Frequently Asked Questions
Typically, you'll need personal information, employment details, rental history, and references. Be prepared to provide proof of income and identification.
Yes, most properties require a non-refundable application fee. The amount will be specified during the application process. This would be separate from the required deposit if approved.
You can check apartment availability on the property’s website. If an apartment is not available, you might have the option to sign up for availability alerts. Availability is always subject to change, so if an apartment gets rented while you're still shopping, it will no longer be selectable, and you'll need to choose a different apartment on the online application.
Earnest money is a type of application charge that acts as a good faith deposit to demonstrate your commitment to renting an apartment. It is typically required after your application has been approved by the property’s screening agency. This payment shows the property management that you are serious about leasing the apartment and helps secure your place in line for the unit.
In contrast, a deposit, often referred to as a security deposit, is a sum of money paid to the landlord or property management as a form of security against potential damages or unpaid rent during your tenancy. This deposit is typically collected before you move in and is refundable at the end of your lease, provided there are no damages or outstanding charges.
The key differences between earnest money and a deposit are their purpose, timing, and refundability. Earnest money is used to secure your intent to lease the apartment after approval, while a deposit serves as a financial safeguard for the property during your tenancy. Earnest money is paid after application approval, whereas a deposit is usually paid before moving in. Additionally, earnest money may not be refundable if you decide not to proceed with the lease after approval, depending on the property’s policy, while a deposit is generally refundable at the end of your lease, subject to the terms of your lease agreement.
Understanding these differences helps you prepare financially for the leasing process and ensures you are aware of the commitments involved. If you have any questions or need further assistance, feel free to reach out to the property management team.
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