The Language of Apartments

Renting an apartment can be an intimidating experience. Your desire to move and their desire to fill a vacancy can lead to misunderstandings and cost everyone time, money and grief. Below you will find a list of terms and questions that you will definitely run into, in your apartment or house search.

What does look and lease mean?

These are the specials that apartments offer you to get you to fill out an application today. They are often substantial. A month free, $200 off your first month, 2 weeks free. They are meant to entice you to put your application in TODAY

The ad said zero deposit! Why do they want $150?

This is the admin fee or administration fee and almost apartments charge for it. But they don’t advertise it…and they don’t have to. The administration fee is what they charge you to process your application. Usually this charge is in addition the application fee and the deposit.

What is an A property?

Apartments are classified A, B, and C. Its not like a report card, but refers to the age of the property. Properties constructed from roughly 1990 up are considered A properties, If they were built in the 1980’s, there B properties, C properties are from the 60’s and 70’s. When you’re looking for your new home you want to concern yourself not only with the property, but the area as well. Many B properties and most if not all C properties don’t have w/d connections. But they may be located in a great area .

What do I need to bring with me when were looking?

All properties will require identification. For most people thats a driver license or picture ID. If you decide to lease, you will also need your checkbook or a money order to hold the unit. Few property will accept cash. Only a very few take credit cards. Most properties ask for 3 paycheck stubs. Your rental history is very important to them so make it easy to verify by having your old landlords number handy. Of course they will verify your credit with your social security number. A good attitude never hurts.

What kind of lifestyle can I expect in an apartment?

In an A+ property, you might be amazed if you havent leased for a while. Workout facilities, business centers, theatres, superb apartment maintenance, trash pick-up, and an apartment that is spacious, with ceiling fans, 9 ft ceilings, updated appliances, accent walls, Jacuzzis and very nice pools are all fairly standard. But remember…location, location, location. . In a good B+ property, you may not have all the bells and whistles… but many of these apartments have a lot of character, with old trees and in established and interesting parts of town, its a different lifestyle. A good locator understands the psychology behind housing and can help you make that decision, while keeping your commute and budget in mind too.

How soon should I start looking?

That is a tricky question. If your lease is up in 30 days are less, you will want to start yesterday. If your on a 60 day notice and you go to another property that works on 60 day notices… again …no problem. But if your on a 60 day notice and the property can only hold the unit for 15 to 30 days or so….then its a problem. That makes getting you what you want competitive. The 60 day notice is a nasty little trick that could lock you into a lease longer than you bargained for because for the most part you cant lease an apartment, house or duplex until at least 30 days out..but at that point you’ve already put in your notice at your current address and don’t have a place to live lined up…in other words your in a panic about where your going to live for 30 days before you can even start to look. Any good apartment locator can help you if your in this situation….sit tight…. stay in touch with them and let them get this solved for you.

I put in an application 3 days ago! Why havent I heard back from them?

Many properties meticulously verify by phone or fax the information you gave on your application. They may not be able to speak with your employer or the last place you rented. Others, especially tax credit properties have a compliance board that they must submit to. Newer apartments who score so heavily on your consumer credit report can usually get you approved while you wait.

They denied me and they can’t even tell me why!

Many apartments use a point system like Saferent or Credit Retriever. When they run your rental application, it will come back to them accept, accept with conditions, or decline. Accept with conditions usually means an extra deposit. They may not know themselves why you were denied. They typically have a 1-800 number to their corporate office which you can call and get the specifics.

I changed my mind and they said there keeping my deposit anyway!

The apartment has the right to keep your rental deposit, if they have accepted you, held the unit for you, and then you changed your mind. If you are denied, they must refund your rental deposit, but not your application.

They said I did not give a 30 day notice!

Apartments are very strict about this. You must give proper notice and they must know you have given proper notice. Write it, date it, and make an extra copy for your records. In spite of the fact you have fulfilled the time on your lease, you could still end up with a broken lease because you didn’t give proper notice. Worse still…you could be denied at the next property your looking at. Most properties want you to give notice no later then the 3rd of the month. There are quite a number of properties that make you give a 60 day notice. Be sure you know exactly what the policy is.

A word about extra rental deposits.

Everybody hates them! But they can get you in many, many times in spite of your situation. The good news is they are totally refundable at the end of your lease. Apartment deposits range anywhere from an extra $100 to first and last months rent. Depending on what part of the country your in.All apartments will have a different policy regarding deposits and they are subject to change for no particular reason. What properties want is security that you won’t default on the rental lease agreement.

Good luck in your search and for more information about the leasing process visit my site www.apartments911.com [http://www.apartments911.com]

Source by Steve Lawes

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