Before signing a lease contract, it’s beneficial to read through the document to understand key elements and know what you are agreeing to. Reviewing these documents allows you to avoid potential conflicts with the realtor, neighbors, or roommates that arise from not following lease terms. Here are some things to know about tenancy agreements for luxury apartments for rent:
Rent and Fees
Many apartment rental companies charge a fee to process your application, which helps cover the costs of background and credit checks. After approval, upon signing the lease, landlords usually require a security deposit and the first month’s rent. A landlord will retain the security deposit after the lease ends to repair any damage or in place of missed rent payments. If rent has been paid in full and there is no renter-caused damage, the security deposit should be refunded. Some properties may charge additional fees for priority parking, utility payments, or HOA membership. Review the lease contract to determine when monthly rent payments are due, whether late fees may be applied, and whether you can opt for a payment plan.
Tenant Responsibilities
Premium living spaces expect tenants to report any maintenance issues or damages promptly to the property management. When you notify your landlord about any issue, they can be solved quickly to prevent extensive damage. Some rental companies may require tenants to cover small repairs, such as replacing light bulbs, leaky faucets, or squeaky doors. Tenants are usually responsible for routine maintenance of their rented space, including washing floors, countertops, and all other fixtures to keep the place tidy.
Before moving into luxury apartments for rent, a landlord might require you to purchase renter’s insurance, which covers personal property and provides liability protection if accidents or damage occur. Many properties also have courtesy rules like keeping noise levels to a minimum during quiet hours and respecting property and residents in common areas. Rules like these create a peaceful environment in the complex.
Pet Policy
Most lease agreements include guidelines on keeping a pet within a rental unit. Policies usually include limits on pet size and number within a residence and may also note specific breed restrictions. Landlords often ask that pet owners take extra time to maintain a clean and suitable environment for their pets, especially cleaning any messes promptly to prevent long-term damage. Many landlords also require a monthly pet fee to cover additional cleaning costs at the end of the lease agreement. If you adopt a pet in the middle of your lease term, you are responsible for notifying a landlord of this change immediately.
Utilities and Services
Some premium properties include lawn care, snow removal, and trash pick-up in the rent, which means you won’t have a separate bill for these services. Heating, electricity, water, sewer, and gas are often listed on the rental agreement as separate fees. They might be offered as bundled services through the landlord with a flat rate based on average use, or you may have to pay each utility separately according to the unit’s use. Other rental companies could require you to set up your own utilities with local electric or gas companies. Be prepared to set up your own Wi-Fi services since this utility is not commonly included. All utility policies are detailed in the lease, but a property’s management should be available to answer any remaining questions.
Choose Luxury Apartments for Rent
Your tenancy contract outlines your responsibilities as a renter and details your landlord’s policies for responding to breaches in this agreement. Knowing the costs and requirements of living in a luxury apartment helps you determine if the property matches your lifestyle. Visit a property management company today to begin finding the best unit for your next home.
