A pre-lease deposit agreement is an arrangement between a prospective renter and the landlord where a money deposit is placed to reserve a rental property for a future period. Typically this deposit is equal to the cost of the property’s first month rent.
Signing and paying a pre-lease deposit agreement will take the property off the market and begin the referencing process. A tenant is essentially committing to a rental unit in a written agreement. If possible, it is always recommended that a renter view the property in person before making such a commitment. This benefits both the landlord and the potential tenant in not removing the property from the market if it really will not fit the tenant’s needs in the long run.
Potential tenants can view our pre-lease deposit agreement as part of our online rental application or contact us for more details.
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Disclaimer: This article is intended for informational purposes only and does not constitute legal advice.…