Deposit: Is a security fee that is paid to the landlord in terms of a fixed amount of money. Almost in all apartments you have to pay 1 month rent as security deposit (refundable). In rare cases, it is half month’s rent as security deposit.
Application Fee: A fixed amount ranging from $25 per person to $75 per person. This is a non-refundable amount even if you have paid it already and then cancelled the booking.
Admin Fee: Selective apartment owners levy this charge on the renters, it is a non-refundable amount ranging from $50-$200 . This fee is contributed by everyone who is renting the apartment. The refund policy is similar to the application fee.
Pet Charges: Varies from apartment to apartment. Can range from $3 to $10per month per pet.
Wait List Charge: An amount that needs to be given to the apartment to lock your request. For some popular apartments there are wait-list charges (token money) that you have to deposit. It is a non-refundable amount, but for certain apartments.
Booking Charges: The total cost that you end up paying at the time of booking stacks up as follows: Deposit + Application Fee (per person) + Admin Fee + Pet Charges (per pet). In certain cases the apartment may also ask for the first month’s rent + last month’s rent.
Social Security Number (SSN): If you are a US resident you need to have a Social Security number to get an apartment on rent. SSN is linked to your credit history report which is:
Credit Score:It is a number that depicts a person’s creditworthiness based on past financial history. If you have an impressive credit score the amount for deposit significantly decreases. Some apartments may have a minimum threshold credit score to make you an eligible renter.
Number of Tenants: The max number of people who can stay in an apartment is mostly mentioned in the apartment guidelines. Generally, 2 students are allowed per room (1b — max. 2 students, 2b — max. 4 students) in the apartment. Often, to save rental costs, students accommodate guests for permanent basis without informing the apartment management. This is not advised and may lead to cancellation of your lease agreement. However, you can accommodate guests for temporary basis without any issues.