RENTAL GUIDE

Standard Requirements

 

Approximate Costs of Application Process

- Both applicants and guarantors are required to submit credit reports, no exceptions.

- Credit reports and application fees range from $25 to $100 depending on landlord/management company.

 

Lease Signing Requirements 

- Once all completed application materials have been submitted, City Roots Realty can usually get our clients approved for their apartment or rental property that same day.

- Almost all applications are approved within 1-2 business days.

- Renter must have completed all application materials. This includes reference letters and supporting documentation.

- Approved clients are expected to sign lease immediately and provide necessary funds. Lease signings take place within 24 hours of application approval.

- Renters sign their lease and provide necessary funds regardless of when the lease starts.

 

Funds

- Renters generally provide 1st month's rent and equivalent of 1 month's rent as a security deposit.

- This money is fully refundable in case a client gets rejected.

- 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 the form of Certified Bank Checks or Money Orders.

- Personal checks are not accepted.

 

Miscellaneous Fees

- 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 City Roots Realty broker if there are additional fees; especially if renting a Condo or Co-Op.

- Fees for pets or for temporary walls are also common.

 

General Price Guideline for Apartments

Studios range from $1,800 to $2,500 per month

One bedrooms range from $2,200 to $3,700 per month

Two bedrooms range from $3,500 to $6,500 per month

Three bedrooms range from $4,500 to $10,000 per month

 

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.