We’ve decided to make this special page dedicated to the questions we get asked quite a bit. Since there are fewer of them, it’ll allow us to answer the questions more in depth. So if you’ve been sent here, it’s likely because they wanted to save you from reading a huge reply in your inbox.
With that said, here are our most frequently asked questions:
VFAQ #1: “I’m looking to move in a few months, will this unit be available?”
When we list a unit, it’s normally when it’s become vacant or will be soon. So our empty units can’t be held more than 30 days (we obviously prefer to have someone move in sooner but we will hold an empty unit up to 30 days).
So what do you, the person being responsible and looking to secure something in the future do? Well we have a few options:
- Ask the manager if we have something coming up. For example, let’s say it’s Jan 1 and we list a unit for lease. You call our office and are looking to move March 1. Well, that unit won’t work for you, BUT we might have someone that’s leaving Feb 1. In that case, their unit would be a fit. So if our managers say that your desired move in date is too far out, ask if they know of any upcoming units (they should proactively suggest upcoming units, but in case they
- Put a deposit on a non specific unit: This isn’t something everyone feels comfortable with doing, but it is an option and something we do from time to time. Here’s how it works. On properties that are ~30+ units, we have a pretty predictable turnover each month. And most of these buildings have units that are all pretty similar. So what some people do is view the building itself, and an empty unit. If they like it, they can put a deposit for a future unit. Then, when we get close to your desired move in date, we hold a unit that comes up. The downside is we couldn’t show you which specific unit it would be at the time you view the property, since we don’t know which unit will be coming up several months out. But if you’re interested in a property because you like the price, the location, and the general look and feel from the unit you saw, it’s an option. Note we can’t do this on our smaller building since there is too much risk that an upcoming unit isn’t available.
VFAQ #2: “How much is the deposit?”
Before I answer this, let me say that your deposit is totally refundable. It’s your money, not ours. We just hold it during the lease. So while its still money you have to come up with to move in, at least you get it back when you leave and have a nice chunk of cash for your next move. Now, back to the question…
This is most likely the most common question we get (along with, “How much is total move in?” – which is just rent+deposit). Our standard answer is “1 months rent”. But really it depends on the application. The better the application, the lower deposit we can charge. Let’s say we run an application and it’s super clean. Good verifiable income, great credit, great rental history. In those cases, it might be less. But if you assume 1 month rent, you’ll
However, there are cases when it could be higher. Some tenants don’t qualify for an apartment due to poor rental history, low credit, non verifiable income, or other past issues. In those cases, we can still help with our ‘second chance program’. This will allow us to lease to someone that has an application with some issues. It allows someone to build up their credit, get some clean history under their belt, and basically be given a second chance. However, the deposit (still refundable) is going to be higher. Normally for a few evictions, or really bad credit, you could be at 1.5x months rent as a deposit. And it could be as high as 2x depending on what shows on an application.
Please note that our managers can not tell you exactly what it would be until they run an application since they don’t know what will show up. If you ask them for a guess, they’ll normally guess 1 month.