Tenant Frequently Asked Questions

Answers to Commonly Asked Questions

• How do you qualify as a tenant?

  The criteria that we use to qualify prospective tenants are a “tiered” system. The higher the credit score, the easier it is to qualify. Verifiable rental history, co-applicant qualification, and income verification can all be used to qualify a tenant.

  • Applicants who have been evicted in the past are automatically disqualified. Evictions typically show up on credit reports
  • All applicants MUST submit a rental application. We conduct our own credit check in all circumstances.
  • If a tenant cannot qualify under our normal qualification procedures, additional security deposits (up to triple the normal amount) may be requested to qualify a tenant.

• How long is a typical lease period?

  Lease periods are typically 1-year. In some cases, we can authorize short term leases of 3 – 9 months depending on owner discretion. Additionally, we prefer not to end leases between Dec 1 and Jan 30 except in special circumstances or when absolutely necessary because of the difficulty of filling vacancies during the holiday season.

• How much do you charge for security deposits?

  We charge a security deposit that is equal to 1 month's rent. In some circumstances, we may elect to require a deposit of two to three times one month's rent. This would only happen if we can't verify a strong credit history and residence history for a prospective tenant.

• What can a security deposit be deducted for?

  We can deduct any costs related to restoring the property to its previous condition from a tenant security. Tenants fill out a pre-occupancy inspection report that absolves them of any issues that were in existence before they move in. This signed report is kept on file until the tenant vacates the home. Examples of things that can be paid from security are:

  • General cleaning
  • Carpet Cleaning
  • Repairs of items that were not broken when the tenant moved in
  • Unpaid utilities that were supposed to be maintained by the tenant but were not
  • Landscaping Repairs
  • Painting
  • …and more

• What is a security deposit?

  Some people confuse first and last month's rent with a "Security Deposit". Laws that govern the use of rents vary substantially from those that involve security deposits. Our company requires all our tenants to remit an amount of money equal to one month's rent (at least) in addition to their first month's rent before they can move in. This additional money is called a security deposit. The deposit is held in a brokerage trust account and can't be touched unless the tenant vacates the property. The security deposit is then 100% refundable minus any expenses that are incurred to restore the property to the condition it was in when the tenant moved in. The benefit of taking a reasonable security deposit is that the money acts as leverage for a tenant to leave the property in great condition when they move out. If we were to take First & Last Month's "Rent", that money would never be returned to the tenant and thus would not provide any real security for the owner as the tenant has no real motivation to leave the property in good condition.

• When is the first month's rent due?

  Rent is due immediately upon lease signing. One month’s rent is required to move-in.