Most landlords in various states will not use the security deposit for a number of things. For instance, the security deposit can't be used for repairing general wear and tear or unsightly looking markings that existed in the apartment or home before you moved in it. The security deposit can't be used for cleaning your rental unit. Also, a rental agreement or lease should never say that your security deposit is non-refundable. Why would it be? There is no way to know in advance if you or your tenants will damage the apartment and will need to cover those repairs with the entire amount of the security deposit.
The security deposit is used to cover damages after you have been there, unpaid rent, cleaning the rental unit after you moved out, and it is also used to cover the cost of restoring the suite, replacing furniture, keys and other items that were on the property before you arrived. Read your lease contract to be sure what other things the security deposit is supposed to cover.
Nicholl McGuire
Wednesday
Apartment Shopping: Know What You're Paying For Before Lease Signing
Distracted by the glitz and glamor of a nice, clean community, a potential resident walks into a leasing office and says,"Hello, I'm interested in a two bedroom apartment, can I look at one?" The leasing consultant answers, "Of course! How soon are you looking to move?"
The excitement and stress of looking for a new place to stay can be overwhelming, but definitely worth it when you find what you are looking for. But how much space do you really need and is it necessary to pay extra for things you know you aren't going to use?
When apartment shopping, the leasing consultant may or may not mention the following during your tour, but you might be paying extra for them:
1. "The monthly rent is...plus utilities." You should be wanting to know how much more in addition to rent is the electric, water, trash, or whatever else you might have to pay fees per month. Are you also paying for additional services when you don't really have to? Notice the wiring, heating, and air conditioning units (separate or shared) and other connections. Ask how much utilities like electricity and gas typically cost per month.
2. "We offer a service to our residents..." Did your tour guide mention "FREE"? If not, you most likely will pay extra for that service whatever it might be.
3. "In addition to paying for...you will also need..." "How much is that going to cost and do I really need it," you should be thinking.
4. "Our community has a pool, sauna, jacuzzi, party room, business center, concierge service, work-out facility, play area..." The more features the property has, the more the residents will pay in rent. Will you be utilizing all of these features?
Too often people realize soon after paying the first month's rent and utilities that they didn't need everything that was offered to them. Then what usually happens is the resident wants something smaller or desires to move elsewhere because "...they don't charge for water...I don't have to pay for any additional services..." Unfortunately, most community managers will not let a new resident out of his or her leasing contract because of buyer's remorse.
The excitement and stress of looking for a new place to stay can be overwhelming, but definitely worth it when you find what you are looking for. But how much space do you really need and is it necessary to pay extra for things you know you aren't going to use?
When apartment shopping, the leasing consultant may or may not mention the following during your tour, but you might be paying extra for them:
1. "The monthly rent is...plus utilities." You should be wanting to know how much more in addition to rent is the electric, water, trash, or whatever else you might have to pay fees per month. Are you also paying for additional services when you don't really have to? Notice the wiring, heating, and air conditioning units (separate or shared) and other connections. Ask how much utilities like electricity and gas typically cost per month.
2. "We offer a service to our residents..." Did your tour guide mention "FREE"? If not, you most likely will pay extra for that service whatever it might be.
3. "In addition to paying for...you will also need..." "How much is that going to cost and do I really need it," you should be thinking.
4. "Our community has a pool, sauna, jacuzzi, party room, business center, concierge service, work-out facility, play area..." The more features the property has, the more the residents will pay in rent. Will you be utilizing all of these features?
Too often people realize soon after paying the first month's rent and utilities that they didn't need everything that was offered to them. Then what usually happens is the resident wants something smaller or desires to move elsewhere because "...they don't charge for water...I don't have to pay for any additional services..." Unfortunately, most community managers will not let a new resident out of his or her leasing contract because of buyer's remorse.
How Can We Make this Right? When Residents Threaten to Leave
Sometimes issues will come up prior to lease renewal that need to be addressed. But unfortunately, at some properties, apartment staff are slow about handling resident requests due to a number of things including having less than competent workers and worse, they are simply forgetful!
"I apologize Ms. Jane, I was meaning to get that done, thanks for calling and reminding me," the leasing consultant says. Now our fictional resident Ms. Jane may be understanding now, but when it's time to renew her lease maybe not so much and that is when management will say, "How can we make this right? What can we do to convince you to stay, Ms. Jane?" So here is what I learned over the years and hopefully those of you who are property owners, community workers, and residents will take heed.
1. Fix what is broken.
2. Replace what is problematic especially if you don't want a future lawsuit.
3. Don't make excuses and definitely don't make anymore promises--make the disgruntled resident's issue priority!
4. Offer to reduce the rent increase or better yet don't increase a resident's rent who has been very loyal for a decade or two. Remember to talk this over with your boss first.
5. If the problem isn't that major to you, but obviously a big deal for your resident for any number of reasons including a negative reaction from your co-workers about it, send a gift card after the work has been completed apologizing for the inconvenience.
6. Reward those who have been good residents. Give them an opportunity to choose from a group of specially selected gifts.
7. Implement programs, groups, activities and more that make life easier for the resident. From an instructor who comes to the property and teaches once a week to a business offering a product or service in the community room once a month, be proactive in meeting your resident retention goals.
These ideas will hopefully move your management to want to please the community. Do ask to meet with those who can make a difference--both residents and staff.
Remember when the residents are happy, so is everyone else!
Nicholl McGuire
"I apologize Ms. Jane, I was meaning to get that done, thanks for calling and reminding me," the leasing consultant says. Now our fictional resident Ms. Jane may be understanding now, but when it's time to renew her lease maybe not so much and that is when management will say, "How can we make this right? What can we do to convince you to stay, Ms. Jane?" So here is what I learned over the years and hopefully those of you who are property owners, community workers, and residents will take heed.
1. Fix what is broken.
2. Replace what is problematic especially if you don't want a future lawsuit.
3. Don't make excuses and definitely don't make anymore promises--make the disgruntled resident's issue priority!
4. Offer to reduce the rent increase or better yet don't increase a resident's rent who has been very loyal for a decade or two. Remember to talk this over with your boss first.
5. If the problem isn't that major to you, but obviously a big deal for your resident for any number of reasons including a negative reaction from your co-workers about it, send a gift card after the work has been completed apologizing for the inconvenience.
6. Reward those who have been good residents. Give them an opportunity to choose from a group of specially selected gifts.
7. Implement programs, groups, activities and more that make life easier for the resident. From an instructor who comes to the property and teaches once a week to a business offering a product or service in the community room once a month, be proactive in meeting your resident retention goals.
These ideas will hopefully move your management to want to please the community. Do ask to meet with those who can make a difference--both residents and staff.
Remember when the residents are happy, so is everyone else!
Nicholl McGuire
Tuesday
Preparing for Annual Inspection
For some properties, leasing consultants will view a residence at least once a year or more depending on the situation and when they do, it's best that the resident do the following to ensure a smooth inspection.
1. Read the rental contract and be sure you are following the rules.
2. Clean the environment including carpeting and walls.
3. Find a place to keep your pets so that they will not attack, preferably in a backyard or patio area.
4. Make the residence nice to smell.
5. Check along crevices, corners and other areas where insects might live. If the residence has a problem, leave the dead bugs in view so that the rental staff can see.
6. Move furniture and other items away from places that might be a potential fire hazard.
During an annual inspection, take the time to share any information related to your suite that makes you feel uncomfortable including bothersome neighbors, strange odors, broken appliances and fixtures, and leaks.
Check out other articles on this site if you need to prepare for a move-out inspection.
Nicholl McGuire
1. Read the rental contract and be sure you are following the rules.
2. Clean the environment including carpeting and walls.
3. Find a place to keep your pets so that they will not attack, preferably in a backyard or patio area.
4. Make the residence nice to smell.
5. Check along crevices, corners and other areas where insects might live. If the residence has a problem, leave the dead bugs in view so that the rental staff can see.
6. Move furniture and other items away from places that might be a potential fire hazard.
During an annual inspection, take the time to share any information related to your suite that makes you feel uncomfortable including bothersome neighbors, strange odors, broken appliances and fixtures, and leaks.
Check out other articles on this site if you need to prepare for a move-out inspection.
Nicholl McGuire
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