FREQUENTLY ASKED QUESTIONS | 550 LOFTS

Tenants often have several questions before choosing a new apartment. Here are some frequently asked questions that tenants may have:

What is the monthly rent, and what does it include?

The rent amount varies slightly with the size of your space and other factors. Your monthly rent includes your high speed internet which will be activated on day one. Free Storage unit, Free off street parking, plus many more convenient amenities.

Are utilities (such as water, electricity, and gas) included in the rent, or will I need to pay for them separately?

Tenant is responsible for electric, water & sewer.

How long is the lease term, and are there any penalties for breaking the lease early?

The initial term is 1 year that automatically renews month to month. Breaking lease penalty requires a 60 day notice and a 1 month lease termination fee.

Is renter's insurance required, and if so, how much coverage is recommended?

Yes, $500,000.

Are pets allowed, and if yes, is there an additional pet deposit or monthly pet fee?

Yes, 1 dog up to 25lbs w/ $250 deposit & $50/month pet rent or up to 2 cats w/ $500 deposit & $75/month pet rent.

What amenities are included in the apartment complex (e.g., parking, laundry facilities, fitness center, swimming pool)?

High Speed Internet, Free Storage Units, Free Parking, Pet walking area, Elevator, Electronic Key, Close to stores, restaurants, hospitals, schools, gas.

Is there a security deposit required, and if yes, how much is it? Will it be refunded at the end of the lease term?

Yes. The security deposit is equal to 1 month rent.

Are there any income or credit score requirements to qualify for the apartment?

The applicants credit will need to be at least 650.

Can I make any modifications or changes to the apartment (e.g., painting, installing shelves)?

Not unless approved by the owner/property manager.

What is the process for maintenance and repairs, and how quickly are issues typically addressed?

Requests can be submitted through the online resident portal (click here), maintenance form on our website or by calling our office and are always responded to in a timely manner.

Is there a designated parking spot or parking garage, and is there an additional fee for parking?

There is plenty of parking and spaces are not designated. Parking is free. The parking lot is monitored 24/7 and lit from dusk to dawn.

What are the neighborhood and community like in terms of safety, noise levels, and accessibility to public transportation?

550 Lofts is a brand new building and was designed so that each unit is very quiet. You won't hear street noise or your neighbors above, below, or beside you. Lancaster has UBER and a very safe and efficient bus system which picks up on the same block. The Lancaster train station is within walking distance.

Are there any restrictions on guests or overnight visitors?

Overnight guests are permitted but would need to be added to the lease if it exceeds 14 nights within a calendar year.

Is the apartment furnished or unfurnished? If furnished, what is included?

Apartments are not furnished.

How are rental increases handled, and how often can I expect the rent to go up?

Rents are evaluated once a year on the lease anniversary date and will be based on the market, taxes, insurance, and other general expenses.

What is the policy on sub-letting or lease transfers?

Sub-letting is not permitted.

Are there any penalties or fees for late rent payments?

Rent is due on the 1st of every month. If rent is more than 5 days late, a 10% late fee with be applied.

Is there a rental application fee, and if yes, how much is it?

There isn't an application fee.

How is the apartment's condition documented before move-in, and what is the process for reporting any pre-existing damages?

Tenants can submit a move in condition report within 7 days of picking up the keys.

Can I see the actual apartment unit before signing the lease?

All applicants must apply and receive an approval to show status prior to scheduling showings.

Remember, these questions may vary depending on individual preferences and circumstances. It's important to ask any additional questions that are specific to your needs and concerns.