Why do most places here want your security deposit along w/your app fee??

[gweilo845]

This isn't indicative of Minnesota landlords, it's more of buildings owned by property management companies.

They're using the up-front deposit as another level of screening. If someone can't/won't come up with the money right away, more than likely they're going to be a problem renter down the road according to their business model. As the economy continues to stagnate and people continue to ditch out on rent in large numbers, the process isn't likely going to change anytime soon.

If you don't like dealing with those sorts of policies, try renting somewhere that isn't owned by a property management company.

[daboywonder2002]

Originally Posted by gweilo845

This isn't indicative of Minnesota landlords, it's more of buildings owned by property management companies.

They're using the up-front deposit as another level of screening. If someone can't/won't come up with the money right away, more than likely they're going to be a problem renter down the road according to their business model. As the economy continues to stagnate and people continue to ditch out on rent in large numbers, the process isn't likely going to change anytime soon.

If you don't like dealing with those sorts of policies, try renting somewhere that isn't owned by a property management company.

so does that increase my chances of getting approved if i come up with the deposit? i mean i dont like my money being held up just to get denied. im on a time line here.

[uptown_urbanist]

You shouldn't be trying rent multiple properties at once. One application at a time is, or should be, the rule. IF they don't approve you, then they should give back your deposit immediately so that you can go on to try to find a different place.

Usually once you submit an application the process moves quickly; I've never had it take more than a couple of days, tops. I've never had to submit a deposit until after being approved, but typically since the approval has only taken one business day, we've still had to provide it within 2-3 days of submitting the application, anyway, along with first month's rent.

If you're very concerned about not being approved, just make sure to ask how long it will take before they return your deposit.

[audadvnc]

Some property mgmt companies are strictly rip-off artists. I had an apartment through UPI Property Mgmt, and they charged me $80 for a broken window - that cracked from stress last winter - I informed them months ago and they took no action. They also pulled out a $200 "administrative fee" - which is contract-eze for "whatever they want it to mean".

[daboywonder2002]

Originally Posted by uptown_urbanist

You shouldn't be trying rent multiple properties at once. One application at a time is, or should be, the rule. IF they don't approve you, then they should give back your deposit immediately so that you can go on to try to find a different place.

Usually once you submit an application the process moves quickly; I've never had it take more than a couple of days, tops. I've never had to submit a deposit until after being approved, but typically since the approval has only taken one business day, we've still had to provide it within 2-3 days of submitting the application, anyway, along with first month's rent.

If you're very concerned about not being approved, just make sure to ask how long it will take before they return your deposit.

well i dont have a choice. im here in minnesota for a week until sunday. then i have to fly back up here to start my new job on the 6th. so i would like to find a place b4 i go back. personally i wish they gave me more than a week to try to find a place. but it is what it is.

[uptown_urbanist]

I don't know how that works, but I'd still avoid applying for multiple places at one time; maybe a landlord will jump in here and correct me if this is wrong, but don't those credit checks for apartment purposes show up on your credit report? (and therefore potentially raise some red flags?) We've often had to find places with just a couple of days in a new city, and have never had a problem. Assuming that you're not in competition with other people for the same unit, then it should just be an issue of whether or not the landlord deems you, specifically, to be a safe bet as a tenant. With a tight deadline I wouldn't bother applying to any place where there might be multiple applicants for the same unit, but I doubt that's a big issue these days. Let them know you're on a deadline and need to get a quick approval so that you can sign the lease before flying back. If you have decent credit and a good rental history there are unlikely to be any problems. Do you mean you're leaving on this Sunday? That's getting tighter, then, but you should still be able to do it if you can tour a place tomorrow and put in your application early in the day. Do let them know that you're on a very tight deadline, though. Most of my renting has been in other cities, but for what it's worth, my Minneapolis landlord experiences have been far more laid-back than elsewhere. It could be that some of these places are assuming that if you apply you're in (and are assuming that you are assuming that, too), barring any surprises dug up during their credit check.

[kurls]

Renting in MN is a weird relationship. Expect to be gouged for your deposit upon move-out too! Before living here I never had a deposit that was deducted for normal wear and tear. I left my place cleaner than it was when I moved in and still was deducted for BS. This is a uniquely MN thing. I think that asking for the deposit with the application is a little premature too, but I think this was done when I rented apartments in CO too.