What is a Holding Fee?
- a Holding fee is a deposit that allows applicants to place a small downpayment on the property they're interested in to reserve it while they complete the application process.
- Once a holding fee is placed, applicants and co-signers have 14 days to complete the required application paperwork.
- Holding fees are equal to 25% of one months rent of the specified unit that is being applied for.
- There can only be one Holding Fee placed on a rental at a time.
- If you complete the process and are approved, the holding fee will be credited towards the security deposit.
*Please Note: A Holding fee does NOT guarantee that you have secured the property. All tenants and co-signers must have all paperwork submitted and be approved by the property manager. Only after this is completed will the lease be sent for signing.*