You should begin your search approximately three to five weeks prior to your moving date. Although we do have the ability to find you a place within 24 hours, you definitely need the time to look around and get a feel for the market and the neighborhood. Most apartments are made available for the 1st or 15th of the month.
In the case that the apartment is available more than 6 weeks ahead of a their lease commencement date, they are usually shown while under construction or with tenants living in them.
We do not charge for any information provided on our website or for viewing actual apartments with the help of one of our agents. You'll pay us a broker's fee ONLY if you RENT an apartment that we have shown you. We charge 15% of the annual rent for a one or two year lease. This fee is negotiable in some cases. This is paid in addition to the 1st month's rent and security deposit(s).
RESERVE AN APARTMENT
To obtain an apartment you must submit the required documents (shown below) and complete the prospective landlord's application. Running a credit report is the next step to insure that you satisfy the landlord's credit and housing requirements. Once it is complete you will submit to us the proper documents, application and a rental binding deposit (1st month rent).Given that your application, documentation, credit and housing reports are positive, we will instruct our agents to stop showing that particular apartment, immediately taking it off the market until your application is given full consideration by the landlord. In the case that the landlord declines your application your rental binding deposit will be refunded to you, minus any credit check and/or Landlord application fees immediately.
GETTING APPROVED ? Although there are some exceptions must apartment rental approvals are based on CREDIT and minimum INCOME requirements:
Credit. An occasional late payment is not usually a problem. If your credit report shows a pattern of charge-offs,late payments, and/or judgments, you will have difficulty renting an apartment. To counteract bad credit, many landlords are willing to accept GUARANTORS, extra security deposits, or rent up front (3 months,6 months, or a year in advance).When dealing with your agent it is in your best interest to inform your him/her immediately if you have any credit problems so they can save you the time and show you the properties where the owner would be open to such an arrangement similar to the options listed above.
Income. Most Landlords typically require that your gross earnings or combined income (if applying with someone else) are at least 40 times the monthly rent of the desired apartment. For example, if an apartment rents $1,000/month, your income must meet or exceed $40,000/year.
Guarantors are usually required if you have credit problems, your income is less than 40 times the rent, are a student or your occupation is part time or you freelance. Guarantors meet the same minimum requirements as the applicant and submit the proper documentation, but should also make at least 70-80 times the amount of the monthly rent. Generally, Guarantors don't have to be present at lease signing.
DOCUMENTS NEEDED TO GET APPROVED FOR AN APARTMENT
- Copy of Photo ID (License, Passport, etc...)
- Three Recent Pay stubs
- Most recent Tax Return (W-2's, 1040, 1099's, etc...)
- Recent Bank Statement (checking's, savings, bonds, assets)
- Letter from employer (stating title, position, length of employment, salary and contact information)
- Rent receipts or canceled rent checks
- Letter from you current landlord
-Students Grants or scholarships with income to be used as living expenses
How long does it take for approval? The length of time varies depending on the actual Landlord. A rental application can take as little as one hour, or as long as 1-2 weeks to be approved.
Lease signing funds Once your application is approved, you will be given a lease signing date either at our offices or the Landlord's office and are expected furnish necessary funds in the form of a money order or certified bank check and sign leases. Once a lease is signed and you have moved in your business with the broker is complete and you will then pay the landlord the monthly rent.