The Memphis Apartment Renting Process
Mar 31st, 2007 by Memphis Apartments
Once you have found the Memphis apartment you want to live in, the process for obtaining the apartment is pretty simple. We have outlined the steps that you can expect when renting Memphis apartments.
1. You will begin by submitting a Memphis apartment application. Most property management companies will require a Memphis apartment application. If you are going to be renting from a Memphis apartment complex that is owned by a property management company, you are most likely going to have to fill this out. If you are renting from a landlord, you probably won’t have to fill this out.
2. You may also have to pay an application fee when you fill out the application. This is a non-refundable fee or a deposit. If you decide not to sign the lease, you will not get this money back. If you do sign the lease then the fee will be returned or go towards your security department.
3. Chances are a landlord will also need to run a credit check to see whether or not you pay your bills on time. The landlord may also ask you to pay for the credit check and will require your social security number. You may also submit a copy of your credit report to avoid this. Many landlords may consider a tenant with no credit history just as bad as a person with bad credit. Before you move out of your parent’s home, you may want to find a way that you can begin building credit for yourself so that you are able to look desirable when it comes to the credit check.
4. Landlords may also ask for references. Typically, they will want to speak with previous landlords, if any. The landlord will be able to verify that you are a reliable tenant by speaking with other landlords. If you would like to expedite this process, then you may ask previous landlords for a reference letter.
5. While the landlord checks your background information, you will want to begin reviewing the lease. They should give you a copy of it and allow you time to look it over. If they do not, then ask for it as this very important. You may even choose to have your attorney look over the lease.
6. As soon as you are accepted you will need to provide the landlord with two checks. One check will be for your first month’s rent and the other is for your security deposit. You will then sign the lease if everything is to your liking.
7. You will have to sign a lease. A lease is a legally-binding document that is difficult to get out of. You will need to use your critical thinking skills and be certain that you are not getting yourself into a situation that you are not going to be able to afford.
If you have all of your information prepared, then you may be able to sign the lease on the same day that you look at the Memphis apartment. This type of “speed-renting†is done in markets that are very competitive. These areas would include college towns or cities, such as Memphis, where apartments are a hot commodity.