Explanation of Deposits / Pre-payments

Summary:

Two pre-payments are due before normal monthly rent starts:

1) Security Deposit

  • Due within a week of lease signatures. Refunded via check after the lease ends, minus any damages, charges due, or unpaid rent.

2) Last Month's Rent

  • This is your actual final month's rent, and is due before move-in (usually 6/1)*

    • *except units with 4+ bedrooms:

      • For 4+ bedroom units, the Last Month’s Rent is due within 30 days of signing.

      • Partial payments / exceptions are allowable by request, once the first charge (Security Deposit) is fully paid.

Renewals / Transfers:

Click for explanations of how to transfer your prepayments:

  • RENEWALS:

    • If you renew the same unit after your first year, the Final Month’s Rent (“FMR”) carries over to your new final month.

    • You should pay your original lease’s final month (of the 1st year) manually like any other month.

    • Then, in the actual Final Month of your lease or renewal (typically May), your rent has (at least mostly) already been paid. The payment you made before moving in will automatically apply to your rent on May 1st.

      • If there’s a rent increase (say, $30 per person) between the 1st and 2nd year, simply log in on day one of your actual Final Month and pay the difference. The rest will be applied from your original FMR payment.

        • Example: you signed for June 2025 - May 2026 for $700/bed.

        • You renewed through May 2027 for $730/bed.

        • On May 1st, 2026 (original FMR), sign in and pay $700.

        • On May 1st, 2027, sign in and pay $30.

  • Say you’re Transferring from “Unit A” to “Unit B”:

    FINAL MONTH’S RENT:

    • On the Final Month of Unit A, your Final Month’s Rent (“FMR”) that you prepaid before moving in will apply automatically.

    • You should log out of the Portal/App, log back into the Unit B account, and pay your Unit B Final Month’s Rent.

    SECURITY DEPOSIT:

    Your Security Deposit will transfer from Unit A to Unit B after you move (some time in early June).

    • Besides potential deductions for damage/excess cleaning/nonpayment, your Deposit will transfer automatically.

    • Let us know if it’s not on the new (Unit B) account by July 1st, and we will manually transfer it.

    • If there’s a difference between the Unit A and B Deposit amounts, please just pay the difference after it transfers, and let us know you’ve done so. That way, we can apply it to the correct account to refund you after move-out.

Detailed Prepayment Info:

WE REQUIRE TWO PRE-PAYMENTS before the start of normal monthly rent:

SECURITY DEPOSIT:

  • The Security Deposit (“Deposit” for short) is generally due within a week of signing.

  • Partial payments / payment plans can sometimes be worked out; contact us about this if needed.

  • The Security Deposit is a fully refundable charge which we do not take as income; we hold it in a dedicated account to be mailed back via check within 21 days of move-out. This check is mailed to one tenant's new home address (which you’ll provide with your move-out envelope), to be split by the recipient between all roommates.

  • If any unpaid charges exist for damage/rent/parking/utilities, they will be deducted from the return (detailed in the Nonstandard Rental Provisions of the lease agreement).

  • Typically, most tenants receive all or most of the Deposit back, especially if you have a $0 balance and put in a good effort to deep-clean before leaving. Make sure to fill out a move-in inspection form within a week of move-in to avoid being charged for prior damage.

  • The Security Deposit can also often be transferred between units if you move to another Campus MGMT apartment or house. Please contact us to request this.

Final MONTH'S RENT:

  • The final (last) month's rent (“FMR”) is due before move-in (as described above), and goes to pay your actual final month of rent.

  • Make sure to turn off autopay after April's payment (if you had it set up). If you forget to do this, the overpayment will be refunded with the security deposit check described above.

  • This charge/payment is not transferrable to another unit if you switch apartments after your first year. It’ll be applied to your last month within your first lease, then you’ll log out and log back in to the new unit on the portal, and pay the new lease’s last month’s rent before the new lease begins.

(DUE DATE DELAYS):

  • If any part of any pre-payment needs to be delayed until loans go through / prior deposits are returned / etc., please let us know right away and we can often work with you.

  • We require at least partial payments of whatever you can afford within the time frames above, to show that your account is set up and bank account is linked.

Why do we take last month’s rent before the lease starts?

  • This is common practice with apartment rentals. Especially with off-campus apartments, with such high yearly turnover, tenants in the past have attempted to skip their last month or two of rent. By the time we issue an eviction notice, they’re gone. The legal cost to pursue this payment is often higher than the past-due balance, meaning there’s no real recourse for us.

  • We’re a small, locally-owned and operated MGMT company and cannot afford to remain in business if this happens regularly. It’s best for everyone if we don’t have to sell our properties to a large multinational corporation.