You’ve found an apartment you love. Now what? Well, now you begin the process of signing the apartment rental, during which you must not let your desire for the apartment turn off all critical thinking faculties. You are about to part with a lot of money and sign a legally-binding document that is difficult to get out of, so remain focused during this last stretch by familiarizing yourself with how the rental signing works.
Here's How:
- Submit an apartment application.
Not all landlords use apartment applications. Typically, only property management companies, who lose out if the apartment is taken off the market, require an apartment application.
Individual landlords most likely won’t have you submit an application.
- Pay an application fee (if any).
When submitting the application, you’ll also pay a non-refundable application fee (also known as the application deposit). If you decide not to sign the rental, the application fee will not be returned to you. If you do sign the rental, the fee will either be returned or go into your security deposit.
- Give the landlord the okay to perform a credit check.
The purpose of the credit check is to check out whether you pay your bills on time. The landlord will ask you to pay the amount to cover the cost of the credit check and ask for your social security number. Or you can submit a copy of your credit report, which you can obtain prior to looking for apartments. Please note that many landlords consider a tenant with no credit history to be just as undesirable as one with a bad history.
- Give the landlord the necessary information to contact your previous landlords.
In addition to checking your credit history, the landlord verifies that you are a reliable tenant by contacting previous landlords. If you want to expedite this process, you can contact them prior to looking at apartments and ask them to write you a reference letter. You can then present this to the landlord right away.
- Review the rental.
While the landlord checks your background, you should spend time to review the rental. If the landlord does not give you a copy, ask for one. This is your time to look over this legally-binding document or have an attorney review it.
- Set the signing date and obtain the checks to pay the rent, security deposit, and broker, if any.
As soon as the landlord accepts you, obtain two certified checks or money orders--one for the rent and one for the security deposit.
- Negotiate and sign the rental.
Congratulations, you now have yourself an apartment!
Tips:
- If you have all the necessary information--credit report, reference letters, and cash to pay rent, security deposit and broker fees--you could sign the rental the same day you look at the apartment. Traditionally, such speed-renting is done in competitive markets such as New York City and during times when many people are looking (such as after graduation).
What You Need:
- credit report OR social security number and money for the credit check fee
- reference letters from previous landlords OR the landlords’ contact information
- money for the application fee
- money for rent and security deposit
- money for the broker, if you use one
- bag or folder to carry all of this and to carry your new apartment rental home