When pre-leasing a property near UT, here is what’s typically required:
- Application (separate application for each roommate)
- Addendum (explains the pre-leasing process)
- Guarantor form
- Photocopy of current driver’s license
- Application & administrative fees (usually $75 to $200 per person)
- Deposit (anywhere from a couple hundred dollars to an amount equal to one month’s rent)
- Signing the lease contract within a couple weeks after application approval
- Paying the first full month’s rent when signing the lease (this step is not typically required by the corporate apartments, however the disadvantage of the corporate properties is that they do not pro-rate the rent for partial months). The first full month’s rent is different than the deposit. The deposit is held in security in case the home is damaged, and is refundable after the lease as long as the home is not damaged. The deposit is not actually applied toward rent, however.
- Assuming the lease starts in mid-August - the first full month’s rent payment made at lease signing will actually be applied toward September’s rent. Then, you would just owe the August pro-rated rent before move-in. Come Sept. 1st, you will have already paid for September and would owe nothing at that time, and your next rent payment wouldn’t be due until Oct. 1st (for October’s rent).