Are all theses charges normal to rent a house?

Question

My boyfriend and I have been looking for a house to rent instead of an apartment. We've been in 2 different apts and want out of them. I found a nice little house that would be great for us, 3 bedrooms, 1 bath...in our price range and everything. I contacted the rental agency that owns it and they emailed me a bunch of information. With the last 2 apts, there was an app fee, a security deposit and the first month's rent all due before move in. With this place, it's a $50 app fee +$20 for each person over 18, so $70 for us. They want what they call a binder fee also when you turn in your app, for the equal amount of the rent, which is $560. So it's $630 just for turning in the app. You get the $560 back if you don't get approved though. Once approved, they want the security deposit. They didn't say anything about the first months rent, do they use the binder fee for that? We've never rented a house, so I don't know if this is just how it's done or not. Thanks in advance.

Answer 1

It all seems normal.

The "binder fee" is similar to a holding fee, if you are approved, but fail to move in, you lose it.

Normally, that fee woud convert to either the security deposit or first month's rent. Since they are asking you for the security deposit, I'd imagine it converts to the first month's rent.

You could call and ask to verify exactly what happens to the binder fee.

Answer 2

seems normal.  it appear that they want to make sure you can afford it.  If you have questions about the deposit, first month's rent, etc.  ASK THEM.