How Does A City Apartment Lease Work?
The Walthers Cornerstone City Apartment Building is an architectural classic, perfect for adding classic depth to any urban or downtown scene from your existing scenery. It is located at the corner of Hamilton Street and East End Avenue in Columbus, Ohio and has been lovingly restored by the award-winning architecture firm of Schuster and Kroll. In its nearly sixty years of operating, the building has seen just about every imaginable architectural style imaginable including modern condominium towers, lofts, residential towers and even industrial buildings for automobile manufacturing. Today, the building is still a fully functioning residential tower with lofts, one-, two and three-story suites in almost all sizes.
The City Apartment sits on a large parcel of land that has a lovely skyline that tops out to a row of high-rises that run for blocks on end. Across the street, Hamilton Street is lined with many bars, restaurants, and other businesses, and down the block are some very interesting high-rises that also offer up views of the skyline. This mix of historic architecture, modern amenities, and a strong sense of community makes the City Apartment one of the more desirable options in Columbus, Ohio. In addition to the lofts, there are mid-rise lofts, one-story condos, and even apartments for rent that are perfect for vacationers or workers who need to be located close to their workplace.
One of the best parts of renting an apartment in the City Apartment is that landlords are required to pay an upfront, non-refundable deposit to secure the apartment. In many cases this is an amount equal to twenty percent of the gross monthly rent price for the term of the lease. In some cases the landlord may also be required to pay an additional security deposit, which will be applied towards any damages that are detected while the tenant is in the unit. The building and its rules often vary depending on the neighborhood in which the building is located. In other neighborhoods, rules and regulations are more or less standardized.
As a result of the lack of a sales commission and the commissions that apartment brokers typically earn, City Apartment landlords often find themselves paying less in monthly payments than would otherwise be the case. This is due to lower over-all property taxes, less depreciation, and a greater focus on short-term rentals rather than long-term leases. This results in a reduced vacancy rate, which means lower monthly rents for tenants. This means more money for the landlords. Many landlords also find that they have a better chance of securing a new tenant when leasing an apartment in the City Apartment.
To further reduce the landlords financial costs associated with leasing an apartment in the City Apartment, many of them turn to the services of a broker. A broker is someone who works directly with a City Apartment landlord. The broker’s goal is to find the best apartment or home for the landlord’s tenants at the best price. Some of these brokers have strong relationships with their City Apartment landlord, but most brokers use social media websites like Facebook, Twitter, and MySpace to contact potential tenants. Using social media websites and automated online directories such as the Rental Locator can help a broker quickly find homes and apartments.
As a renter of a City Apartment, you may also be required to make a “good faith deposit”. The amount of your “good faith deposit” will depend on your City Apartment landlord and is usually between one and two hundred dollars. Some landlords require this entire payment upfront before your lease begins, some do not, and others require only a portion of your deposit at signing. In the event of a default of your payments, your City Apartment landlord will be required to move you to another unit at the end of your lease. Your “good faith deposit” is separate from any other fees or deposits that may be assessed by your City Apartment landlord. If you become completely unable to pay your City Apartment rent, your City Apartment landlord will be required by law to pursue you in order to recover your deposit.