STANDARD REQUIREMENTS:
The Budget: For obvious reasons, a budget is an important factor in determining what apartment or rental property a renter can afford. The price of a property depends on a variety of factors - size, location, condition, features, neighborhood amenities, schools among others. It is key to determine a budget at the beginning of the application process to have an understanding of what you can afford.
Application Process: Applicant is required to fill out all necessary paperwork or online application per the landlord's request and supply any supporting documentation.
Fees: (credit reports/application fee) - Both applicants and guarantors are required to submit credit reports, no exceptions. Credit reports and application fees range from $60 to $100 depending on landlord/management company. Our standard application fee per person is $79, and $40 for the gaurantor.
Application Decision: Once all completed application materials have been submitted, Coldwell Banker Rental Division can usually get an answer on approval within 3-5 business days. Renter must have completed all application materials. This includes reference letters and supporting documentation.
Lease Signing: Approved clients are expected to sign lease immediately and provide necessary funds. Lease signings take place within 24 hours of application approval.
Funds: Renters generally provide 1st month's rent and equivalent of 1 month's rent as a security deposit
- When paying the deposit ask for a receipt that states, the money will be refunded if you are rejected.
- When signing a lease, renters should have funds for rent, security and broker fee (if any).
- Money should be in a certified form Bank Checks: Certified checks or Money orders.
- Personal checks are not accepted.
- Sometimes landlords/management companies require new tenants to pay a move in deposit. This fee can range from $250 - $600.
- Move in fees are usually refundable as long as there is no damage done to a building while moving.
- Some landlords/management companies require renters insurance.
- When renting in a condominium or in a co-op, renters should expect processing fees, move in fees and other miscellaneous fees sometimes in total of $250 - $1100 in non-refundable fees.
- Be sure to ask your Coldwell Banker Rental Division broker if there are additional fees; especially if renting a Condo or Co-Op.
- Fees for pets or for temporary walls are also common.
