November 16, 2022

Secure a Property

A guide on how to secure a property with Baker Street Properties.

How to Secure a Property

A property is only secured by signing a lease and paying the first month’s rent. However, you can place a deposit through our Wait List process to gain a higher priority of securing a property.

Wait List:

Due to the city ordinance in Ann Arbor, we cannot tour properties located in Ann Arbor until the current tenants have been offered a renewal 180 days prior to the end of their lease and have had 30 days to decide if they would like to stay.

To secure priority on the wait list, you will need to place a $1,000 deposit. We will only accept wait list deposits from tenants who have filled out applications and been approved.

You can send the deposit via Venmo at Baker-Street. If multiple groups have applied and been approved the first person to place a deposit will receive next priority to the current tenants, and so on.  Note, sometimes the current tenants tell us that they do not want to stay another lease term before the required waiting period, so it is possible to receive first priority after all.  If you receive first priority of the property, your $1,000 deposit will be credited to your first month’s rent payment, which is due at lease signing.

As a side note, the security deposit (1.5 month’s rent for Ann Arbor properties), which is different than the wait list deposit, is due one month before move-in.  If you place a deposit and someone with a higher priority, such as the current tenants, leases the property instead, you will receive a full refund of your deposit.

However, if you receive first priority to lease the property and you change your mind, you will lose your deposit.

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