What Renters Need to Know

For most apartments, the steps in the renting process are usually the same. You see a likely place, settle the details, and consider the current apartment hunt over. You know about the expectations: one month’s rent amount, first and last month’s rent as part of the move-in costs for apartments, and so on. Set a date for the move-in day, and you can finally sign on for your perfect apartment!

Unfortunately, it’s not that simple.

For college students and anyone with a choppy rental history, the chances of getting short-changed or scammed on their rental agreement are quite high. Even when the property owner or property managers are honest, it can be easy to make small mistakes that make you regret the decision later on.

Renters Can Make Mistakes

These mistakes can range from irritation at best to highly costly at the worst. Whether you’re dealing with a property manager directly or a faceless property management company, think long and hard while filling in the rental application. Even after you’ve started living in your first apartment, there are several mistakes that might get you evicted, blacklisted, or liable for several damages.

There’s a lot to know for first-time apartment renters. So, keep on reading for more details.

What Not to Do When Renting an Apartment

Do you think you’ve finally found that dream apartment home? Only time will tell if your life is going to be a dream or not, especially if it’s your first apartment.

Knowing what to expect can help you avoid these mistakes and blunders (both before paying rent and after).

Wondering what to avoid when looking for your first apartment? Here are some of the most common mistakes to keep in mind:

Skipping the In-Person Visit

Browse the online listings, but don’t sign anything before visiting the apartment building and looking at the unit in-person. Even with all the pictures from every angle, you don’t know what shortcomings are lurking in the corners.

No one wants to pay a few months’ rent upfront only to find that they’re stuck in a cramped apartment with not nearly as much storage space as the photos seemed to show. You also want to visit the apartment to make sure there are no funky smells around, that there aren’t any noisy neighbors, and that the pictures of the apartment you saw online aren’t from a decade ago.

If the first in-person visit was during the day, you can check back again during the night – and vice versa.

Not Knowing the Exact Required Upfront Costs

Make sure to ask the exact amount of the apartment security deposit before signing the lease. If you can’t manage that payment immediately, consider something else or get a cosigner to take on some of the financial obligation.

The same goes for all expected monthly expenses. The upfront cost of the security deposit is usually a major amount. Along with asking that exact number, you should also know what is deducted from your security deposit and why.

It is best not to break a lease early, but at times, it’s unavoidable. You should ensure that it’s possible to make an exit if things get too unbearable at any given place.

If, despite your best planning and budgeting, you find yourself in a financial pinch when it comes to your rental costs, there are options available to help you through tough times. For instance, exploring emergency loans for rent can be a viable solution to ensure you remain in good standing with your landlord and avoid the risk of eviction. These loans are designed to provide quick financial relief for those facing temporary hardships, enabling you to cover your rent during unforeseen circumstances. It’s essential to consider such financial aid as part of your overall emergency plan, ensuring you’re prepared for any situation that might affect your ability to pay rent on time.

Ignoring Seemingly “Minor” Damage

When you get to the apartment on the move-in day or even during a tour, photograph any damage that’s visible. Do not fall for any claims about the damage being minor or harmless.

A first-time renter may not know this, but any damage during your stay as a tenant can be attributed to you. Even if that paint was already cracking when you got there, many landlords might try to pin the cleaning or painting bill on you when the lease is up. Therefore, it’s always wise to act proactively so even the minor damage doesn’t come over you.

Not Asking About Utility Bills

You may think you’ve read all the details about the monthly rent, which covers most of your living costs for thirty days. However, you just might move-in and find that the month’s rent doesn’t include apartment utilities, i.e. the water, gas, garbage pickup, monthly maintenance, or electricity costs. That is when it makes sense to read the fine print and recheck the details about all bills apart from the monthly rent (learn how to read a lease here).

The best way to avoid unpleasant surprises while renting is to read the fine print very closely. Whether this is your first apartment or not, make sure to read the lease carefully and consider all the details before signing. This might help you avoid a hefty upfront cost, along with late fees and other unexpected fees.

Not Reading the Pet Policy and Visitor Restrictions Carefully

If you have pets, you naturally want them to live with you in the new apartment. Most apartment communities might advertise that they have a friendly apartment pet policy, but the fine print might say otherwise. While reading your lease agreement, make sure to go over the pet policy with a fine comb. They might have several breed or weight restrictions that disqualify your pet from staying in one of their apartments.

You may not expect your landlord or property management company to restrict your guests, but it does happen. Some lease agreements may stipulate that since visitors and guests don’t pay rent, they can’t stay longer than a couple of nights at the most.

Relying on the Landlord’s Insurance Policy

Assuming that the insurance policy of the landlord will cover your personal property is yet another mistake. The landlord might get compensation for the unit that was destroyed or damaged, but the loss of your valuable belongings is going to harm you alone.

You don’t have to suffer quite as much in the case of a fire, a burglary, or a natural disaster striking the apartment building. That is why you should have a plan for the safety of your belongings. One such way is to have a minimalistic approach when it comes to moving a lot of furniture to your new apartment.

Not Having Your Documents in Order

In order to book apartments for rent, you have to provide the landlord or property manager with a lot of documentation. This includes bank statements, pay stubs, references, and several other documents. All of these come together to provide proof that you can afford the first month’s rent and keep on paying after that. Plus, it assures the authorities that you are a fairly responsible, mature tenant who won’t cause any trouble.

Not Taking the Season into Account

That seemingly perfect apartment might be yours for a lot less than you’re signing for at the month. Before even embarking on your apartment hunt, you can conduct a search for the worst month to rent an apartment in your required area. If possible, shift your search time to the best times of the year to rent an apartment with the best perks possible.

You should also know when the lease starts and ends. There is a difference between a year-long lease and a 12-month long lease. Make sure you know what that is before committing to either one. Find out when apartment leases usually start. You can then compare those ranges with the offer you have.

Not Setting Rental Access Rules

If you don’t set boundaries now, it will be difficult to do so after the lease starts. Make sure that no one can enter the apartment without your express permission, not even the landlord or property owner.

Some landlords can be a bit intimidating and overbearing on such points. Stand your ground, however, and leave without signing if it looks like you won’t get the basic right of privacy.

Not Considering the Location

Make sure that the location of your potential new apartment is a convenient one. Your work commute, the kids’ schooling, and recreational opportunities should all be convenient instead of a regular hassle. Groceries, general shopping, and other necessities of a good life also depend on having a central location.

As you take an apartment tour, you should ask the landlord about the neighborhood, the nearby convenience stores, and the work commute details. This will give you a clear idea if the location aligns well with your preferences.

The Takeaway

When you’re on an apartment hunt, know that it’s not just about how much rent you’ll have to pay. You may not even get the perfect apartment the first time round, but it can be a fairly decent stepping stone until you get that ultimate dream apartment.

The tips above can help you save money, retain your security deposit, and benefit the most from your rental agreement. While you do need to know how much money you need to rent an apartment, it’s even more important to know the things to avoid. Make an apartment rental checklist of the points above and tick them off before submitting any rental application. With this precaution, even the first apartment can be an amazing experience.

The post What Not to Do When Renting an Apartment appeared first on Cass Lake Front Apartments.

While a credit score may not always be a strict requirement, it can certainly increase your chances of securing the rental property you desire. With this in mind, you should be aware of how your credit score can impact the rental process. However, before moving ahead to rent an apartment, it’s wise to have adequate knowledge about credit scores, credit history, security deposit, and fair credit.

You should also know whether you really need a credit score to assure your landlord that there will be no missed payments.

Let’s dig deeper into everything in detail.

What Exactly is a Credit Score?

A credit score is a numerical value (usually ranging from 300 to 850) that assesses your credit worthiness. When considering your application for a new account, creditors and lenders take into account your credit score as one of the factors in their decision-making process.

In assessing rental applications, landlords might be interested in knowing about the available credit, as well as credit card payments. Having knowledge about their tenants’ good credit score helps them shortlist the most reliable applicants who can pay rent without any delay.

Do You Need a Credit Score to Rent an Apartment?

There is no specific minimum credit score required to rent an apartment. However, some landlords prefer a higher level of credibility before accepting rental applications. They might want to know your credit score beforehand so they can make a decision accordingly. That is why they’d prefer to get into a credit check and evaluate your credit scores before moving forward.

It is wise to collect your credit reports from credit bureaus so you can show your credit history to potential landlords. That way, there are higher chances that your rental application will be accepted.

How Credit Score Affects Renting an Apartment

As financial circumstances change, the credit scores also change. So, understanding the impact of various factors affecting the credit score will help you work towards improving it over time:

• Payment history is the most crucial element in calculating credit scores. A single missed payment can significantly lower the score. Landlords want to ensure prompt monthly rent payments when considering you.
• High credit utilization may be a warning sign to creditors that you have excessive reliance on credit. It gives an insight into how much of the available credit is being utilized, indicating the dependence on non-cash sources.
• Length of credit history considers the age of the credit accounts. A longer credit history tends to result in higher credit scores.

Excessive Credit Applications in a Short Period Can Be Troublesome

Each time a credit card issuer assesses your credit report for a loan decision, a hard inquiry is recorded in your credit history. These inquiries remain in your file for two years and can temporarily lower your score. Lenders assess the number of hard inquiries to determine how much new credit you are seeking.

A high number of inquiries in a short time frame may indicate a pressing financial situation or being denied for a secured credit card.

How to Evaluate Your Credit Before Renting a Home

When searching for a rental property, it’s essential to understand the role that your credit score can play in the approval process. The specific credit score required for approval can vary depending on the landlord, property, and location. However, having a clear understanding of your credit score beforehand can give you a better idea of the properties you’ll most likely qualify for.

Before you begin your rental search, you can obtain a free copy of your credit report and review it for accuracy.

What the FICO says

The following is a general guide of credit scores according to the popular FICO Score model:

●        Exceptional: 800 to 850

●        Very Good: 740 to 799

●        Good: 670 to 739

●        Fair: 580 to 669

●        Very Poor: 300 to 579

If your credit score falls within the “Good” to “Exceptional” range, you can feel confident in your rental search. However, if your score is “Fair” or “Very Poor,” it doesn’t necessarily mean that you won’t be able to find a rental property. You may just have to consider alternative approaches to increase your chances of success.

What if You Don’t Have a Good Credit Score?

It is wise to always avoid bad credit by maintaining your credit history so that landlords can be sure that you can make rental and utility payments on time. With that said, you don’t have to be pessimistic while submitting your rental application if your family member or you have a low credit score. You can explore several options for obtaining the landlord’s approval despite a lack of credit history or unfavorable credit score.

Besides finding out what you need to rent an apartment, the following tips will help you find the right apartments for rent and make monthly payment even with bad credit:

Demonstrate Financial Stability Through Income or Savings

If you lack credit history, you may still be able to rent an apartment by showing stability in your income that’s sufficient to cover the rent. Rent should not exceed one-third of your take-home pay. Alternatively, having a substantial savings balance in your bank account can help persuade most landlords about your stable income.

You should also know how much money is required to rent an apartment. The amount required may vary, but should be enough to cover multiple months of on-time payments.

Seek a Private Owner (but be cautious of fraud)

Renting an apartment from an individual property owner or family-owned property management usually involves a credit check; but some individual landlords might rent without going through the credit checks. That is mainly possible if you can demonstrate financial stability by showing the right financial documents. You can also offer a month’s rent upfront to build trust.

Though this seems to be a smooth process, you should be wary of affordable rental listings that appear too good to be true. Therefore, it makes sense to stay away from scams. Consumer reporting agencies warn about the red flags for rental scams.

How to Stay Away from Scams

It is important to keep in mind the following points while improving your bad credit:

• Never make advance payment for security deposit without touring the apartment.
• The owner might be out of the country with a representative handling the rental. Be wary of sending money overseas and make sure to inspect the apartment before committing.
• The owner might request a wire transfer (which is equivalent to giving cash and can’t be recovered). In this case, it’s better to select another payment method that’s more secure and reliable.

Win the Landlords’ Trust Through Reference Letters and a Larger Security Deposit

It is believed that individuals who are reliable in their professional and educational settings are more likely to be financially responsible. Reference letters are a useful tool to show your commitment to make on-time rent payments if you have a rental history.

You can demonstrate your responsible nature to potential landlords by presenting reference letters from previous employers, teachers, or professors.

Also, landlords may consider tenants with low credit scores if they provide a larger security deposit. By paying several months of rent in advance, the landlord’s worries about your bad credit can be relieved.

How to Improve Your Credit Score for the Long Run

Enhancing your credit score is achievable once you comprehend the reasons for its low rating. While it may require time and effort, establishing responsible habits now can lead to a better score in the future. This can also help you in getting your rental applications accepted when you plan to rent another apartment.

An initial step to establish credit history that’s also worthwhile is to obtain a free copy of your credit report and score so that you have a clear understanding of your credit history and credit builder loan. After that, you can concentrate on the factors that are lowering your score and take actions to address them.

Raising Your Credit Score

Here are some frequently recommended steps to raise your credit score:

• Making timely payments on all bills as payment history is the most crucial factor in determining your credit score
• Decreasing credit card balances to lower your credit utilization ratio and maintain credit limit
• Catching up on any past-due payments as late payments can have a significant impact on your score
• Challenging inaccurate information on your credit report to correct mistakes that may be lowering your score
• Minimizing new credit applications to reduce the number of hard inquiries in your credit file

The Takeaway

There isn’t a specific credit score that guarantees approval of the credit check. However, a good credit history generally indicates a record of responsible credit management, which can give potential landlords more confidence when evaluating a new rental application.

Ensure that you make timely rent payments and follow the conditions of your rental agreement. Demonstrating responsible tenancy will increase the chances of getting your rental application approved.

The post Do You Need a Credit Score to Rent an Apartment? appeared first on Cass Lake Front Apartments.

However, there’s a lot more to know about how rental applications work. This is especially true if you want that perfect apartment in a particular building. The most reputable apartment communities and direct owners of rental property usually have a stringent rental application process in place. They have the authority to eliminate anyone with bad credit, even if it’s related to student loan debt.

Overall, there is a lot to get through before you even submit that rental application. If you would like to end that grueling apartment hunt and settle down in a dream apartment, it’s worth knowing more.

What Do You Need to Rent an Apartment?

What if you find your dream apartment, but don’t have the required documentation in order? Remember, any decent property management company or individual property manager will require proof of monthly income, identity, bank statements, credit and background checks, and so much more besides.

You may not have found your dream apartment yet, but having all the documents in hand can help you qualify and snap it up when the time comes.

It is a Competitive Market

Many apartment complexes will jump at the chance to fill any vacancy. So, giving them all the required proof can get you your dream apartment home in no time!

Ready to start getting everything in order? Let’s first have a look at what you need to rent an apartment today so you can immediately sign a rental agreement.

1. The Rent Itself

When you seek to rent an apartment, the first question should be: how much rent can I afford? Once you have a set range in mind, you can move on to the question of how much money you have to pay to rent an apartment?

Can You Afford the Rent of Your Dream Apartment?

Whether you have your heart set on the upscale type of apartment complexes or want a friendly, safe apartment community, consider the monthly rent before anything else. This makes the most sense as you don’t want to sign a lease agreement you can’t afford.

How to Figure Out Your Affordable Rent Range

Before you pause your apartment hunt to sign any contracts, figure out your affordable rent range. The 30% rule is usually the best measurement as it gives you a lot of wiggle room.

This rule means that a tenant should not be spending over 30% of their take-home income on rental payments each month.

Other Expenses

The expenses of renting an apartment aren’t limited to rental payments only. Besides the apartment move-in fees, here’s a glance at the various expected costs to budget for:

• Security Deposit: This is usually refunded if you leave the apartment in decent condition
• First and Last Month’s Rent: This could be for more or fewer months according to the policy in place
• Application Fee: This is used for running credit checks and generally processing the application

The Payment Options

Once you’ve noted all the expected fees, you might want to find out how to pay rent for an apartment. There could be several payment options, so you can pick whatever is most suitable for your situation.

2. Your Contact Information

When you apply for an apartment, the property manager will need updated contact information to get in touch about any updates. Make sure you give them your current address, phone number, email address, and an alternative number as well. You should also double-check for typos.

3. Proof of Identity

You will need to confirm your identity before renting an apartment. The most common way to do that is to submit a copy of your photo ID. Depending from one landlord to the other, a driver’s license usually suffices in most cases.

Parking Spot

If the place you’re applying for has a parking spot as well, you’ll need to show a relevant driver’s license. The amendment may also require proof of your vehicle registration, its make, model, year, insurance information (if any), etc.

Social Security Number

Before you rent any apartment, the property manager in question will run a background check and credit check on you. For this purpose, they’ll probably ask for your social security number. However, it’s also wise to know that there should not be any request for providing your social security card, not even a copy of it. The number alone is sufficient for such purposes, at least for now.

Know Your Credit Score

Before you fill out any apartment applications, you might want to run a credit check on yourself. Due to the increasing occurrence of identity theft and hacking, many people may end up with a lower credit score than they think they have. At other times, certain actions of yours might have lowered your score without you even realizing it.

Analyze if You Need a Guarantor or a Co-Signer

Once you understand where your credit score lies, it will be easier to decide whether to look for a guarantor or co-signer. If you want to stay safe throughout the rental application process, you can find out if your parents can rent an apartment for you.

4. Resume or Some Form of Employment History

Property managers and landlords usually ask for recent proof of stable employment, and, hence, a stable income. Many people might have enough saved up for a few months of rent, the application fee, and the security deposit, but a property manager will probably ask for evidence, including:

• Recent pay stubs
• Bank statements (for at least the past two months)
• Tax returns
• References from previous and current employers

What a Property Manager Expects

Ideally, a property manager will like to see that you’ve been at your current place of employment for about six months or more. Therefore, you can provide details of your employment history when filling out the rental application form.

In Case of a New Job or Self-Employment

If you’re fairly new to your current job or are self-employed, it’s time to get letters of recommendation and references from people that the property manager can trust. These may include previous employers, previous landlords, etc. We will discuss references in detail further on.

Make Sure You Can Pay Your Way

If you’re self-employed, it can be hard to determine a stable level of income. Before signing any lease agreement, you’ll have to present a thorough credit check to your potential landlords in such cases.

For your own sake, make sure you know how much income is required to rent an apartment in your apartment complex of choice.

5. References (As Many As Possible)

A rental application in highly desirable apartment complexes requires something unique if you want to get noticed. That is why it’s a good idea to mention the names and contact numbers (with permission) of your previous landlords, property managers, or the property management company.

How References Will Help You

Showing relevant references can help landlords assess your credibility while giving them the following information:

• You paid your month’s rent on time
• You got along well with other tenants in the same apartment complex
• You didn’t break any part of the previous rental agreement
• You were able to pay the security deposit as well as the monthly rent
• You and your family were able to keep your previous apartment in decent order

Sources for References

With the information from various references, the property managers at your desired apartment community might place your rental application on a priority level.

Apart from your rental history, other references will help to make that rental application stand out from the rest:

• Current or previous employers
• Current or previous managers or co-workers
• Mentors
• Teachers or professors
• Coaches

6. Information on Any Pets

If you have a pet and the potential apartment complex allows them, you’ll get the landlord’s information about their rules of pet ownership. You will also have to be upfront about the kind of pet you have; along with their size, their weight, breed, and other factors. Proof of vaccination is also typically necessary. Finally, keep the following pet-related expenses in mind:

• A pet rental fee
• Pet security deposit (paid upfront)

The Takeaway

When you plan to rent an apartment, do keep all the above factors in mind. The more you prepare to be ready for an apartment, the more likely you are to acquire the next likely unit! With the housing market being so competitive these days, potential tenants and apartment hunters need to do all they can to secure a place. This also requires knowing how long it will take to move to a new apartment.

You don’t have to get overwhelmed, though. Take it one step at a time and start with whatever is easiest. Begin today. That way, you can have your documentation ready in a matter of days.

The post What Do You Need to Rent an Apartment? appeared first on Cass Lake Front Apartments.

The various expenses associated with apartments for rent can quickly add up, far exceeding just the cost of rent. To ensure a smooth move–in process and cover all the expenses when moving into an apartment (including standard living expenses), you should save enough money so you will be paying rent without any difficulty.

The Upfront Costs

To ensure you are able to pay rent within the right time frame (as specified by the property managers or landlord), it is essential to understand the overall apartment bills you need to budget and save for before renting an apartment. So, let’s explore more about these costs before knowing how much rent you will be paying to the landlord once you move into your new apartment.

Application Fees

When applying to rent an apartment, most landlords will charge an application fee. This fee is typically between $25 and $50, but it can reach as much as $100. Plus, you might be required to pay for a background check screening. This usually falls within a similar price range.

As you may submit multiple applications while looking for your first apartment, it is advisable to set aside $100 to $200 to cover these apartment fees. Although these fees are typically non-refundable, in some cases, the application fee can be applied towards your security deposit if your application is accepted.

Security Deposit and the Monthly Rent

The purpose of collecting a security deposit is to deduct a specific amount of money in case of unpaid rent or damages done to the property. This deposit is usually the equivalent of one month’s rent, but it can be lower if you have a good credit score or a co-signer. Besides, if you plan to move-in with a pet, some landlords may require an additional pet deposit.

When renting an apartment, you will also be responsible for paying the first month’s rent and the last month’s rent. The first month’s rent is due upon move-in and is typically required to be paid in full before you can take possession of the apartment.

The last month’s rent is usually due at the end of the lease term, however sometimes it is required to be paid in full prior to moving in. This way, the landlord can use that last month’s rent as a cushion to cover any damages or unpaid bills. So, it is essential to budget for both the first and last month’s rent when planning to move into an apartment.

Moving Costs and Other Costs

Besides knowing how long it takes to move apartments, it is worth knowing about the transportation costs associated with the physical act of moving your belongings. These costs are also a part of apartment costs and might include hiring movers, renting a truck, or buying packing materials.

There are also various miscellaneous expenses that may arise during the rental process. These expenses include things like cleaning supplies, food, and basic household items. If you plan to have cable or internet services, there might be installation fees, too.

It is also essential to budget for regular monthly expenses, including car payments. These miscellaneous costs can add up quickly, so it is important to account for them in your budget and plan accordingly.

How Much Money Do I Need to Rent an Apartment?

How much money is needed to rent an apartment is a critical question. To cover all the costs discussed above, it is advisable to save an amount equal to at least 3-4 months’ rent. This should cover the first month’s rent, the security deposit, and the last month’s rent. However, the exact amount of money you should save will depend on the apartment prices, which might vary greatly.

Follow the 30% Rule

The 30% rule is a guideline commonly used to determine how much to budget for apartment rent. According to the rule, you should not spend more than 30% of your gross income on housing expenses, including rent, utilities, and renter’s insurance.

To calculate how much you can afford for rent using the 30% rule, follow these steps:

1.      Determine your gross income: This is the total amount of money you earn before taxes and other deductions

2.      Multiply your gross income by 0.3: This will give you an estimate of the maximum amount you should spend on housing expenses each month

3.      Subtract any other housing-related expenses: If you have any other housing-related expenses, such as a mortgage, subtract that amount from the total you calculated in Step 2

The Next Step

Compare the total amount you calculated in Step 3 to the cost of rent for the apartment you are considering

If the rent is more than this amount, you will need to consider a less expensive apartment or look for ways to increase your income.

The 30% rule is a guideline. However, the percentage of your income that you can afford to spend on rent can also vary depending on your annual income, pay stubs, household income, and the size of your household. For instance, a single person earning $50,000 per year with no dependents might be able to allocate 50% of their income towards rent and still have enough money left over for other essential expenses.

In another case, a one-parent household with two children earning the same amount of money and spending 50% of their income on rent might not have enough money left over for other necessary expenses. That is why you should assess your specific financial situation when determining how much you can afford to spend on rent.

The 50/30/20 Rule

The 50/30/20 rule is another rent-to-income ratio guideline that can be used to determine how much to budget for rent. This rule suggests that 50% of your income should be allocated towards necessities, 30% towards discretionary spending, and the remaining 20% should be saved or used to pay off debt.

To calculate how much to budget for rent using the 50/30/20 rule, follow these steps:

1.      Determine your gross income: This is the total amount of money you earn before taxes and other deductions

2.      Multiply your gross income by 0.5: This represents the maximum amount you should spend on necessities, including rent, utilities, food, and transportation

3.      Divide the total amount from Step 2 by the number of months in your lease: This will give you an estimate of the maximum amount you should spend on rent each month

The Next Step

Compare the total amount you calculated in Step 3 to the cost of rent for the apartment you are considering. If the rent is more than this amount, you may need to consider a less expensive apartment or look for ways to increase your income. You can also save more so that you can afford your preferred apartment.

Again, we suggest that the 50/30/20 rule is just a guideline. You should assess your finances, other living expenses, and monthly income to know how much you need to rent an apartment so you can choose an apartment complex accordingly.

How to Find Affordable Apartments

You will have to budget less so you can easily find an apartment with a reasonable monthly rent. You can use various online apartment rental sites to search for affordable apartments in your desired area. You can filter your search by price, size, and other factors to find the best affordable apartments that fit within your budget. There might be many apartment complexes that are the best bet for you.

Besides conducting research online, these tips will help find affordable rent apartments:

Negotiate Well or Consider a Smaller Unit

Do not be afraid to negotiate with the landlord on rent or other lease terms. For example, offering to sign a longer lease or pay rent in advance could result in a lower monthly rent. Perhaps, you might not get a good negotiation if you choose the worst month to rent an apartment. Therefore, it makes sense to take advice from a property manager about the average rent before hunting for an affordable apartment.

Downsizing to a smaller apartment can also lower your monthly rent. For example, you can opt for a one bedroom apartment instead of a two bedroom apartment in an apartment complex.

Many apartment complexes offer move-in specials or discounts for signing a lease early. Be sure to ask about any current promotions or specials when inquiring about an apartment. This way, you can even get a discount for a two bedroom apartment.

The Takeaway

Using the 30% Rule and the 50-30-20 Rule can give you an idea of how much you need to rent an apartment.

However, these are simply guidelines. You should also consider your specific circumstances before moving further.

The key is to find affordable apartments so you can easily pay monthly rent, along with affording other utilities.

So, getting your dream apartment home is still possible with a low budget. Calculate your income and expenses today so you can figure out how much you need to rent an apartment. Once done, it is time to move to your new apartment!

The post How Much Money Do I Need to Rent an Apartment? appeared first on Cass Lake Front Apartments.

Whether you are looking for two bedroom apartments, studio apartments, or a decent one bedroom apartment, a little market analysis is always a good idea. Make sure to avoid signing leases until you have done your homework about the best and worst months to rent an apartment.

Worst Month to Rent an Apartment

Are you ready to start searching for your new apartment? If you plan on moving within the U.S., you should check out similar seasonal trends in order to get a better deal.

It Depends On Your Preferences

Perhaps you have been wondering about the best and worst months for renting an apartment. The answer really depends on what you are looking for.

The Rent

Most apartment hunters’ first and foremost consideration is the rent expectation. That alone would make August, June, and July the worst months to rent an apartment.

The Time Factor and Rent Rates

Most kids enjoy their holidays during the summer months (usually June, July, and August). College students are also at liberty during this time.

Extra Sunlight

Before making any decisions, consider how long it takes to move apartments. No matter how little you have to move, it is still better to do these things in the daytime.

A Lot of Competition

The insights of people moving during the warmer months will tell you just how much demand there is for housing at this time.

High Demand

With many people touring apartments and snapping up whatever they can find, homeowners and agents will go beyond the original asking price. They might get offers to match or even exceed their demands.

Is it a Priority?

If your priority is not a low rental rate, but ease of moving, July won’t be such a bad time to start an apartment search.

Vacant Units

With the moving rates being so high, there should be quite a few units vacant at this point.

It Might Also Be Costly

Do remember that renting in July or the summer months, in general, can cost you over $100 per month more than a winter month rental.

Low Rent in Winters

The winter months, however, will give you lower rental rates since the landlords are trying to fill up their leftover spaces.

Less Choice

While you may be getting a better deal, you also have less choice during these months.

Start Looking Around

The factors that determine the worst months for renting an apartment will also point you towards the best month to look for an apartment.

How to Make an Apartment Search Easier During Summer

There are many reasons why July to September is the only period when you could go hunting for an apartment. There are similar seasonal trends in the rental market throughout most areas of the U.S.

Why Go for the Summer Months?

Here is a glance at a few situations that might prompt you to go for the summer months.

It Depends On Your Current Situation

Overall, your apartment hunting period might have to be during this time due to the following:

Studying in College

You are a college student who needs off-campus housing for the coming fall semester.

You Want to Begin Your Career

You have just graduated college and now need a place to stay while working at your job or finding one to begin with.

You Have School Going Kids

You do not want your kids to transfer schools mid-session due to your moving time.

It Can Be Challenging

So, what do you do when faced with the heavy competition for renting apartments during summer? The rush alone could make June and July the worst months for moving.

How to Make the Transition Easier

There are some tips that might make some steps easier:

1. Prepare Yourself

If you see a decent one bedroom apartment or any other likely apartment style properties, it is wise to lock it down right away.

Finalize Your Decision Immediately

During the summer, you can’t expect a rental to be available even the next day. Therefore, when you go for a tour, you should agree on the final rental price immediately.

Be Proactive

Check out the resale market and try to find out the rates for similar properties rented in the same area.

Take Advantage of the Early Summer

If it is still early summer, you can have a lot of choices. So, do your research. This practice just might help you match your potential landlord’s negotiation leverage.

2. Get Your Documentation Together

Renting an apartment requires you to present certain documentation to the landlord. This includes your proof of income, proof of identity, credit history, recent tax returns, and any reference contacts.

Organize Beforehand

Get all these documents ready and in a file well ahead of time. This might help you secure even those elusive two bedroom apartments in the early summer!

3. Secure the Required Money

When conducting a market analysis, you should consider several financial aspects of renting an apartment. This means considering the security deposit and other demands, besides the original asking price.

Learn the Right Way to Search for Apartments

Once you know how to shop for apartments, it might become easier to handle a landlord’s negotiation leverage, even during the worst months for renting.

Prepare Beforehand

One of the first steps here is to have the security deposit ready before even starting an apartment search.

Why it’s Important

During the summer, you probably won’t get a few weeks to gather the deposit, and then come back to rent a decent apartment.

4. Planning the Apartment Search

If you intentionally plan out your apartment hunting, you might be able to reduce how much leverage landlords have over certain apartments.

How to Improve Your Overall Experience

While it might be a busy time of the year for renting, here is what any potential tenant can do to improve their experience:

Exclude Weekends from the Schedule

Do not book tours on the weekend; this is when almost everyone is able to go out for an apartment hunt – remember, regular employees are also off during that time

Act Smartly

Try to utilize your lunch break, take a short leave in the middle of the week, or do something else to meet landlords when there are off-peak hours

Analyze Your Preferences

Know what you want, but don’t over-complicate it; have a few deal breakers in place and know what to insist upon

Do Not Rush (if possible)

Rushing unnecessarily is not the best way forward; you do not want to end up paying a premium price for a mediocre apartment

Seek Help

Consider the factor of hiring a moving company as well; these will be in high demand when it is warmer and the prices then will also increase accordingly

When is it Wise to Wait?

Overall, if you are planning to find a new apartment during early summer, you may want to consider waiting a little.

It Can Be Tricky

June is usually an expensive time to begin a new rental lease, especially when it comes to the largest housing markets in the country.

Some Helpful Tips

Consider the following observations before putting off or speeding up your search:

Know About the Peak Pricing

Certain regions might have peak pricing for rentals at different points during the year

Wait for Winter if You Want Discounts

If you want to save money, then you should wait for winter (this is when potential landlords might offer discounts due to less traffic on their listings)

The Intensity of the Weather Matters

The lower rent rates will depend upon whether the winter is harsh or not; the number and quality of spaces left is also an important matter to account for

Consider Multi-Year Leases

Consider making a concession to get a better deal — you can agree to multi-year leases from the very beginning (if you plan to stay in the same region for longer)

How Multi-Year Leases Can Be Beneficial for You

With leases for a multiple number of years (with the signature), you will not be subject to major rent hikes in the future – learn when your landlord can increase rent here

The Takeaway

Overall, we might say that there are no categorical best or worst months to find apartments for rent. Instead of thinking in terms of rent alone, consider the advantages you get in choosing summer or winter months. The weather during these months do determine how much leverage landlords get, but it can occasionally work in your favor.

Make sure to know just what you want from your new apartment or apartment-style properties. Along with the final rental price, you have to consider the start of the school year, choices in the properties rented, the resale market, moving flexibility, and so on. Do a thorough market analysis of what these data points provide and avoid signing leases unless you are absolutely sure of getting a reasonable deal.

Is this your first time looking for a space to rent? Be sure to look up what to know for first-time apartment renters!

The post What is the Worst Month to Rent an Apartment? appeared first on Cass Lake Front Apartments.

In the Great Lakes State, there are plenty of apartment homes where you can settle down and start working on your life goals. If you are looking for luxury apartments within reasonable prices, though, look no further than Cass Lake Front Apartments!

Dream Apartment Homes

When you go to Cass Lake Front Apartments, you are in for the time of your life! Even when you drive up to the place, the modern garden-inspired architecture will show you how much pride we take in our daily operations.

Ready to start your ideal lifestyle in Michigan? Have a look at all we have to offer right now.

Where are Cass Lake Front Apartments?

We are located at 1754, Cass Lake Front Road, Keego Harbor, MI 48320. So, your dream apartments are ideally located in between two gorgeous lakes — Cass Lake and Sylvan Lake. It is an excellent place for strolling along, running errands, and letting children play in natural surroundings.

There are many reasons why Cass Lake Front Apartments is in the top location for most of its residents. Here is a quick glance at just a few of the perks on our property:

●        Easy access to highways and other forms of transport

●        Easy access to shopping centers

●        Further shopping opportunities available in nearby big cities (including Detroit)

●        1 and 2-bedroom apartments are close to the city center and much more

●        Planned outdoor activities, as well as open space for a healthy lifestyle

How Did We Start?

Keego Harbor initially began as a resort for tourists and other visitors. With time and progress, it is now a quiet and charming place, perfect for settling down and raising a family.

At Cass Lake Front Apartments, we are aware that a family or couple needs decent sized bedroom apartments for their living needs. The same goes for retired individuals or young professionals.

To this end, we aim to provide a comfortable, safe, and welcoming environment for all kinds of residents. Take a detailed tour, and then check out how long it takes to move apartments. You would want to upgrade right away!

What Do You Get in Our Dream Apartments?

Our dream apartments have a lot to offer, with two floor plan options for different requirements. These are as follows:

• Our 1-bedroom apartments for rent floor plan: The size of our one bedroom apartment units is around 750 square feet, and their rent rates start at $975 per month.
• Our 2-bedroom apartments for rent floor plan: If you are in search of two bedroom dream apartments, Cass Lake Front Apartments has you covered. This slightly larger unit covers around 950 square feet, with rent starting at $1,100 a month.

No matter what floor plan you choose, you will have an impressive new living space in Keego Harbor, Michigan.

What is Inside the Units?

Our rent rates are below the local average, so you can expect to get the best experience at the best prices. All of our dream apartments have been painstakingly designed for convenient living. This way, we are also ensuring that our apartments are built keeping in mind the latest trends.

Whether it is the one bedroom or two bedroom apartments for rent, each of our floor plans includes the following:

●        A spacious living room with air conditioning

●        An oversized door leading to the balcony or patio

●        A beautifully appointed kitchen, complete with gorgeous custom cabinetry, granite countertops, and brand-name stainless steel appliances

●        A convenient dining space, perfect for quality family time or having company over

●        A spa-like bathroom with brass fixtures

●        A large master bedroom that can fit a queen or king sized bed

●        Plush carpeting or hardwood flooring

●        Large walk-in closets

Differences Between our Floor Plans

Our two bedroom unit offers a few additions to the standard one bedroom option.

The biggest difference, of course, is the second bedroom. This is necessary if you need a lot of space as a couple or single individual, or if you have a small family to consider. A second bedroom also works great as a home office, home gym, and several other uses.

The kitchen is larger in the two bedroom unit as well, with the same quality stainless steel appliances. You get more window space and an extra closet for all your stuff.

Some things remain the same, though. The energy-efficient lighting is one of them, and you get the same shower and tub combination in the bathroom. The one bedroom living space features air conditioning as well. There is no compromise even in the smallest apartment at Cass Front Lake Apartments.

We know it can be hard to fit all your belongings in a limited space. This is why we have made this guide to help you maximize space in a small apartment.

What Makes Our 1 and 2-Bedroom Apartments Stand Out?

When you choose Cass Front Lake Apartments, you get the best designer touches in town! Just a few of these include:

• A neutral color palette so that you can apply your individual tastes and preferences
• Hardwood flooring that is suitable for both children and pets
• Carpeted bedrooms for maximum comfort
• Gourmet kitchen in some units
• Garbage disposal
• An efficient system for both air conditioning and heating
• All units ready for cable and internet hookups
• Easy bill payments with the Cass Lake Front online resident services portal
• 24-hour apartment maintenance services

Needless to say, Cass Front Lake Apartments is dedicated to your comfort and convenience. Our dream apartments aren’t just places to live. These are proper homes where you can live to the fullest.

What is There To Do in Keego Harbor?

Once you have toured our dream apartments and selected your living space, what kind of a life can you expect? Fortunately, Keego Harbor is one of the best places to live for many people in Michigan. Here are just a few reasons why you will be living your best life in our apartments:

• Quality Educational Opportunities: The highly-ranked Keego Harbor schools ensure that your kids get stellar educations. Some of these schools are nearby Cass Front Lake Apartments, so the school experience should be hassle-free.
• Lower Crime Rates: At Cass Front Lake Apartments, we are proud to offer our residents a safe and secure place to live. There are precautions in place, but the area in general is a quiet and safe one where families can flourish.
• Best for Nature Lovers: Along with the nearby lakes, Cass Lake Front Apartments are also near several natural trails, parks and rec, and other recreation areas. These are perfect for family picnics, exercises, walks, or a relaxing time surrounded by nature.

Some More Activities To Do in Keego Harbor

According to online sources, the walk score for Cass Front Lake Apartments is around 69 out of 100 for now. The bike score stands a bit lower at 59.

The walk score here means that this area is quite safe and suitable for walking. Some errands are easily accomplished on foot, while you may need a bike or car for others.

The bike score means that there is some bike infrastructure. However, you can’t ride your bike everywhere.

Along with the amazing amenities on our property, you can also expect several services at a convenient distance.

When you are in need of some pampering, for instance, check out the best nail salons Keego Harbor, Michigan offers.

More in the mood for a delicious meal that you don’t have to cook? Take a look at the top Italian restaurants in Keego Harbor, MI or some of the other excellent Keego Harbor restaurants.

Start Your Ideal Lifestyle Today!

You may start by asking the question: “Should I Move to Michigan?” Since there is so much to benefit from this beautiful state, we have no doubt that you will make the decision to move very soon.

Before you do, make sure to tour our dream apartments and book one for your very own. With our world class community perks and friendly atmosphere, you can be sure of achieving your better living goals.

Ready to see our one and/or two bedroom apartments? Contact us and book an appointment before our dream apartments get snapped up.

The post Come Find Your Dream Apartment Homes appeared first on Cass Lake Front Apartments.

The initial security deposit, first and last month’s rent payment, and other apartment move-in fees also count – but most of these are just at the beginning of the lease agreement. The monthly rent will take out a large chunk out of a tenant’s gross income each month, so it needs careful consideration before renting an apartment.

Several Ways to Pay Rent on an Apartment

As a potential tenant, you need to ensure that the matter of rent payments is sorted before signing on the dotted line. Your potential property manager or apartment complex might already have a set of rules on the matter.

Know the Options

It helps to know the various options available for occupying a rental property. This way, you can be sure of having enough money to make the rent payments each year, saving embarrassment and possible late fees. It will also help to budget for the future, which can be a great help with rising costs everywhere.

How to Pay Rent for an Apartment

There are several solutions available for facilitating regular rent payments to your property owner or landlord. Whether you are a first-time apartment renter or not, knowing about these solutions can really help out.

You may also be wondering if you should rent a 1-bedroom apartment, have only a shared apartment, or live in studio apartments.

Wondering what the choices are and which ones are the most beneficial?

Let’s find out now!

1. Pay Rent Online

A large percentage of American renters are behind on their rent payments, but an online system helps to keep track of these issues. There might be different systems available. They usually entail the tenants putting in the required information and making the payment without having to go anywhere.

Features

Online rent payment services also provide features such as reminders, notifications, warnings, and other automated nudges. Tenants might even be able to link their bank account to the service and send proof of a direct deposit once they make the payment.

Saves Time and Hassle

When landlords or  property managers set up an online rent payment service, this shows that they are valuing the tenants’ time and peace of mind. There might be a small fee for such services, but that should not matter if the dealing is smooth.

2. In-Person Rent Payment

Some apartment communities have a landlord’s leasing office on-site or very near the main property. If you are considering such a place, you would probably appreciate the convenience. Not only should it be easy to submit the rental application, but you can also make your payments directly to the office. This may be in the form of a personal check, a money order, or even cash.

Method of Payment

The exact method of payment here will depend on the apartment management. However, this should not be the only means of rent collection. You might be traveling at times or busy with the holidays. Many apartment communities will have some sort of alternative, so make sure to ask your rental agency and the property management before committing.

3. A Mailed Check or Money Order

As a tenant, you can mail in a money order or check to your landlord. This could be a physical check or one generated through your bank’s services.

The Downside

While this is a reliable and traditional method most of the time, it does make for a lot of frustration and delay at several points. The weather might not allow timely mail delivery or affect the operating hours of the post office. The same goes for the holiday season and many other factors.

Where Can You Get a Money Order?

You don’t necessarily have to visit the bank to get a money order. They are a fairly old means of payment, but this option might still be available at check-cashing stores, the USPS, convenience stores, large grocery stores, pharmacies, and payday loan stores.

If you do pay by money order, make sure that your name and the landlord’s name are both on the document.

4. Electronic Transfers

Automatic Clearing Housing (ACH) electronic transfers are the most common option here. Some banks may provide such services, however your landlord does need to coordinate the system with their own bank account as well.

Fees

If you do go for this process, keep in mind that it will require certain information and updates over the years. While the service itself is convenient, it can become problematic if the information is not regularly updated. Banks may also charge a high fee for such services, but it varies according to location and branch.

5. Online Money Transfer Services

There are several money transfer services that make it both easy and safe for tenants to pay their rent. These usually require just an email address shared from the recipient’s side. Let’s have a look at some of the most popular examples of such services:

Zelle

This is quite a common method of transferring funds to and from various bank accounts. However, there are a few drawbacks to this service.

Zelle isn’t available for many business and some personal accounts. This means that while it may work for you, it may not work well for your landlords. You will have to ensure that the other party is willing and able to accept such payments before making this your default method.

‍Venmo

This is another popular payment method performed through an app. However, its popularity is usually due to the ease in which friends can pay each other back for a shared meal or coffee at a restaurant.

The Downside

Venmo might work for rent payments, if there is no other option, but it is far from the best method. That is because the service providers don’t offer protection against any kind of errors. In case you use an incorrect Venmo address, there is no way to get the money back unless the recipient is kind enough to send it back. Plus, there are transaction fees if you are using a business account.

Apple or Google Pay

These payment methods are yet another means of paying your rent online. They are convenient if you already use services from Apple or Google. However, your landlord might not be updated on either options or familiar with their interfaces.

Plus, Apple Pay requires an Apple device to accept any payments. If your landlord does not have an Apple device or is outsourcing their rent collection work, this could be a frustrating obstacle.

Electronic Invoice Platforms

Just a few examples of electronic invoice platforms are Square, Stripe, and PayPal. These electronic platforms have additional features, such as reminders for paying rent and tracking systems for the payment timings.

The Downsides

On the downside, though, there are some considerable transaction fees with these services. Since they can really add up, landlords may not want to go for such services.

There are also some delays when you use such invoice platforms. These could be up to three business days or even longer. The delays could cause issues in bookkeeping and cash flow on both sides.

A Bit More About Online Payment Platforms

These online payments are also called peer-to-peer or P2P payments. The means of payment is usually your bank account, credit card, or debit card.

When it is time to pay your landlord, you can simply enter their email address, mobile number, or other relevant information. Then, type in the required amount and transfer the funds. Debit card or credit card payments usually have an attached fee.

Why Might Online Payment Be the Best Option?

While these payment methods may not be the most ideal option, they do have undeniable advantages. The greatest of these is that there is no need to physically go to an office or bank to pay rent. You also do not have to go through the hassle of paying rent by mail, which could be subject to unpredictable delays.

6. Cashier’s Checks or Bank Drafts

These checks or bank drafts are physical paper payment forms that you can get from a relevant financial institution. This could be a bank or credit union, which will write the cashier’s checks and bank drafts and guarantee that the landlord will be able to cash them in.

The Pros

Unlike a personal check, these cashier checks and bank drafts won’t bounce. They are written against the funds of the credit union, not the tenant. However, the tenants should have enough money in their bank account to cover the monthly rent. Only after withdrawing the amount does the bank write the cashier’s check. This way, there won’t be insufficient funds against the check.

7. Direct Deposit

A direct deposit is a method that allows you to electronically pay rent (or any other payment) directly into the other party’s bank account. This method differs from EMTs or email money transfers. The latter only requires an email address to send the money, while a direct deposit requires the sender to have the account number of the recipient.

Credibility

While this is a viable payment method, it will only be an option if you and the landlord have established trust in your relationship. For a regular landlord-tenant connection, account numbers are usually not shared due to the risk factor of such personal information.

8. Certified Checks

Certified checks are issued by a financial institution. They are signed and stamped as proof of verification. They are a bit like cashier’s checks, but there is a difference.

Basically, the tenant will go to the bank and ask them to make a certified check for making the rent payment. The bank can then charge a small fee for making this check as part of their services. They will ascertain that the tenant really has enough funds in their account for paying the rent.

Good for Landlords

Unlike the cashier’s checks, the bank does not withdraw the funds in the tenant’s account here. It simply issues the check that has proof of the funds. This way, landlords will have more confidence that they will get their payment through this check.

Are Certified Checks Reliable?

These checks are more reliable and secure than regular personal checks. However, they are less secure than bank drafts, money orders, and cashier’s checks. Some banks will hold the required funds to make sure that the certified checks are cleared, so that makes the process more reliable.

Its Less Convenient

While this method might help you build a trust relationship with your landlord, it is not the most convenient option. To get the certified check, you will have to visit the bank’s branch in person. A monthly visit to the bank can get pretty inconvenient, especially around the holidays or when you are traveling.

Why Should You Go for Certified Checks?

Some landlords may require certified checks or something more secure for certain tenants. They might do this as part of their policy or due to the low credit score of a tenant. You may also have to provide proof of income when renting as a self-employed person.

The Takeaway

When you enter an apartment lease agreement with a landlord or property manager, you usually have to go through a credit check. There should also be proof of annual income, evaluation of your credit score, and other aspects to consider.

Keep in mind that the lease agreement is a legal document, so you should be absolutely sure of being able to cover both rent and moving expenses. If this is your first time moving, it is worth knowing about the deductions from your security deposit.

The payment methods above may not be all the available options for your particular situation. Some might be easier and more secure than others. The convenience factor is also important. In some cases, your company might rent an apartment for your accommodation needs. No matter what you think your rent payment situation might be, always make sure of the details before signing anything.

The post How to Pay Rent for an Apartment appeared first on Cass Lake Front Apartments.

So, can your company do something similar for you? The answer could be “yes,” but it depends on who you work for. Small businesses usually won’t be able to afford such a benefit, but larger organizations may have employer housing for you.

Why Would a Company Rent an Apartment for Their Employees?

There are many reasons why an employer company may want to provide something more than a designated workplace for some employees. Here are some of them now:

Convenience

For some companies, the business purposes require having staff on-site. Think about universities and other institutes offering higher education.

Employers may want to attract certain employees and keep them within their workforce for as long as possible. At certain levels, a higher salary may not be good enough. So, providing a new residence is a major benefit to ensure employee loyalty.

Benefits to the Company

Some workplaces might find it easier to conduct business if they have certain employees living nearby or on-site. For instance, a property owner may require someone from the management company to be on the premises at all hours if they are running an apartment complex. This gives them a personal guarantee that someone responsible will be present to manage all situations at any hour of the day.

Helping Out During Hardship

If an employee is facing undue hardship at a certain point, they might not be able to find a suitable rental property for their needs. This is most likely in the case of disability.

The employee might be an old and loyal one for the company, and still valuable for their services in spite of their hardship. In such cases, their employers may consider paying rent for more accessible accommodation within local zoning laws. This will ensure that the company retains their employee and the employee can keep working despite their hardship.

Temporary Working Location

If your job requires you to work in a temporary location for some time, they might pay rent for that time. This way, you wouldn’t have to worry about how much income is required to rent an apartment in that area.

For example, an employee in Michigan might have a permanent residence in the city of Detroit. However, if their company has to send them to work in Phoenix for some time, they will pay rent for all accommodation required during that period.

Since employee benefits are usually considered as part of the income you earn, they are also taxed by the government. However, employee housing might not be taxed in certain situations. Even in such cases, you should still be informed about what bills to expect when renting an apartment.

Can My Company Rent an Apartment for Me?

It might be possible to provide income for rent when self-employed. However, it is a great load off your back when your employer agrees to rent an apartment for you. Paying rent is one of the biggest monthly expenses for many individuals. So, saving on that hassle will be an attractive perk of any job.

Here are the ways in which your employer might choose to rent an apartment or arrange some other type of rental property for your accommodation needs:

1. Providing Housing for the Benefit of the Employer

If an employer wants to provide housing for their own business purposes, they might be able to get taxes waived for it. This applies in the following situations:

• The housing is provided for the employers’ business interests – there should be a direct link between the employee living in an apartment and their role at the company
• It is required in the employment contract and the employee accepts that money in lieu of an apartment will not be viable
• The apartment is located on the company’s business premises (the employer should also own these premises), with the apartment being an integral section of the property

The Necessary Documentation

If the apartment is to be nontaxable, the employer needs to file some documentation. The requirements may vary from one location to another, but we may expect to provide at least the following:

• The employee’s responsibilities within the employing company
• An apartment description
• The various reasons why the employee needs an apartment in order to properly perform their work at the company
• The terms in the contract between employer and employee
• A thorough list of all services and utilities (taxable and non-taxable) that the employee receives while residing in the apartment

What if the Apartment is Not on the Business Premises?

If the apartment is outside of business premises, there are additional required steps. In this case, you will have to make a log of the activities in the unit. For tax purposes, there needs to be evidence that the apartment is utilized for work-related activities.

The apartment may also be under a management company rather than the employing business. Again, the exact requirements will depend on where the apartment is located and the contract between the employer and business.

2. The Employee is Working in a Temporary Location

We have already talked about how a company might pay rent for an apartment if the employee is in a temporary work location. Again, this setup might be subject to tax exemptions. However, there are several aspects to consider before anyone can get these benefits:

• The required work is at a considerable distance from the employee’s permanent or regular residence; this usually means that it needs to be outside the area or even the whole city where the employee usually works
• The project or assignment must not be planned for a longer time than one year; if the employers are not sure about the end time of the work or want the employee to go for more than a year, the apartment will count as a regular tax home (in this case, the rent paid will fall under taxable criteria).

Additional Benefits

• The main or tax home will be determined according to the number of hours, source of income, and the activity level of the employee at the various locations. For instance, if they have to live in a Michigan apartment for nine months with an income of $50,000, but have a permanent residence in California with $20,000 earned during the rest of the year—the Michigan unit is not tax-free.
• Regarding the last point, the Michigan apartment might get a tax-free treatment if the employee is hired for a certain project that does not extend to a year. In this case, they will have to prove that they have a tax home in California already.

3. The Provided Apartment is within an Educational Campus

Several academic health centers or higher educational institutions prefer to have some of their staff on premises at all times. Part of the university experience is having professors living on the same campus and being easily available for student interaction, events, etc. The employers in such institutions may provide already paid-for apartments or offer discounted rental rates.

Tax Exemptions

There will usually be tax exemptions for approved apartments if they are situated in the premises of an educational organization. However, this exemption will usually be for the amount in excess of the lesser of the following:

• 5% of the approved apartment’s appraised value
• The average rent for the housing or the fair market value of property that the educational institution provides

As an example, someone who works in a college (that owns apartments in or near the premises) might be able to live in a unit with a low rental rate. Around 5% of the apartment’s appraised value can be counted as a nontaxable benefit in such cases.

4. Considering Housing as a Fringe Benefit

An employer may provide housing as part of the fringe benefits offered to desirable employees. They may also do this to retain an employee who is considering a resignation due to housing issues.

In both these cases, the IRS will usually consider the value of the housing as a taxable benefit. This will be part of the employee’s taxable income. Whether it is housing that the employer pays rent for or a housing allowance, it needs to be reported and included while filing taxes.

Some employers may offer a choice between a higher pay and housing benefits for their employees. Even in this situation, the lodging will be taxable due to the choice available.

5. Taxes on Employer-Provided Housing

If the housing an employer provided does not meet the IRS requirements that are necessary to exclude it from wages, it will fall under taxable fringe benefits. These might give rise to taxes such as:

• Federal income tax
• Medicare tax
• Social Security tax
• Federal unemployment (FUTA) tax

In some states, the general valuation rule applies when we want to determine fringe benefit values. This means that we have to look at the fair market value of housing at that point. This is possible by doing the following:

• Finding out the value of similar housing within the same area
• Asking a realtor to estimate the value of the housing
• Getting a property appraisal

6. Employees in a Tenant Status

If an employer owns some property, they might want to rent it out to their employee. For this to be a housing benefit, the rent should be reduced or eliminated altogether. They may also simply require the tenant/employee to pay the security deposit or just waive all fees.

In such cases, it is best to make a proper signed agreement between the landlord and tenant. This process should also be applied to each employee who gets the housing benefit. The lease agreement needs to adhere to the local laws for regular rental property. Learn how to read an apartment lease here.

The Takeaway

Having your rent paid by your employing company might be a dream come true for many folks. However, this does mean that you may have to settle for a relatively lower salary or relocate according to the company’s needs. However, it can all be worth it, especially if you get one of the top 5 apartments in Oakland County with utilities included!

At the end of the day, you have to make sure that your work performance is up to the mark. A company may rent an apartment for a valuable employee, but they will also demand proper input in return. At the same time, you should also ensure retaining the security deposit and making sure there are no complaints from the property owner. Size may also be an issue, so do find out how to maximize space in a small apartment.

The post Can My Company Rent an Apartment for Me? appeared first on Cass Lake Front Apartments.

Why Should You Ask ‘How Long Does it Take to Move Apartments?’

Before the closing date and the actual moving day, you have to make a lot of important decisions. Even if you have a studio or one bedroom apartment, a lot of stuff can accumulate over time.

By asking the question ‘how long does it take to move apartments’, you can start streamlining the moving process.

The Decisions

With a proper analysis, you can start making decisions about:

• Whether to hire professional movers, moving companies, etc.
• Where to save time and effort
• When to start packing up your old apartment
• Whether to set aside more time, especially if you’re moving to a new house
• Schedule time according to truck accessibility, apartment size, etc.

Along with the points above, make sure that you know about the expenses when moving into an apartment.

How Long Does it Take to Move Apartments?

When you tell your landlord about your intended move, don’t just give two weeks’ notice. Ideally, the porches of packing up and organizing your belongings should start six weeks before the move-out date. You may require more or less time than this, depending on the size of the rental property and other factors. One of those factors is if you’ll have movers help you pack your belongings; MoveBuddha offers a helpful cost guide that makes it easy to figure out what you should budget for this service, as well as what to expect from the process.

Have you found just the right apartment for your next stage in life? Wondering how long it will take so that you can plan ahead? Check out the following factors and keep them in mind!

1. The Intended Time Frame

If you are hiring professional movers, they will probably provide you some guidelines according to your apartment size. They might look something like this:

• Two to three hours for a studio apartment or one bedroom apartment
• Three to five hours for a two bedroom apartment
• Up to seven hours for a three to four bedroom apartment
• Five bedroom apartments and larger might take around eight to ten hours, or more

Estimates

The guidelines above are estimates based on the standard sizes of apartments. If a certain apartment complex or community has larger or smaller sizes, moving companies will probably revise the estimated times.

Some apartments may also have unique features like long hallways, walk-in closets, etc. These might increase the packing and moving time.

General Time Frames

With the proper time frame, companies can better gauge how many hours and manpower they need to dedicate to a move. They will then give you quotes accordingly.

May Not Take Everything into Account

The estimated time frames from a company may not include every corner of your old home. Make sure to get quotes for different levels of services, if possible. These could include:

• Packing services
• Loading and unloading services
• Deep cleaning (here are some tips on how to deep clean an apartment)
• Handling fragile items

When you get to your destination, these guidelines on what to know about moving into an apartment will help out. The movers you hire may not take into account certain details, like cleaning your apartment. So, make sure to include that during initial discussions.

2. The Details of Moving

Many aspects of a move might speed up the overall process or slow it down. Let’s have a quick look at them so you can see if they are applicable to your particular situation:

The Internal Aspects

• Apartment Size: This one is pretty obvious; unless there is a hoarding problem at hand, a smaller apartment is usually quicker to pack up and move out of than a larger one
• The Boxes: If you hire movers just to load and unload boxes, keep the boxes ready beforehand; the number of boxes will obviously affect the time it takes to handle them

Furniture

• Furniture: Some people have a sparsely furnished apartment, while others don’t have much; the size of the furniture pieces also matters (learn how to arrange furniture in a small living room apartment here)
• Assembling and Disassembling: Your furniture  may require a lot of dissembling, which will take up time both while packing up and setting up the new place

The External Aspects

• Truck Accessibility: If the movers have to walk far to reach the truck, the whole move might take much longer than anticipated
• Weather Issues: Rainy weather, snow, sleet, and other factors can slow down the moving process

Fragile Items, Stairs, and Walkways

• Items to Pack: Other than the furniture, you also have to pack loose items and fragile pieces very carefully; the more you have, the longer things will take
• How many flights of stairs you will have to handle in both the new and old buildings
• Accessibility of a working elevator and its size
• The presence of walkways or long hallways in both places

The Assistance and Distance

• How many people are helping you to move-out and move-in – the more you have, the quicker things should be (although it really depends on how reliable and experienced they are)
• The distance you have to travel (including back and forth trips, if applicable), with traffic and weather conditions potentially delaying the route

Take a Breath

Even after you have considered all these factors in your planning, allow for a little extra time. This leeway period can be a blessing in case there is an unforeseen event that slows everything down. Those extra two weeks or three weeks will also give you a chance to plan and maximize space in a small apartment, if necessary.

3. Make a Timeline

If it’s been some time since your last move, you may have forgotten certain lessons from any past experiences. Plus, you may have either accumulated more stuff than before or downsized to a more minimalist lifestyle. With this in mind, you may not know just what steps to take and how long everything will take.

To make things a little easier for yourself, make a timeline and plan for the impending move:

Locate Your New Apartment

If you do not want to renew your current lease, start your apartment search a few months in advance. The end goal should be to book a place at least a month before the end date of your lease.

Informing Your Landlord

Most landlords will require a notice of at least 30 days. Yours might have other terms; in some cases, the notice period is around 90 days. To avoid penalties and retain your security deposit, make sure to check your contract and plan accordingly.

Hire a Company

When you book your new apartment, hire professional movers for the intended moving dates. Once you have a set time period for moving and experienced movers helping out, the process will be less stressful.

Organize and Declutter

Take inventory of what you have right now and declutter your belongings as much as possible. Organize everything into three or four piles – keep, throw away, and donate/sell. Ideally, one should begin this process six weeks before moving out (see: how to declutter your apartment).

Changing the Address

You will have to transfer utilities and submit your change of address as soon as possible. This step will ensure that your mail gets to the new address. Plus, you will have the power and heat working properly when the move-in is complete. Start this process around two to three weeks before the moving date.

Start Packing

Your packing should begin around a month before you plan to move. This way, you won’t be so stressed a few days before the big day. Spend just a few minutes packing one or two boxes; leave one empty for the essentials that you have to keep out until the last moment.

Clean Up

If you want to get your security deposit back from your previous landlord, start a deep clean some days before moving out. Not only will this increase your chances of getting most or all of the deposit, but will also end things on a positive note (see: how to deep clean an apartment). You do not want to burn bridges or leave your previous landlord on unpleasant terms.

Consider the following steps while deep cleaning your old apartment:

• Use putty to fill up nail holes
• Use a magic eraser to do away with scuff marks
• Clean and scrub the bathroom, especially the fixtures and tub
• After emptying the cabinets, wipe them and let dry before closing their doors

The Takeaway

At the end of the day, it is best to plan ahead and not leave anything to chance if possible. You may get a lot of advice from friends and family members. Unless they have had a similar moving experience fairly recently – with apartment sizes, finances, and furniture comparable to yours, they are probably not qualified to guide you properly.

Instead, go for professional movers and packers who can help in making the whole experience as smooth as possible. Once you are settled in your new place, don’t forget to read up on how to get your apartment to smell good!

The post How Long Does it Take to Move Apartments? appeared first on Cass Lake Front Apartments.

Why Pass an Apartment Inspection?

The apartment inspection will hopefully get you your security deposit back, but it is also for helping out the landlord, property manager, and any potential future tenants. Nobody wants broken appliances or broken windows in the apartment they are renting out.

This is why you, as a tenant or former tenant, have to keep up with the terms of the lease agreement. Part of this will outline what you have to do to maintain the apartment and make it presentable on a regular basis. Learn how to read an apartment lease here.

What Does a Landlord Look for in an Apartment Inspection?

The property manager gets the reassurance that they will not have to pay for any deep cleaning services, repair large broken appliances, or deal with anything other than normal wear and tear in an apartment.

Since this is much more than a routine inspection, the landlord must look for serious issues and ensure that the apartment is in good shape.

Here are a few specific points that you should consider beforehand:

Any signs of breaching the lease

The landlord or manager will check for pet hair, which might be a sign that you are breaking the no-pets clause. If the lease does not allow smoking indoors and you break that clause, the signs will be pretty evident. There will be a certain kind of odor, the window panes might be yellow, and there might be tobacco stains on the furniture.

Broken appliances

This applies to the appliances that were in the apartment on the move-in date. While normal wear and tear will break or damage some appliances over time, most landlords can only hold you responsible if the damage was out of the ordinary.

Broken walls or windows

Both of these are issues that present a threat to the safety and comfort of a home. They need urgent fixing before renewing any lease or allowing a new tenant to come in.

Warped or otherwise damaged flooring

Damaged floors are not just unsightly, but they can also present a tripping risk. Units with hardwood floors are more vulnerable to this issue. That is why it makes sense to keep an eye out.

What Happens if You Fail an Apartment Inspection?

Now comes the big question of what will happen if we fail an apartment inspection. Wondering what you should brace yourself for? Let’s have a look.

1. Difficulties in Finding a New Home

If the apartment inspection took place due to your action of moving out, failing could make it harder to find a new place to live. Your property manager or landlord may not give a recommendation to future authorities. A lot of places require your rental history, so you may not even stay on the list of potential new candidates for your desired apartment.

2. Forfeiting the Security Deposit

As we have mentioned before, you may not get your security deposit back. Or, at the very least, you will not get all of it back. The landlord or manager could keep a part of it back in order to pay for the required cleaning of your apartment or repairs you have left in your wake.

That security deposit also will not come in handy towards getting your new apartment. In a nutshell, you would be back to square one and have to save up for a new deposit, first and last month’s rent, etc.

What To Do About It

At the end of the day, it is usually better to ensure that your security deposit for an apartment is refundable. Even if you can afford to lose it, it is not wise to leave your previous apartment on negative terms.

3. Lease Not Renewed

If you want to renew your lease, but fail the inspection, the owner might deny your request. This will leave you in the lurch, scrambling to find accommodation for the near future.

Here are a few ways to make sure you are not in the unenviable situation:

Before Signing the Lease

• Make sure to read the lease conditions before signing it in the very beginning
• Ask a lot of questions before the actual signing
• Make sure that each condition is clear and that you understand them completely
• See if you are willing to comply with each condition and can fulfill them all

Know About Further Expectations

• There might be the usual restrictions about indoor smoking and an apartment pet policy, but some unusual requirements as well – for instance, you might be expected to mow the lawn or not be allowed to grow certain plants

After Visiting the Apartment

• Make a list of any damage that was already there upon your move-in – stains on the wall, a cracked pane; it is even better if you took pictures and sent them to the manager right away. Keep them safe so that you have proof during the apartment inspection.
• Regular maintenance and cleaning to prevent permanent stains, broken things, etc.

Be Proactive to Avoid Failing the Apartment Inspection

If you have made some changes to make an apartment feel like home, use the right equipment to quickly repair the minor damage. Fill in any small holes you have made with spackling paste before the inspection, make sure to use painter’s tape during a painting project, invest in a steam cleaner, and so on.

4. Receiving a Written Notice

If you fail an apartment inspection, you will first get a written letter outlining all the deficiencies that cause the failure. If possible, you may request a re-inspection at a later date.

5. Annual Inspections and their Aftermath

Most apartment complexes have at least a yearly inspection. If you fail this, your reinspection will probably be scheduled for at least 35 days in the future. The actual repairs should take place within at least 30 days.

The Letter

The letter about the failed inspection should reach both the tenant and the property owner. This will ensure that the person in charge of the repairs should be aware of them well in time. If there are any emergency repairs to make (learn what is considered emergency maintenance in an apartment here), they might only get a grace period of 24 hours.

Responsibilities of the Owner

It is up to the property owners to ensure that all the repairs are up to date. They also have to make sure that the tenant or owner (whichever is required) is present when the repeat inspection takes place.

6. A Possible Abatement Status (for Some Areas)

If no one is present at the time and there is another failed inspection, the present unit will fall under the “Abatement” category. This means that the owner of the property will get a notice from the relevant inspection company about losing out on some assisted payments until the next month or until they can make the unit pass inspection.

Contract Termination

If the apartment stays in this status for too long, the landlord might get a termination letter. The tenant may then get a notice to look for housing elsewhere. In this case, the tenant will have to pay the entire contract rent after the contract termination date if they don’t leave the unit.

7. Paying Specific Fees

Instead of losing the security deposit (or if the deposit is not enough to cover the damage), you may have to pay specific fees after a failed inspection. Here are some examples:

Cleaning Fees

Growing mold, permanent stains, and other issues could lead to major cleaning fees on your part. To avoid this, you might want to perform a deep clean before the inspection yourself.

Smoking Fees

A lot of rented units have contract clauses that prevent tenants from smoking indoors. This makes sense, as smoking can lead to discoloration and damage as well as being a fire hazard. If there is evidence that you have broken this clause, you may need to pay up for cleaning, repairing, or even replacing certain items.

Paying for Water Damage

You may not be directly responsible for water damage caused by leaks, seepage, inclement weather, or weak structures. However, you are responsible for alerting the people in charge of repairing such issues. If you neglect this, you may have to deal with the damage on your own in order to avoid a failed inspection.

The Takeaway

Getting your security deposit back is a great perk of living in an apartment. This can help you with the deposit for a new apartment, or perhaps, even a down payment for your own home! If you want that deposit back or that lease renewed, though, this might be the time to get out that stain remover or call a professional to check out any damaged flooring.

One can’t really blame the landlord for wanting everything to be perfect for the next new tenant’s move-in date. If you do not want to suffer penalties for failing an apartment inspection, now is the time to repair, maintain, or work on anything outside of normal wear and tear. Here are a few maintenance tips for apartments that can help you pass that apartment inspection with flying colors!

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