Corporate apartment rentals are quite a convenience for business people who are constantly on the move. In fact, they are designed just for that. Such apartments are only available on temporary basis to different individuals. Compared to other options, corporate apartment rentals come with many perks that you can find nowhere else, but do you know what you need to be considered eligible for one?
Here are 5 facts you need to know before paying for corporate apartment rental.
1. Security Deposit And Rent
Before moving into the apartment, you are needed to come up with the full security deposit and the first month’s rent. You have the option of paying for the security deposit and rent through cashier’s check, money order, company check, visa, money order, or credit card.
2. Corporate Letter of Responsibility (LOR)
Most corporate apartment rental companies provide a Corporate LOR in PDF form that you can go ahead and fill in. Here, you are required to fill in personal details such as your actual address, your full names, company logo and state how many people will be residing in the apartment.
The LOR is a letter which asks the company or the resident to take full financial responsibility in the event that anything inside the apartment is lost or damaged. The LOR must be completed fully and signed either by you or the person who will be living in the apartment or by an officer of your company.
3. Corporate Hold Fee Agreement
It could be that you are making the application for the corporate apartment some weeks or months before you need to actually move in. The apartment rental company will require you to pay the agreed amount in holding fee and sign their corporate hold fee agreement form. Holding fee is the cash you pay to the apartment rental company to show that you are serious about moving in and to keep someone else from renting the same apartment.
4. Renter’s Insurance
As the one renting this corporate apartment, you may be required to show proof that you either have general renter’s insurance or commercial liability for the term of your lease. It just goes to show the owners of the apartments that should there be damage to their property, they are still financially protected.
5. Corporate Application Fees And Company Federal Tax Id
In some instances, you may be asked to pay a specified amount as application fees. This is in addition to providing your company’s Federal Tax Identification number for your application to be effectively processed.
Above highlighted are 5 facts you need to be aware of if you are to avoid inconveniences during your corporate apartment rental process. Remember that for authenticity, all the paperwork you submit should be typed on the company letterhead and presented with or promptly after your application.