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With having rented in various states in the past, I have learned and dealt with some "interesting" rental requirments. One of them required one to make at least 3 times the rental price ($1000 plus per month for even a small 1 bedroom in CA) to possibly be approved to rent there. With moving soon and desiring to be as prepared as possible, I would love to know what are all the requirements/crazy rules/fees for renting in the Raleigh/Cary/Durham area as soon as possible.
We don't have any pets, so no worries of pet fees.
Activities Fees?
Business Center Fees? (I assume none, but would like to be prepared in case of any per copy or fax fees.)
Application Fees?
Move In Fees?
Short Lease Fees?
Breaking Lease Fees?
After School Childcare Fees?
Thanks in advance for answering my questions and for all the help.
Well the things you've listed don't all go under the category of "crazy requirements." I haven't rented down here for a few years now but I have seen the following:
Application fee (I believe there is a limit on this, if its more than $40, think twice)
Short Lease fee- generally the monthly rent will go up 10-15% if you only sign a 6 monther
Breaking Lease fee - I've heard you generally cannot get out of a signed fixed term lease, you'll have to pay for the rest of the lease. Some of the larger complexes will probably offer you some kind of discounted fee, especially if you've been on time and not a big headache for them
They will generally check your credit (part of the application fee) and maybe even want to see a couple pay stubs. There are laws (which can get complicated) for the security deposit. For a standard year lease, you won't be charged more than first and last months rent.
The typical ones I've seen are the application fees and short lease "upcharges" on rental rates. I've seen a few "income 3 times the rent" requirements, but they have been stated right up front so you know what they expect. It is also my understanding that if you break your lease you are responsible for the balance of the lease. Security deposits vary a LOT.
Well the things you've listed don't all go under the category of "crazy requirements." I haven't rented down here for a few years now but I have seen the following:
Application fee (I believe there is a limit on this, if its more than $40, think twice)
Short Lease fee- generally the monthly rent will go up 10-15% if you only sign a 6 monther
Breaking Lease fee - I've heard you generally cannot get out of a signed fixed term lease, you'll have to pay for the rest of the lease. Some of the larger complexes will probably offer you some kind of discounted fee, especially if you've been on time and not a big headache for them
They will generally check your credit (part of the application fee) and maybe even want to see a couple pay stubs. There are laws (which can get complicated) for the security deposit. For a standard year lease, you won't be charged more than first and last months rent.
Good luck!!
As far as the application fee goes, it should be used to cover the cost of the credit and background check. $40.00 hardly covers it for a thorough check. If it is New York, it can easily be $100 if there are multiple counties to pull. So a higher fee may be justifiable.
It is amazing how many deadbeats will allow the landlord to pull credit, even when they know they don't stand a chance. I think they are playing the odds that the landlord may not do the credit pull.
FWIW, I usually offer to credit the application fee towards the first month's rent. NOT the security deposit, but the rent.
Well, I've done the apartment thing here after arriving with no local job.
You just have to prove you have a certain amount of finances in the bank. This varies. I actually went to a newer apt. commty. that required only around $2,500 in savings on a 6 mo. lease where the apt. rented for like $800 (fireplace, pool, the works).
The application fee in most of the apts. I called typically are between $50-$100.
There is usually a bogus "administration fee" in lieu of a (refundable) security deposit which I've found to be usually around $150. This admin. fee is almost always non-refundable.
1, 3 & 6 mos. (short-term) leases are very common. Of course the lower you go on the time span of the lease the more they'll charge you. Say, tack on an extra $100/month.
Do you have an Apartment Guide? I'm sure you can look at many apartments online at apartments.com, etc.
Also try http://www.rent.com . They have a ton of listings in the Raleigh-Durham area, and If you find an apartment through them, they'll send you a $100 visa debit card. It's a free service, but you'll have to sign up for an account. Be sure to tell the apartment you view that you found them through rent.com because rent.com will check to make sure you did. I've redeemed two $100 visa cards from them and I'm about to redeem my third in July when I move again.
RE: Application Fee: $100 is a little high, in my opinion. I am used to seeing the lower fee levels. I have a copy of my background check and will have a copy of my credit check (before moving for my own record). I know I have good credit but how good I am unsure, since I know it dropped a bit about a year ago from some student loan mess --- My loans are now consolidated with a wonderful company.
Mike, thanks for mentioning that you will offer to credit the application fee (especially when you end up charging $100) towards the first month's rent. Every little bit helps.
Admin. Fee: Thanks. I will be sure to stay away from those.
Security Deposits: What is the max. that y'all tend to see, since y'all are stating they may vary?
Breaking the Lease: I used to it costing one their last month's rent plus security deposit, unless they are able to sublet it.
Nova, thanks for stating how you were required $2500 in savings without having a job.
How does owning one's own business effect the security deposit requirement or how much one must make or proof requirements in NC? Same question but own company plus some pt work?
I would much rather sign a short term lease than a yearly lease, especially with how I am planning on buying within a year or two from now.
Thanks again, everyone, for all the help. I am trying to be as prepared as possible and want as few "surprise" fees or extra charges as possible. While I have done some rental hunting, it is best to ask those that have been there and done that or are the landlords, themselves.
all those "crazy fees" sounded normal to me. I'd be most concerned about whether I could find a rental that would permit my "children" and not "discriminate" against them for having tails and a little "excess" body hair. laughs, yeah kitties.
Is it at all possible to break a lease and get your security deposit if you are disabled and the complex is harming your health? I moved to Duke Manor from out of state via ads and pictures. The roaches, sprays and other hazards are detrimental to my immune system as I am on chemotherapy. I had no idea the noise pollution would keep me from sleeping. My health has worsened in the 4 months I have been here. Management has not been helpful. I need to move to a safe quiet place to protect my health but need the security deposit back. Help!
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fees
Breaking lease for health reasons
