● Approximate costs of Application Process: (credit reports/application fee) – 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, PMPA 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 a 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 the 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 a certified form Bank Checks: Certified 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 a total of $250 – $1100 in non-refundable fees.
● Be sure to ask your PMPA broker if there are additional fees; especially if renting a Condo or Co-Op. Fees for pets or for temporary walls are also common.
● 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.
● A general price guideline for apartments:
- Studios range from $1,800 to $2,500 per month
- One bedroom 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.