Filling Out a Utah Rental Application: What Fees to Expect From Your Property Manager

Filling Out a Utah Rental Application: What Fees to Expect From Your Property Manager

Utah rental application

Renting from a Salt Lake City property management company is much different than renting directly from an owner. While there are benefits to both, the benefits of renting from a property manager far outweigh the drawbacks. Before you fill out a rental application in Utah, it’s important to understand the tenant fees you might encounter. Although each property manager will charge different amounts, there are a few typical fees that are associated with renting a home from a property management company.

How Much is a Rental Application Fee?

The first and most common fee when renting a property is the application fee. This is taken when applying for a rental property. The purpose of this fee is usually to cover the cost of the background and credit report necessary to evaluate potential renters. The actual cost of the application fee varies from property to property but is typically anywhere from $30 to $75 per person. However, it’s important to remember that in the state of Utah there is no limit to how much the fee can be.

Most Common New Tenant Fees

While a Utah rental application typically requires a fee, there are also a number of other common charges that come with a new rental. You may not have run into all of these at once, but these fees could come up for a future rental. It’s important to take fees into account when hunting for a new rental property. You don’t want to be surprised by unexpected charges, so it’s good to be aware of all the possible charges you could encounter. This is also helpful when deciding your budget, and finding the right home or apartment for you.

tenant fees

Lease Origination Fee

This is charged to a tenant when a new lease agreement is created. This fee typically covers the work associated with underwriting a new lease agreement by the Salt Lake City property manager. This fee generally covers what it takes to get a home or apartment leased. The lease origination fee covers the time to show the property, screening all applicants, and assembling the lease paperwork and move-in process. This is the “behind-the-scenes” work that ensures the best applicants are leasing the home or apartment. While this fee may not seem necessary, when you’re living in an apartment building, it’s a nice peace of mind to know that all the other tenants have been screened extensively and that you’re living in a safe place.

Late Fee

While this fee doesn’t happen during the rental process, it’s one to be aware of when signing a lease. As the name says, this is charged to a tenant when rent is not received on time. Late charges vary but are usually 10% of one monthly rental payment. For example, if you’re paying $800 per month, your late fee would be $80. This may not seem like a big expense, but this extra fee can add up quickly and end up costing you big time in the long run. Before signing a lease, especially a long-term agreement, it’s important to read the lease carefully and find out when rent is due, how to pay rent, and what charges you will be responsible for if you don’t pay it on time. Depending on the property, you may have a grace period, but it’s best to get into the habit of paying your rent on the first of every month.

Month-to-Month Fee

While not every property has this fee, it’s an important one to keep in mind when signing a new lease. The month-to-month fee is charged to a tenant that chooses to overstay the term of their current lease agreement. This fee typically provides an incentive for the tenant to enter into a new lease agreement with the overseeing property management company. When reading over a new lease agreement, noting how much the month-to-month fee could be is critical. Month-to-month convenience charges can range anywhere from $25 to $200. It all depends on the property manager. So, take the time to look over your lease and ensure that you intend to stay as long as it says, or that you’ll be ready to sign another lease agreement when yours ends.

Service of Notice Fee

This is charged to a tenant that has not complied with the terms of the lease agreement. This fee is associated with the process of the property manager posting a notice for the tenant to correct the lease violation or risk eviction. In order to avoid this fee, you must adhere to the rules of your lease agreement. This is another instance where reading a lease before signing it is crucial. The most common lease violations are long-term guests, decorating that results in damage, and unauthorized pets. This fee is at the discretion of the property management company, and there is no set amount they have to adhere to. It’s best to follow the lease agreement, and not risk extra tenant fees for breaking any rules you agreed to when you signed the lease.

Know Your Possible Tenant Fees

If you’re ready to lease a home or apartment, familiarizing yourself with all the possible tenant fees that could incur is important. Unexpected fees can change your overall budget and should be factored into what you’re ready to spend. When you’re filling out a Utah rental application, keep these common fees in mind, and do a little digging to find any others that may appear. So, while “How much is a rental application fee?” is a critical question, it’s just the tip of the iceberg when it comes to tenant fees. Now that you have an idea of the cost of a rental application, you can begin factoring other possible costs into your new budget for your future home.

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What is Renters Insurance and Why Do I Need it?

What is Renters Insurance and Why Do I Need it?

What is Renters Insurance?

If you’re currently renting a home or apartment, you might be asking yourself, “What is renters insurance and why should I pay for it?” Don’t worry, you’re not alone. Unfortunately, a common misconception among renters in Salt Lake City is that they don’t need this extra coverage and renters insurance has no value. Unless you have ever been in the unfortunate situation of having to make a claim, you might not fully appreciate this as a necessity. If and when you are ever in need of coverage, you’ll learn quickly just how important renters insurance can be. So, if you’ve been looking for renters insurance information, we have the answers to all your questions and why every tenant in Salt Lake City should have a renters insurance policy.

Why You Need Renters Insurance in Salt Lake City

To sum it up, renters insurance protects you and your belongings in a rental property. This means if something destructive happens to your rental property, such as a fire or flood, and becomes uninhabitable, you’re covered. Renters insurance also covers break-ins, visitor’s injury, and the items within your home. While nobody wants any of these events to happen, it really can happen to anyone. So, as the age-old phrase goes, “It’s better to be safe than sorry,” and that is essentially what renters insurance is here to do.

Renters Insurance Salt Lake City

What Does Renters Insurance Cover?

The top categories that renters insurance covers are:

Personal Property

Liability

Additional Living Expenses

So, what does this mean? Each of these categories is important when it comes to renters insurance information, so let’s break down each category.

Personal Property

One of the most important aspects of renters insurance is that it covers your personal property. If you stop and think about everything you own and assign a dollar value to all of your possessions, it will probably surprise you how much your stuff is actually worth. Even if you live in the safest neighborhood, it’s crucial to protect your belongings as best as you can. You may not expect a break-in, but that doesn’t mean it’s not impossible. This is where having a comprehensive renters insurance policy can make a difference. The personal property aspect of the policy will help replace your items in the event of theft. This also covers loss of personal property due to fire. So, no matter what may happen, you’re covered. This part of renters insurance covers costs to replace or repair your lost items such as:

Electronics, like a television or computer

Clothing and jewelry

Furniture

renters insurance information

One thing to keep in mind is your insurance policy will only cover loss up to your coverage limit. So, when picking your renters insurance, it’s critical to set coverage that is appropriate for you. Before finalizing your policy, take a home inventory and evaluate how much your belongings are worth so you can have peace of mind if you ever need your policy.

Liability

You may be wondering, “What is liability?” Well, consider this scenario: it’s a snowy day in Salt Lake City, and you’re in a rush to get to work, so you don’t have the time to shovel the sidewalks before you leave. You think to yourself, “Oh, I’ll just shovel and salt the sidewalk when I get home. It will be fine.” While you’re gone, someone slips, falls, and then breaks a bone on your sidewalk. Technically, your negligence caused the injury, so you are now liable for all costs associated. Most renters assume that maintenance, such as snow removal, is only the landlord’s responsibility. Surprisingly, that is not always the case.

Another situation where renters insurance would be critical is if a fire was caused by the tenant’s negligence, such as leaving a candle unattended. In some extreme cases, this would also result in the tenant being responsible for the cost of replacement of the home in Salt Lake City. This is typically something many individuals would not be able to cover without renters insurance.

Additional Living Expenses

Speaking of home fires, have you ever thought about what you would do if a fire or other natural disaster made your current home unlivable? While this something no one wants to think about, this scenario is unavoidable if it happens to you. If you’re ever displaced from your home due to a natural disaster, renters insurance can cover the sudden expenses that may incur. This includes hotel bills, increased costs of food, or any other increased costs you may face if you are unable to live in your rental. As a tenant, this peace of mind can be priceless.

As with all the other aspects of renters insurance, it’s important to look over your policy and determine how much coverage is available for additional living expenses. Finding the best policy for you is one of the most important aspects of renters insurance, and it is crucial to determine this from the beginning so you have nothing to worry about.

Remember This Renters Insurance Information

Now, you no longer have to wonder, “What is renters insurance?” You can now see that while renters insurance may seem unnecessary, but it is actually very important. If you’re renting an apartment or home, renters insurance gives you peace of mind and protects you from the unexpected. Unfortunately, accidents happen and this coverage prepares you for anything. If you’re already renting or searching for a rental property, you can get more renters insurance information from your local insurance agent. Setting up a policy is simple, and worth the reassurance it brings. So, to cover personal property, liability, and additional living expenses, look into getting the best policy for you. Renters insurance in Salt Lake City is readily available and can save you from a headache further down the road. Invest in your security today, and enjoy peace of mind.

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