When it comes to leasing an off-campus apartment, there are many important bits of information that you should note when looking at and signing your lease. Here are some key things to look for:
Things to consider:
- A lease will also include lease terms and agreements regarding things like pets, maintenance, fees, amenities, terms & conditions, dates and other legally binding information to be mutually agreed upon by the tenant and landlord.
- A lease agreement typically lasts for a period of 12-months (may vary) and MUST be signed prior to gaining access to a space.
- Apartment complexes, townhomes, houses, etc., typically send lease agreements within 1-7 days of the beginning of the lease term.
- International Student: most properties near campus are familiar with international student needs and will not ask for documentation you don’t already have, but we encourage you to review this page in the event a property asks for a Social Security Number (SSN).
- Important Terms:
- Lease Agreement -"a contract between a landlord and a tenant that states what the tenant will pay"
- Base Rent - monthly rent charge not including additional fees like amenities, trash, utilities, etc.
- Pro-rated - a discounted rent fee based on when a person moves in ,or other deals offered.
- Admin and Application Fees - typically non-refundable fee paid to apply to the apartment and release any sensitive information such as credit and is due at the time of application.
- Tenant - the person who is living in the apartment.
- Deposit – the amount due at move in that covers potential damages and has the potential to be refunded at the end of the lease term.
- Property Management - the company that owns and/or operates the property (similar to a landlord). They are typically responsible for maintenance, handling community complaints, and organizing events for the community.
Before you sign a lease:
- Ask a lot of questions
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- Which utilities are included? How are those charges determined?
- What is the average cost of utilities for this apartment?
- When is rent due? How do you submit it?
- What is the late fee schedule and what are the penalties for late payment?
- What is the pet policy? Can you have multiple pets? What size? Is there an additional deposit for pets?
- What is the guest policy?
- Is parking part of the package, and how do residents access it?
- Is a credit check required as part of signing the lease?
- Read your lease IN FULL
- Check lease dates be aware that many academic term leases end on July 31 – before summer classes typically end. Ask the property if they provide a pro-rated extension for summer students.
- What fees might you be charged, and how do you pay them? This could include cleaning fees, late fees, and fees for not adhering to community policies.
- Review any community rules about things like noise, use of common amenities, etc.
- What is the deposit required?
- Are there any occupancy limits listed?
- Note any prohibited activities listed.
- Do not sign anything before you are 100% comfortable with all of the terms.
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Co-signer or Guarantor:
- A guarantor or cosigner signs onto the lease and assumes a form of liability for paying the rent. A cosigner is responsible from day one, while a guarantor is only liable to make payments when the resident can't or won't pay.
- A co-signer could be another person who lives in the space and is equally responsible for the financial obligations of the space.
- A guarantor does not live in the space but could become financially liable for the obligations if the main signatory is unable to uphold their agreement.
Deals, Discounts, etc.
- Oftentimes, properties will offer deals or discounts to new tenants during various renting periods (e.g. one-month free rent, half-off your first 3 months, waived admin & application fees). It is important to understand how these are applied and may show up on your account, and reach out to your property management in writing when you have questions about it.
- One Month Free Rent: in most cases this does not mean you will not have to pay for your first month but that the other months of your lease term will be pro-rated to account for the subtraction of this amount. This also likely does not include additional fees.
- Example: Your rent is $1600 not including fees, if you move in on March 1st and have a lease term of 12 months, you would owe $1467 for rent each month.
- Sample Breakdown: $1,600 divided by 12 months is $133.33 $1,600 minus $133.33 is $1,466.67.
- When budgeting you would allow for a monthly charge of $1,466.67 as your base rent instead of $1,600.
- Half-Off First X Number of Months: this would show as a prorated charge on your rental ledger. If you move in on August 1st and have a 12 month lease term, the first three months of your 12 month lease term would show a prorated base rent charge.
- Sample Breakdown: $1,600 divided in half is $800
- When budgeting you would allow for a monthly charge of $800 base rent for August, September and October and then resume paying the full $1,600 base rent in November.
- One Month Free Rent: in most cases this does not mean you will not have to pay for your first month but that the other months of your lease term will be pro-rated to account for the subtraction of this amount. This also likely does not include additional fees.