Deposits and Fees
All owners and property management have different types of move in deposits and fees. (Just to clarify, deposits are refundable, fees are non refundable.) We will start with deposits.
Security Deposit - typically security deposits with rental homes are at least the same amount of the rent. The security deposit can go up to, but not exceed 1.5 times the rent.
Cleaning deposit - if a landlord requires for a cleaning deposit, it should be refundable if the home is left in a very clean condition. Usually $100 to $300.
Application Fees. Almost all owners and property management companies will charge an application fee. This fee is charged on every person, 18 or older who will be residing in the residence. This fee is anywhere from $35 to $50 (plus tax) per person. Occasionally their may be a an application fee per person or married couple. Should you need a cosigner or guarantee, that person would also have to pay an application fee.
Cleaning Fee - if a landlord requires for a cleaning deposit, it will not be refundable even if the home is left in a very clean condition. Usually $100 to $300.
Administration Fee - Their are two types of admin fees, one time and monthly.
- One time - Charged at move in - those that charge this fee claims it is to help offset the cost of preparing the paperwork involved in writing the lease. Usually $100 to $200.
- Monthly - added to the rent every month. We assume that the reason behind this is to help offset the cost of logging in the rent every month? Usually this fee is about 2% to 3% of the monthly rent.