In short, a “holding deposit” is required to reserve the unit for you and will officially take the unit off the market for other potential prospects.
We typically receive several applications for each of our units and there is no way for us to prioritize interest based on an application submission alone. Further, we have seen many prospects change their mind about an apartment in the past and thus holding the unit for an approved application alone would be to the detriment of other interested prospects that may be equally serious about moving forward.
It is important to understand that your “holding deposit” is not an ancillary fee. This amount will be re-classified as your security deposit once you have signed all necessary lease documents.
We do ask that you not place a holding deposit unless you are 100% certain about moving forward with a unit. As a courtesy, we will refund a deposit within 3 days of submission if a prospect changes their mind. After this point, the deposit is considered non-refundable and is either credited towards security or forfeited.
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