Renting preview

Be prepared to fill out credit applications. It is not unusual to be charged an application fee of $25-$50. Also, having a co-signer is often required for students, so be sure to have the name, address, etc., of someone who would be willing to co-sign the application and the lease for you. Look at several places before making a decision Ask questions and listen to your instincts - if the place doesn't appear fresh and clean, and if you don't have a good feeling about it, then it's not right for you.

Since the Art Institute is located in the midtown area, prices are generally reasonable, but conditions and reputability of management vary greatly. Your priorities as you search should be: security, appearance, amenities, comfort, cost, parking, good climate-control, etc.

The rental application

If you are asked to complete a credit application by the management company or the rental agent, be sure to request a copy after all the signatures are affixed. Make sure you qualify to apply before you pay the application fee. (If your application is not approved, your fee is not refunded). The application fee costs approximately $25-$50. Before you sign, ask how long the application process will take. Usually 2-3 business days is standard.

The lease

The lease you may be asked to sign will vary. It is our experience that landlords will add clauses that will allow them to enter your leased premises. It is also standard for there to be clauses stating that they have to give you 24 hours notice before entering your premises, unless it is an emergency situation (serious leakage, fire, etc).

A landlord may promise this or that, BUT if this promise is not written into the lease at the time of signing, the landlord has no obligation to follow through. If the landlord agrees to change or add items to the lease, make sure he or she initials these additions/changes. The landlord must give you your signed copy of the lease. Do not leave without photocopies of everything.

Before you sign the lease, make sure you have satisfied your priorities. Have the CHECKLIST (enclosed) in hand. The lease is a legal document, and if you break the lease, there are definite ramifications. It is not easy to get out of a lease. Breaking the lease will result in the loss of your security deposit, and possibly several months' rent.

Typically you will be required to sign a 12-month lease. Some property managers will allow you to sublet your apartment to another tenant if you can't finish your lease, but this is something you might want to clarify before you sign. Your landlord may offer a month-to-month arrangement. This means that you can give your landlord 30 days notice at any time, but remember that he/she can do the same to you. It is wise to get all the terms in writing. Notice to vacate a month-to-month agreement must be given 30 days in advance.

Security damage deposit

You will be asked to pay a deposit, which may be as much as one month's rent. Get a receipt. Some leases will state you cannot use the deposit to pay the last month's rent. Make sure the lease you sign describes the time, terms and conditions for the return of your deposit. The deposit should be returned within 30 days after you vacate the premises, and the management company will usually want to inspect the property for damages before you leave. Missouri law requires the landlord: (1) to notify the tenant of date and time of inspection of premises. Tenant has a right to be at the inspection, and (2) to return full amount of the deposit or furnish tenant with a written itemization of the damage for which deposit is being held. All this must be done within 30 days of termination of the lease.