Question - What is the application fee? What does it cover?
Almost all rental applications are submitted with an application fee ranging from $25 - $50 per applicant. This fee covers the cost of processing your application. Credit checks are run, and it costs the agent to use credit checking services. This fee also helps to pay office personnel who verify incomes, rental histories and references.
Question - When is the security deposit due?
The security deposit is due when the tenant receives verbal approval to rent. The security deposit takes the property off the market and stops all advertisement of the property. It also ensures the lease is promised to the new tenant.
Question - When is the first month's rent due?
First month's rent is due on the day you gain possession. A walk through inspection is completed by you and your realtor and the keys to the property are handed over to you. If you take possession of a property in the middle of the month, your rental amount will be prorated accordingly. If the month you are moving in has 31 days, then take the monthly rent, divided by 31 days to give you a daily rate. Then take the daily rate and multiply it by the number of days left in the month including the move-in date.
Question - What is a walk through inspection?
A walk through inspection occurs right before the tenant gains access to the rented property. An agent uses a pre-made check list and will walk from room to room with the new tenants and make sure everything is in working order, and notes any damage to appliances, walls, carpeting, flooring, etc.. Some agents, take pictures of the damage and give a copy to the tenant and the landlord as a record of the condition of the property prior to move-in.
Question - What broken things can a tenant ask a landlord to repair?
Usually only major problems are repaired by the landlord upon move-in. For example, a leaky roof, or an appliance that doesn't work correctly, light globes that are missing, faucets that won't turn off, carpeting and loose flooring that could be a trip hazard, loose stair railings that could give way, broken fences that might fall over, or smoke detectors or carbon dioxide detectors which are not installed properly. The small things are not usually fixed, like a wall that needs painting, small gashes in the woodwork, walls or doors, screening that has a hole in it, or a bleach mark in the carpeting, etc. Tenants cannot expect everything to be perfect in a rental.
Question - What is a Repair Deductible?
Repair deductibles are usually a set dollar amount the tenant is expected to spend toward any repairs. If the repair cost goes beyond the repair deductible amount, then the landlord will pay the difference.
Question - Are rental prices negotiable?
Yes they are. There is no guarantee a landlord will negotiate on his/her rental price. The landlord usually has a mortgage payment to make and the rental rate is usually based on that plus the cost of taxes. Sometimes though, a landlord is running with a negative cash flow, (rent payments don't pay the whole mortgage payment), in which case he/she has to pay the remainder of the mortgage payment out of his/her own pocket. Landlords with negative cash flows will probably be less likely to negotiate on the rent. If a property has been advertised for rent for a long time, the landlord might be more willing to negotiate on the rental price, just to get a tenant into the property to help him with the added burden of his mortgage payments.
Question - Does a renter need to have perfect credit in order to rent a property?
There are very few renters with perfect credit. If they had perfect credit, chances are they would be buying instead of renting. Every agency has their own criteria they follow in accepting or rejecting an application. What looks appealing is a tenant with a good rental history, verifiable, steady income, charge accounts paid on time, accounts that have not gone into default, and cash money in the bank. Landlords are looking for financially stable tenants with a proven record of being persistent in paying their debts.
Question - if we are rejected by landlords to rent a house, condo or townhouse, what can we do?
Try renting apartments instead. Living in an apartment might not be the perfect solution, but it can be a stepping stone for moving into a larger property down the road. Find an apartment with manageable monthly rent payments and build yourself a nice rental history by paying your rent on time.
Question - Is it possible to find a landlord willing to work out a deal on making up the security deposit over time?
Having the security deposit tells the landlord that you are prepared to rent. Wanting to work out deals, only makes you look like a high risk renter. There are landlords out there willing to help their fellow man, but they are rare to find.
Question - Should we lie about not having pets, just to get the rental we want?
Lying is never a good solution. I suggest, if you feel your pet is not going to harm a property, that you are upfront with the landlord and ask him/her if they would consider your pet. Some people have letters written by previous landlords, or friends of the family, who vouch for the behavior of your pet.
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