Location

Frequently Asked Questions

• How long is the lease term? 
  Our leases are a standard 12-month lease. All leases begin at 2:00pm on August 15th and end at 5:00pm on August 12th of the following year. We do not offer short-term leases, but we do find that many of our tenants take advantage of the subleasing option in the summertime or for studying abroad.   

• Do you offer individual or joint leases? 
  The leases are joint and severally liable – we do not offer individual leases. A joint lease is a rental agreement where two or more tenants sign a single lease contract, sharing responsibility for the entire unit. Under a joint lese, all tenants are collectively liable for monthly installment payments and any damages to the property. However, as joint leaseholders, tenants are able to determine amongst their roommates how to best split up the monthly installment. In addition, any tenant who does not meet our rental requirements will be required to have a co-signer to guarantee the financial obligations of the lease.  

• What are the rental requirements?
  Our rental requirements are:  

  • • Gross, combined income of at least 3x the monthly installment.  

  • • Minimum of 2 years of verifiable housing history.  

  • • Credit score of 600 or above.  

  • • No criminal history.  

  • • A valid photo identification.

    If the income, housing, or credit requirements are not met, a co-signer who does meet the income requirement is required.

• What is a co-signer? 
  A co-signer is typically a parent or close relative who meets the rental requirements and is willing to guarantee the financial obligations of the lease. Co-signers do not need to live in the United States.

• What is included in the monthly installment? 
  All utilities, amenities & furnishings are included in the monthly rental payment. Water, gas, electric, trash removal, high-speed internet, free black/white printing in the study lounge, and perks at the Java Den. Garage parking for mopeds and bicycles is also free/available to tenants.    The only additional monthly costs are laundry, which is $3.00/wash (dryers are free), and parking a vehicle (such as a car or motorcycle) in the parking garage, which costs $205/month for tenants and $225/month for non-tenants.

• Is there an application fee or earnest money due? 
  There is no application fee, down payment, or earnest money due. However, once the lease is signed by all tenants, the security deposit will be due within 10 days of signature. The security deposit is equal to one month’s installment.

• What is a security deposit and how much does it cost?
  A security deposit is an upfront deposit paid by the tenant to the landlord prior to moving into a rental unit. The deposit is held by the landlord throughout the lease term as a guarantee that tenants will pay their installments and keep the rental unit in good condition. When the tenant moves out, the landlord may deduct from the security deposit the unpaid installments, the cost of repairs, and other lawful fees detailed in the Non-Standard Rental Provisions section of the lease. The security deposit, less any lawful deductions, is returned to the tenant within 21 days of the lease end date.     The security deposit is equal to one month’s installment and is due to LZ Management within 10 days after the lease is signed by all tenants. If there are multiple tenants signed onto the lease, separate payments from each tenant can be collected. A payment in the full amount by one individual is not necessary. Security deposits can be paid via the online AppFolio Tenant Portal, or with a personal check, cashier’s check, or money order. Cash payments will not be accepted.  

• Is parking available? What are the terms?
  Yes, parking is available in the secured, heated, parking garage located directly underneath the building. Parking costs $205/month for tenants, and $225/month for non-tenants. Parking contracts may begin at any time, and end on either December 31st, May 31st, or August 12th.   The parking contracts are separate from the lease. A parking application will need to be submitted and approved and a parking contract signed. You can find the parking application here.   Tenant parking spaces are unassigned. Tenants may not park in spaces reserved for Luther Memorial or staff. The parking garage is monitored regularly. Any unauthorized vehicles may receive warnings, parking tickets via City of Madison and/or subject to being towed. Staff will not provide warnings prior to towing unauthorized vehicles. 

• Are pets allowed? 
  Pets are not permitted. We can make reasonable accommodations for support or service animals, as long as proper documentation in the form of a letter of need from a clinician licensed by the state of Wisconsin is provided by the tenant.

• Do you do roommate matching?
  Given that our leases are joint rather than individual, we do not assign roommates or match roommates. It is the responsibility of the tenants to find the roommates they would like to live with during the lease term.

• Is renters’ insurance required? 
  Yes, all tenants are required to submit proof of a valid renter's insurance policy that is in effect throughout the entire course of the lease term. The policy should have a minimum limit of liability for bodily injury and property damage of $100,000. The AppFolio Tenant Portal offers a renter’s insurance policy for purchase. However, many tenants find they are covered with a renter’s insurance option under their parent’s homeowner’s insurance policy.