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General Leasing
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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.
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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.
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Our rental requirements are:
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- Gross, combined income of at least 3x the monthly installment.
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- Minimum of 2 years of verifiable housing history.
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- Credit score of 600 or above.
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- No criminal history.
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- A valid photo identification.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
Application Process
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Our best advice for applying is to make sure your group is organized as possible come 10:00am CST the day applications for your desired unit type open! Make sure:
- Everyone is aware of application expectations.
- Is on the same page in terms of budget, unit preferences, etc.
- Everyone knows how to spell each other’s legal name.
- Your listed co-signers expect to fill out their own application and are aware that your group’s applications are not complete until all roommates and their co-signers’ applications have been received.
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The application will be accessible via our website’s home page during the application windows. Once your application is submitted, the listed co-signer will receive an email with a link to complete their portion of the online application. It is very important that your co-signer’s email address is entered correctly. Applications are not considered completed for processing until all application materials have been received from all roommates and all co-signers.
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Yes, each person who plans to occupy the unit will need to submit their own individual application. In addition, any applicants who do not meet the rental requirements will be required to have a co-signer who will also need to submit a co-signer application.
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No! It is free to apply.
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If you do not meet the rental requirements, then you will need a co-signer to guarantee the financial obligations of your lease agreement. Most often, the co-signer is an applicant’s parent or close relative.
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You can leave those sections blank. Please note that if you do leave these sections blank, you will need a co-signer and will need to provide their name and email address on your application.
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Once applications from all roommates and their associated co-signers (if applicable) must be received, then the roommate group is considered 'completed' and moved into the queue for processing.
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Application processing can take up to 24 hours from when the application window closes.
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When the application window for your desired unit type closes at 2:00pm CST, our team will begin processing applications. An applicant group must be complete before it will be moved into the queue for processing. A ‘Complete Group’ means that all roommates listed on the application have submitted completed applications, and their co-signers have submitted completed applications as well. Complete Groups will then be divided into ‘Full Groups’ and ‘Partial Groups.’ ‘Full Groups’ are roommate groups which have all bedrooms occupied by at least 1 tenant (i.e., 3 applicants for a 3-bedroom unit.) ‘Partial Groups’ are roommate groups that have an unoccupied bedroom at the time of lease signing, but plan to add an additional roommate before the lease term begins. Full Groups will be prioritized over Partial Groups. Full Groups and Partial Groups will then be sorted by timestamp completion of their tenant applications. As long as co-signer applications are received by 2:00pm CST, they will not factor into the timestamp ordering. Once placed in order by application completion timestamp, our team will begin processing, approving, and sending leases according to unit selection type, beginning with Full Groups. If units remain after processing all of the Full Groups, our team will begin processing, approving, and sending leases to Partial Groups. If units remain available after all Full and Partial Groups are processed and approved, applications for the remaining units will open again at 10:00am CST with the next unit type application window.
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You will receive a confirmation email that your application has been received. If you receive the confirmation email, your application has been received and you do not need to reach out to our team to confirm. At that point, the person listed as your co-signer will receive an email with a link to the co-signer application. Once applications are received from all roommates listed on your application and their co-signers, your roommate group will be moved into the queue for processing and approval, which may take up to 24 hours. Upon approval, your roommate group will receive the lease for signature via email. Once received, the group will have 24 hours to review and sign the lease. The security deposit will be due within 10 days of lease signing. Once the lease is signed and security deposit is received, the unit is secured.
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The most common mistakes we’ve seen in past years are:
- Incorrectly entering co-signer email addresses.
- Not spelling roommate names correctly, or not using a roommate’s legal name that they plan to use on their application.
- Putting a different unit preference order than your roommates.
- Submitting an invalid picture of their photo ID. The entire identification card must be visible in the picture, including the photo, name, and other identifying details.
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Identification Documentation (in JPEG format):
- Passport, OR Driver's License, OR front side of Student ID
- Full Name, Email Address, Phone Number, and Date of Birth
- Full names of all roommates
- Full Name, Relationship, Phone Number, Email Address, and Full Address
- Full Name, Email Address, Phone Number, and Full Address
Unit Selection and Occupancy
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Applicants will be able to select up to five (5) units at Grand Central or X01 to apply for. There is also a box that can be checked directing LZ staff to assign a unit of a similar floor plan to the five (5) units selected should those units already be leased by the time your application is processed. Please note that you are not bound to a unit/lease until the lease document is signed. You can still back out once you are ‘assigned’ a unit, but it is more difficult to do so once the lease is signed.
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Yes! The application will allow you to list up to five (5) different units at either Grand Central or X01. You will also have the option to indicate that you are interested in any unit of a certain type (i.e., 4-bedrooms.)
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Up to 2 people can occupy a studio or 1-bedroom unit. Up to 4 people can occupy a 2-bedroom unit. Up to 5 people can occupy a 3-bedroom, 4-bedroom, or 5-bedroom unit. Please note that for each bedroom that is occupied by 2 people, there will be a double occupancy fee of $150.00/month. Since the leases are joint, it is up to the roommate group to decide how to split the monthly installment payment and any associated double occupancy fees. No more than 2 people can share a bedroom.
Lease Signing and Changes
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- Sublet: Current leaseholder(s) lease their unit or part of the unit to a third-party, while keeping the lease in the original tenant’s name. The tenant remains ultimately responsible for all obligations of the lease. The Tenant will be released from lease obligations when it expires. All parties to the lease must agree to the sublet & provide signatures on documents for authorization. There is a one-time sublet fee of $150.00. Sublets are common when one individual signed to the lease has a change in plans (i.e., studies abroad, does not stay in Madison for the summer, etc.), but the other individuals signed to the lease still plan to live in the unit.
- Breach: The unit is listed for re-rental by the landlord for the full amount of rent for the remainder of the lease term. The unit must be fully vacated, and all keys returned, meaning all individuals who were signed to the lease will no longer be living in the unit. Once a new lease is executed and new deposit is paid in full, the original tenant(s) will be released from all lease obligations. The security deposit will be returned to the original tenant(s) within 21 days of the new lease being executed. All parties to the lease must agree & sign breach documents for authorization to re-rent the unit.
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At the initial lease signing, we require at least 2 people to sign a 3-Bedroom unit, 3 people to sign a 4-Bedroom unit, and at least 4 people to sign a 5-Bedroom unit. You can sign a studio, 1-Bedroom, or 2-Bedroom unit on your own. While you are able to add roommates to the lease at a later date, please note there is a $75.00 fee for each lease change prior to April 1, 2024. After that, the fee increases to $150.00 per lease change. Also important to note is that Full Groups (meaning all bedrooms have at least 1 occupant) will be prioritized when the application window opens.
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Our team will be working through applications on a first-come, first-served basis. Application processing takes up to 24 hours. We will be sending leases as soon as we have approved groups starting Monday, October 7th and through the rest of the week as different application windows open. Once it has been received, groups have 24 hours to review and sign the lease. If not signed by the deadline by all tenants, the unit will be offered to the next group in line.
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Once assigned a unit and sent a lease for signature, there is no penalty for backing out before the leases is signed. However, once the lease is signed, there is no leniency period in the event that an individual or group wants to be removed from the lease. Leaseholder(s) have the option to breach or sublet per the policies outlined in the lease.
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You are able to make changes to roommates signed to the lease at a later date, but please note there is a $75.00 fee for each lease change made prior to April 1, 2024. After that, the fee increases to $150.00 per lease change.
Payment Installments
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If you’re referring to a shared room, the double occupancy fee is an additional $150.00/month per shared room added to your monthly installment payment. If you’re looking to make changes to your lease after having signed (adding or removing), there is a one-time fee of $75.00 per lease change made prior to April 1st. You are still able to make changes to roommates after April 1st, but the fee to do so increases to $150.00 per lease change.
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That is one of the benefits of joint leases – it is completely up to each roommate group to determine amongst themselves how to divide monthly installment payments. Some groups split the monthly installment payment equally, others decide that tenants occupying bedrooms with windows or en suite bathrooms pay more than those occupying windowless bedrooms or without en suite bathrooms, for example.
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All pricing and availability will be posted to our website on Tuesday, October 1st. The amount posted is the total monthly installment payment for the entire unit – it is up to you and your roommates to decide how best to divide it up amongst yourselves. The only caveat is that there is an additional $150.00 per month double occupancy fee added to monthly installments for each shared bedroom, if there will be any.
Living at X01
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Installments can be paid electronically through the online AppFolio Tenant Portal. We recommend using the e-check payment option to avoid any fees charged by the payment processing platform. The monthly installment can also be paid by personal check, cashier’s check or money order. Cash payments are not accepted.
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Temporary parking passes are available to tenants for $10/day. They may be reserved in person at the management office and are available on a first-come, first-serve basis.
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Restech Services is the building's internet service provider. Internet service is already active in the units upon move-in. An ethernet cord can be plugged into any of the accommodating wall jacks and to a computer for the most stable connection. To set up a secure WIFI source for the apartment, you’ll need to provide your own router. Most routers will work fine but to get the most out of the high-speed internet service ResTech suggests using a Net gear or TP-Link router with a serial number beginning with AC or AX and dual-band capability.
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Yes inside of our heated, secured parking garage. It's available to all residents at no additional cost - just be sure to register your bike or moped and stop by the office for your sticker!
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Yes. You can reach out to our management team with any questions or concerns via email at campus@lz-management.com or by phone at (608) 237-1111.
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Maintenance requests can be submitted online via the Appfolio tenant portal, and our maintenance staff will respond promptly. We also have a 24/7 emergency maintenance team for any urgent matters that occur after hours that can be reached at (608) 283-3112.
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A great and important question to ask. All entrances to the building (including the parking garages and elevators) have controlled access, meaning a fob is required to get in. There are also 24/7 surveillance cameras in all public spaces and entrances. In addition, we have nightly on-site security.
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Absolutely! Monthly payments can be made online via the Appfolio Tenant Portal.
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A sublet happens when a current tenant decides to rent their unit to a third party while keeping the lease in the original tenant’s name. We often have sublease agreements when a current tenant decides to study abroad for a semester, or won’t be in Madison for the summer months. Subletting can involve the entire unit or individual bedrooms. If a tenant chooses to sublet, he/she is ultimately responsible for finding a sublease tenant. However, LZ Management’s marketing team can assist in the process upon request. Price is to be negotiated between the original tenant and the sublet tenant. It’s important to keep in mind that the original amount of rent due remains the same. Additionally, the original tenant remains ultimately responsible for the lease if the sublease tenant defaults. The original tenant is released from the lease obligations when the lease terminates. The sub-lessee(s) must complete an application to be approved by the landlord. In addition, all tenants, the sub-lessee(s), and the Landlord must sign the sublet agreement before the sublease becomes a legal amendment. Finally, there is a $150 sublet fee due upon completion of authorization.
Moving
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We will start accepting parking applications for the summer 2025 and 2025-26 lease term next year on March 1st. You can find the application and more information about rates, contract terms & more on the Parking page.
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Due to the time constraints of the turnover process, we are unable to accommodate early move-in requests. All leases begin at 2:00pm on August 15th.
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You can drop your proof of insurance documents directly into the online tenant portal through the Insurance tab. You may also purchase a Renter’s Insurance policy through the portal. It is not necessary to send your policy or insurance documents to your property manager.
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We strongly recommend you do not have any mail or packages delivered to Grand/Central until you’ve taken occupancy in your apartment. Any packages and/or mail items that are sent to the building with the name of someone who is not a current tenant are typically sent back with the courier to its original sender.
Need more info?
Reach out to our management team to ask any further questions you may have. Contact us today.