Security Deposit – When you decide to rent an apartment, you must pay the security deposit in order to begin the rental process.
Security deposits may be paid in cash, check, money order, or credit card. A security deposit is held for the entire term of the lease and refunded within 30 days after the end of your lease date, minus any damages and unpaid rent/fees.
Once you’ve remitted the security deposit, you will receive the following leases and applications:
Master lease: Due one day after the first half of the deposit is remitted, this lease is signed by each intended resident of the apartment and is a jointly and severally liable contract.
Cosigner leases and applications: Due within 10 days of payment of the deposit, each intended resident receives one cosigner lease and application to be filled out with their respective cosigner. (Cosigners are usually a parent, grandparent, aunt or uncle; someone who is willing to be financially responsible for payment of the resident’s rent should they not pay.) These leases are limited in liability by the number of residents of the apartment. Cosigner’s signature must be notarized by a notary public.
No application fee!
All leases and applications must be received by Iuka Park Commons within 10 business days of the deposit.
Failure to do so may result in re-rental of apartment.
On move-in day, residents will pay their first rent installment.
Every month thereafter, rent will be due on the first of the month. Rent may be paid by ONE check, money order, or cashier’s check. Rent may also be paid through our online portal. Remember, the security deposit you pay upon rental does not count as rent; it is strictly a security deposit.
Subletting is permitted. We suggest you get a security deposit (at least $100) from your sub-letter because, as the signer of the lease, you will ultimately be responsible for any damage that might occur to the unit.
Your rent is already prorated. We take the total amount of rent we want to receive for the year, prorate out the number of days you won’t be in the apartment, and then divide it into twelve equal installments. This method makes it easier for you to keep track of how much you owe each month.
The water/CAM charge is a monthly fee which pays for water and sewer charges for your apartment and Common Area Maintenance. This amount is already included in the rent price listed at the top of your lease. Common Area Maintenance includes general cleaning outside the building, lawn care, snow removal, etc. This does not in any way exclude the residents from taking responsibility in cleaning up the exterior of the building after parties.
Iuka Park Commons does not in any way assume responsibility for the utilities inside our apartments. Each apartment will be responsible for setting up utilities in their own names. The only exception to this is the water; it is already set up and included in your rent each month.
We absolutely do not allow pets in our apartments. This includes cats, dogs, ferrets, etc. Fish and birds are acceptable. NO EXCEPTIONS WILL BE MADE.
Each apartment may purchase one main lot parking pass and receive one South Lot parking pass.
Yearly cost of passes:
- $100 for your first year renting with us
- $50 for your second year
- FREE for 3rd year and beyond.
We videotape all of our apartments upon move out so there are no discrepancies about security deposit returns. We also send out move-out packets that give you details on exactly what we expect of your apartment when you move out. If you follow these instructions, you should have no problem receiving a fair refund.