Many questions have arisen in regards to the rental process and submitting applications.To better prepare you and help you understand the process we’ve created a common list of frequently asked questions that will hopefully answer your questions. If you have a question that isn’t addressed on this page, please do not hesitate to contact us. It is after all, our job, to make sure that this entire process goes as smoothly as it possibly can.
- What are move in funds?
Most apartments require the move in funds equal to three months’ rent (first month rent, last month rent, and security deposit). In addition there is a realtor fee of one month rent. There may be ancillary fees associated with the screening including credit checks which are generally around $15 per credit report, and some other banking fees may apply depending on how the funds are paid. The realtor fee is generally paid by the tenant due to the high demand and low supply of apartments in the downtown area. Be prepared to pay a minimum of two months’ rent at the time of submitting an application and the remaining two months within a short time. Different landlord have varying expectations and requirements for paying the balance of the move in funds.
- Will I need cosigners or guarantors?
The majority of landlords will require a qualified cosigner for each applicant who does not income qualify for the apartment, usually this is the situation with full-time students. The cosigners are guaranteeing the rent payments. They will go through a similar application, credit, and income screening to make sure the monthly rent obligation will be met.
- Jointly and Severally:
Apartments are rented as a group, so all three tenants are responsible for the rent. When a lease is signed they are collectively responsible for the rent regardless of how the individual tenants decide to make arrangements for their portion of the payment. It is important that the cosigners understand this as they are responsible for this as well. It is important for the cosigners and tenants to understand this. Lastly, it is common that landlords will require the rent to be paid in one check, so arrangements will need to be made for the monthly payments.
- What is a certified Check?
A check from the bank that is for secured funds. A money order can also be used.
- What is notarization?
A Notary Public witnesses the signature of the document and certifies the identity of the signor.
- What is a guarantor?
In the event that the tenant named on the lease does not live up to the financial obligations that the guarantor (or co-signer) will take the responsibility, and why – many students are not independently financially qualified to pay for the units they rent and a guarantor is necessary to assure the landlord that they will be paid monthly.
- Why do some landlords require a lease signing to take an apartment of the market, (even though all monies are not due until move in)?
To assure that the tenants are going to take the unit by signing a binding contract. It is an insurance policy against deals falling through.
- Purpose of Co-signor forms – see above
- Do you Have helpful information sheets regarding setting up utilities, etc?
We have them here and also have the moving concierge that is sent to all customers that rent with us that assists in the moving and setting up of utilities and cable services as well as mail forwarding and moving quotes.
- Why do we run credit checks for both the applicant and co-signor?
To confirm the applicant and co-signer’s identities and to check for the total amount of debt and the credit score. Sometimes applicants have student loans that do not show up on the parent’s credit and this is a good gauge of how much will be paid out monthly by the household.