In order to take an apartment “off the market” and reserve it for the next lease year, you must put down a Holding Fee equal to one month’s rent. A full Holding Fee is required to start the lease signing process. The Holding Fee later becomes your first rent installment upon move-in. The Holding Fee can be paid by check, debit, or credit card at our main office (2104 Tuller Street) or over the phone.
Upon payment of your holding fee, each resident and each cosigner will be required to fill out a guest card with your full legal name, email address, and phone number. Everyone is required to have a cosigner unless they meet certain age and income requirements. A cosigner can be any adult close to you that meet our income and age requirements. If you need more information on this, please don’t hesitate to ask. If you are an international student without access to an adult in the US that can cosign for you, we require a copy of your I-20 form, your passport, and a payment of the last three months rent prior to your move-in date.
Once your guest card information is received, we will send you a link to fill out an application online, which includes a section where you will be able to take a photo of your state ID or passport. Once we receive a completed application for each resident and each cosigner, a link will be emailed to all parties to set up a portal and sign the lease agreement. Please do not share links, as each resident/cosigner must set up their own portal so we are able to legally capture your electronic signatures. If you’d like to view a copy of the lease before renting, you can go to https://www.iukaparkcommons.com/download-forms/
Because your first rent installment will already be paid before you move-in as your Holding Fee, you will only owe your security deposit on move-in day. Security deposits are a flat $600 total for one & two bedroom unfurnished units, and $800 total for furnished two bedroom units. Your deposit functions to cover any miscellaneous charges that may incur due to damages or unpaid rent when you move out. Within 30 days of your lease expiration, you will receive this deposit back, adjusted for any damages or unpaid items, if applicable.
You will pay your security deposit (due by move-in day) and your next 11 rent installments through your secure portal. The portal accepts ACH payments (electronic checks) for free (no additional cost,) and debit/credit cards for a fee. Your Holding Fee becomes your first rent installment (August) and the remaining 11 rent installments are due on the first of every month beginning September 1st. Rent has already been prorated, then divided to arrive at 12 equal installments so it will not be subject to any further proration.
Subletting is permitted as long as all roommates are in agreement. Iuka Park Commons requires you to submit a copy of your signed sublet agreement as well as a copy of the sub-tenant’s drivers license or photo ID. We suggest you get a security deposit (at least $100) from your sub-tenant 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 are permitted and birds will be permitted with a signed Pet Addendum. 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.