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im relocating to minnesota and so far 3 places wont process your application unless you pay your applicaton fee(understandable) and a deposit. example, one place says this.
Application to be processed must have an application fee of $35.00 per person.
Application to be processed must have a rental deposit of:
$450.00. Preferably a separate check from the application fee.
(If application is accepted, deposit will apply to first month’s rent. If application is rejected, the deposit is refunded).
No application will be taken without application fee and rental deposit. No application fee or rental deposit will be taken without a completed application.
It isn't security deposit, it is a rental "hold this property for me" deposit.
It is more typical once the application is approved and you are accepted as a tenant, you pay the first month rent + security deposit, etc. If, for some reason, you are unable to do that, then a rental deposit can be used to hold the unit until you can start the tenancy.
I wouldn't offer a deposit until I was accepted. If that is that standard in that community then I assume it is legal and there is not much you can do about it. That is not standard around here, in fact I have not heard of it so I don't know how it would play out.
I'm a professional property manager. We do not accept applications without a refundable application deposit. Once approved, the application deposit converts to the security deposit.
The problem in not requiring a deposit is that landlords will receive applications from uncommitted applicants. If someone can't come up with the deposit amount at application, I'm not interested in looking at the application. It's similar to earnest money in a real estate sale. It demonstrates that you are serious.
The managers I know who take applications withOUT a deposit have a much lower conversion rate of approved applications to signed leases because suddenly the people change their minds, or can't come up with the deposit to hold the property, etc.
I'm a professional property manager. We do not accept applications without a refundable application deposit. Once approved, the application deposit converts to the security deposit.
The problem in not requiring a deposit is that landlords will receive applications from uncommitted applicants. If someone can't come up with the deposit amount at application, I'm not interested in looking at the application. It's similar to earnest money in a real estate sale. It demonstrates that you are serious.
The managers I know who take applications withOUT a deposit have a much lower conversion rate of approved applications to signed leases because suddenly the people change their minds, or can't come up with the deposit to hold the property, etc.
Steve
I'm you do this because it is in your(or your clients best interests) as you should obviously. However by the same logic this action is contrary to the best interests of the tenant so he should avoid it, unless the apartment offers additional value of offset this hostile term. (This is not typical where I live.)
The result of this policy is the landlord while processing applications can tie you up and prevent you from comitting to another apartment while the apartment comlex is still uncomitted and can pick and choose applicants.
A question out of curiousity. Do you cash the check before you accept the applicant? Do take deposits from multiple people and cash them all?
The result of this policy is the landlord while processing applications can tie you up and prevent you from comitting to another apartment
We manage houses, not apartments. But the policy is in fact intended to do exactly what you state. We want committed applicants who know they want to rent our particular house if approved. We don't want shoppers who are applying at multiple places.
We never cashed the check. We held it until their credit and background check cleared. If they weren't qualified, the check was returned to the applicant.
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