Frequently Asked Questions

There are a lot of Richmond, VA apartments to see out there. Finding the right apartment home can be exciting—and a little overwhelming! At Colony, we want to make the process as easy as possible, so we have assembled answers to some frequently asked questions. Since some answers may differ among various Colony communities, please contact the leasing center at the specific community in which you are interested for more detailed information. Our professional and courteous staff is always happy to assist you.  Colony…welcome home.

Contents:

 


QUESTIONS REGARDING PAYMENTS


What fees or deposits are required to lease an apartment?

Colony accepts payment by check, money order, debit card and major credit cards.

Application and Reservation Fees
The application fee is $45.00 per applicant over the age of 18 and is non-refundable.  It is required to be paid, by each applicant, for verification of their information. The Security Deposit is $350.00 and is required to hold an apartment while your application(s) is being processed.  Colony will refund your Security Deposit in full if you cancel your application prior to approval or within 48 hours after being approved for residency, If your application(s) is approved, and you fail to occupy the premises on the agreed upon date, except for delays caused by the holding over of a prior resident, Colony will retain all or part of the Security Deposit in accordance with the Virginia Residential Landlord and Tenant Act.   If your application is denied by Colony, your security deposit will be refunded in full.

Other One-time Fees
Other fees may include, but are not limited to: Non-refundable Short-Term Lease Fees and Non-refundable Pet Fees (see "Pet Policy" on each property’s web site for more details).

What forms of payment does Colony accept?

Colony accepts personal checks, cashier’s checks, money orders, debit cards, credit cards, Emoney orders and electronic ACH payments with your checking or savings account.

What will I pay each month?

You will only pay us your rental payment.  Included in your rent are water, sewer and trash.  You will pay for your electricity, cable, telephone, natural gas (if applicable), renter insurance to the company the services are provided by.

Can I make multiple rent payments in advance?

Although specific laws vary by state, accepting rental payments in advance may result in exceeding limits on the amount of security that can be withheld and may trigger other security deposit rules. Therefore, Colony cannot accept multiple advance rental payments.


QUESTIONS REGARDING THE APPLICATION PROCESS


How do I know if the apartment I want is available?

Although we make every attempt to keep availability information updated in near real-time, applications can be submitted at any time, and availability status can change quickly. Applications for apartment homes will be accepted on a first-come, first-served basis and are subject to the availability of the apartment and apartment type requested.

Who should complete the Rental Application?

An Application for Residency must be completed and submitted by each person 18 years of age or older who will be living in the apartment.

What forms of identification will I need to provide?

The Fair and Accurate Credit Transaction Act of 2003, also known as The FACT Act or FACTA, was designed to prevent, detect and mitigate identity theft. Each applicant is required to provide a copy of a valid driver’s license, passport, or other acceptable government-issued identification in person prior to taking occupancy of the premises as well as verification of your social security number in order to comply with the requirements of The FACT Act. Note that the identification presented at move-in must match the identification presented with the Rental Application.

Does my roommate need to complete an application?

Each person must complete an application and will jointly qualify for the apartment. Each roommate is fully responsible for the entire rental payment, jointly and severally, and must sign the Lease Agreement and all supporting documents.

How does Colony determine whether or not they accept my application?

Colony's Resident Selection Criteria includes: (1) criminal history, (2) previous rental history, (3) current income, (4) credit history, and (5) employment verification. This information is verified by a third-party screening company.

Criminal History 
As part of the application process, our 3rd party screening company will run a Criminal History report on all applicants.  In order to help ensure the highest quality of resident at our communities, certain Felony convictions, as well as some Misdemeanor convictions, will result in your application being denied.

Previous Rental History
Up to 12 months of rental or housing history may be verified on current and previous residences. For applicants who are homeowners,  proof of mortgage and/or home ownership may be required.

Current Income
Generally, applicants must have income of three times the gross monthly rental payment as a minimum for approval. We require four of the most recent, consecutive pay stubs for verification. For applicants who have a source of income other than, or in addition to, employment (e.g., alimony, child support, dividends, interest, military housing allowance, retirement income, social security, disability, housing grants, etc.) or whose rent will be subsidized by an approved third party, will require satisfactory original documentation/verification of the applicant’s alternate source(s) of income and/or subsidies.

Credit History
An unsatisfactory credit report—one that reflects bad debts, late payments or unpaid bills, liens, judgments or bankruptcies—can disqualify an applicant or require an applicant to pay an additional security deposit. If rejected for unacceptable credit history, the applicant will be given the contact information for the credit reporting agency (but not the content of the report). 

Employment Verification
If you are employed, an employment verification will be required. Acceptable employment verification may include: a pay stub, offer letter, recent W-2 form; for self-employed applicants, a copy of the most recent tax return or certified verification from his/her company’s accountant or bank.


QUESTIONS REGARDING COLONY’S RESIDENT POLICIES


What is Colony’s cancellation policy for leasing an apartment?

For an application cancelled prior to being approved or within 48 hours after being approved, Colony will refund all of security deposit.  Application fees are non-refundable. If cancellation occurs 48 hours after approval of the application, we may keep all or part of the security deposit in accordance with the Virginia Residential Landlord and Tenant Act.

Can I sublet my apartment?

Because Colony has entered into a lease with you, based upon your approved application, you are not allowed to sublet your apartment.

Why does Colony limit the number of residents allowed in an apartment?

Colony follows the HUD guidelines and limits occupants to two persons per bedroom.

Do I need Renter’s Insurance?

Colony does require you to have renters insurance. Colony requires that you carry a minimum of $100,000 personal liability. Colony only carries insurance on the building itself and does not cover any personal possessions under any circumstances. We recommend contacting eRenterPlan for your quote, or you may obtain coverage through your automobile insurance carrier. If aquiring coverage through a third party, your community must be listed as an interested party or additional certificate holder.   


QUESTIONS REGARDING MOVING IN


How do I set up utilities?

You will need to set up electric and/or gas utilities for your new apartment home in your name, effective on your move-in date. Proof will be required prior to move-in. Telephone, cable and internet is optional, but all apartments are pre-wired for these services. Upon approval of your application Colony will supply you with the name and contact numbers for the Electric and/or Gas Company that services your new apartment home. 

How do I schedule my move-in date?

Once you submit your application and are approved, our leasing team will work with you to accommodate your moving needs. 

On move-in day, please be sure each person listed on the lease agreement, as well as your cosigner (if you have one) is available to review and sign the lease.  Don’t forget to allow time to perform the move-in inspection of your new apartment home so our management team can familiarize you with all the wonderful features and conveniences of your new home!


Colony. Welcome home.