Prior to beginning your search for an apartment or condominium rental it is highly important to understand what will be required from you when finding the ideal place to call home.
Please review some of the rental requirements in detail below. Keep in mind not all owners or building condos follow the same guidelines nor Credit Check companies.
If you have any further questions please take a look at our detailed checklist or give us a call. We are here to help you in any way we can.
A routine credit check is always performed usually by the condominium association. However, landlords and their agents can also pull out the credit. Anyone interested in renting should check in advance that their credit report reflects favorably on them. It is wise, if possible, to clear any outstanding balances prior to searching for a new home. If you don't have a good credit is important to disclose to your agent as he or she can assist you better in getting you the place or work out a solution between the landlord and you. .
You will be asked to provide copies of identification, i.e. driver's license or passport.
There are condo association that requires one of the Board Members to interview in person or talk to you over the phone. You will be notify in advance in case your condo association do require a meeting.
In general, landlords look for tenants whose annual salary is according to the tenant's means. If a prospective tenant falls below this income range, they still may be still considered as tenants by landlords. Yet, the fact remains that renting any property requires a substantial initial investment.
Here are some of the financial requirements below:
Personal checks are usually not accepted for these expenses. Cashier's checks or wire transfers are the ONLY form of payment requested by landlords and Real Estate Professionals.
-Security Deposit (equivalent to a month's rent)
-First Month's & Last month Rent (and increasingly, an amount equal to one month's rent)
-Cost Of Credit Report ($25-$1000)
-Possible Condo Application Fee ($100-$150), not for every building, may/may not be refundable so if you don't get approved you won't receive your fee back)
-Pet Deposit Fees range from ($250) to any amount set by the Landlord or Property Manager
-Condo deposit: ($500 - $1,500) There are times the Condo Association requires a Condo Deposit in which sometimes the Landlord pays for it or is negotiated between the Landlord or the Tenant.