know about renting an apartment. Read HOW TO FIND THE RIGHT APARTMENT Finding the right apartment to call home at an affordable price is not an easy task. However, we are here to help make that process easier. Learn More BOOK YOUR TOUR WINBRANCH COMPLEX Check out our esteemed apartments for rent, The Winbranch Complex, located at 3551 Dalebranch Dr, Memphis, TN 38116. Book Now Discover Your Next New Apartment Home Winbranch Apartment Complex 33551 Dalebranch Dr, Memphis, TN 38116 Gated Community with 24/7 Onsite Security Completely Renovated One and Two Bedroom Apartment Units Click here to find out how to make Winbranch Complex your new Apartment Home. Winbranch Complex Our proven track record has shown that we care about the fundamentals of the business and believe that every problem undoubtedly has a solution. Our implemented initiatives have lowered crime rates in our communities all the while providing 24/7 support to our tenants. We staff our management and teams with individuals who pride themselves in delivering top of the line customer service ensuring our residents feel more like family with every visit. We continually push ourselves to learn more about the ways in which we can improve our housing experience to support business and tenant life. Our apartment complexes provide 1, 2 & 3 bedroom apartments for rent with flexible yearly leases and a variety of move-in specials. Our communities are background, pet and second chance friendly for low income, first-time or second chance renters. Apartments blog 01/19 - 01/23 Learn More Apartments blog 01/19 - 01/23 Learn More Apartments blog 01/19 - 01/23 Learn More Second Chance Apartments Our apartments currently offer a Second Chance Program that does not apply only to tenants, but employees as well. When it comes to managing residential real estate we have developed the formula, sketched the blueprint and constructed the foundation. The only option left is to grow, spread success and continue to enrich the lives of people across the world. From our complete dedication, to our one of a kind service, we deliver the feeling of being home not only for the residents of our apartment homes, but for our employees and property owners as well. Our work speaks for itself. Learn More about: Rental Application Process Job Opportunities The Property Management Frequently asked questions What's the cheapest place to rent? Well, look no further. We offer affordable apartments for rent starting at $505. Check out our newly renovated apartments. How Many Bedrooms Do You Need? We offer spacious one and two bedroom apartments for rent. How quickly can I rent an apartment? Our turnaround time for processing applications is fairly quick, but please remember everything is a process. If you come to your appointment with all the information requested, it will ensure a faster application process. In some cases, for well qualified applicants we do offer same day move-in. How do I apply for an apartment? Please select the property you are interested in and complete the designated form for that property with your information. Upon completion of the form, an email will be sent to you with information on how to apply and the necessary steps to move forward. What is the average starting rent cost in Memphis, TN? Pricing for one bedroom apartments in Memphis usually start at about $505 and two bedroom apartments start at about $595. What is the average cost of rent for a one-bedroom apartment in Memphis, TN? The average rent for a one-bedroom apartment in Memphis, TN is $780. What is the average cost of rent for a two-bedroom apartment in Memphis, TN? The average rent for a two-bedroom apartment in Memphis, TN is $775.
- How to be approved for an Apartment | Apartments Near Me
How To Be Approved For An Apartment? When starting your for rent the first thing you should consider is the category of renter you fall under. search for apartments There are three categories of renters, as follows: The First Time Renter No Rental History Potentially Little to No Credit History The Second-Chance Renter Negative Rental History Poor Credit Insufficient Employment History The Good Renter Positive Rental History Sufficient Credit History Longevity with Employer Are you a second-chance renter? if so check out our pages on and How to pass background check poor credit application approval These are some options to increase your chances of rental approval: If you are an independent contractor or self-employed, be sure to bring at least the last two years tax returns to show proof and increase credibility of income. If you are a second-chance renter, try your best to clear up some of the negative rental history or past due balances and then provide documentation of the same to the leasing office. If you have negative or low credit, try to show a zero balance for utility companies. This is one of the most important factors when being considered for second-chance programs. If you are a good renter – make sure that you continue to live within your means and maintain your budget. Want to know what else could increase your chances for approval? Identification and a Social Security Card for every person applying, including the children. One-month worth of check stubs. If you have longevity with your current employer, a copy of your tax return will help show income and increase credibility. If you have pets, bring information about them – even a picture. To learn more: How to pass a background check How to find the right apartment Application Evaluation Poor credit and application approval First time renter Have questions? just check out our Housing application FAQ page Disclaimer: This is being provided as a general service for the public and not specifically relevant to the properties associated with this website. This is only for common knowledge and ApartmentsNearMe.biz does not assume any responsibility. How to Rent an Apartment counter.count write-comment.write-a-comment Why Do Landlords Take a Deposit? counter.count write-comment.write-a-comment Why Live in An Apartment Complex? counter.count write-comment.write-a-comment
- How to pass a background check | Apartments Near Me
How To Pass A Background Check Like A Pro What shows on a background check? If you ever received a ticket, been filed for eviction, have dealt with the criminal courts, or any incident involving the government, this will be on your background. To learn more about click the link. application evaluation So what to do with the things on my background? The best choice you have to increase your approval chance is to bring in any paperwork that supports your current status. Remember landlords evaluate risks. They want to make sure tenants will take care of the property and will honor the lease agreement. So, any document that shows positive business behavior and practices can help to lower your risk assessment and ultimately help you to increase your chances of approval. Also, try first to apply for second-chance properties, build your rental history and show a reliable source of income. you can learn how apply the right way . here The most important thing to consider is that even if you have a criminal past, be honest about it. If you try to hide information there is a higher likelihood of denial. To learn more: How to be approved for and apartment How to find the right apartment Application Evaluation Poor credit and application approval First time renter Have questions? just check out our Housing application FAQ page Disclaimer: This is being provided as a general service for the public and not specifically relevant to the properties associated with this website. This is only for common knowledge and ApartmentsNearMe.biz does not assume any responsibility. How to Rent an Apartment 15 Write a comment Why Do Landlords Take a Deposit? 384 Write a comment Why Live in An Apartment Complex? 464 Write a comment