Frequently asked questions about Koreatown
What’s the screening process and requirements?
We require all tenants and cosigners to apply, the application fee is $50 per person for the credit check. All residents must have a credit score above 650, cosigners must have a credit score above 700 in order to qualify. We also require a combined gross income of 2.5 times the rent for tenants and 3 times the rent for cosigners.
Do I need a cosigner if my income meets the requirements but my credit score is lower than 650?
Yes, you will need to have a cosigner who has a credit score over 700. But they do not need to meet the income requirements since your income qualifies. If your credit score meets the requirement but does not meet the income requirements, your cosigner needs to make 3 times the rent.
If I am an international student, I do not have a credit score, do I still qualify?
The answer is yes! For international students, please make sure you provide us the copy of your passport, visa page, I20, and bank statements. For J1 visa holders, please provide your DS2019 along with your application!
How long does the application process typically take?
It usually takes 1-3 business days to get approval. We will reach out to you if any additional documents are needed.
What is the move- in cost?
You will need to pay the security deposit, prorated rent (if any) and first month full rent on your move-in date. Security deposits are required to pay online within 24 hr after signing the lease. If your move-in date is within 5 business days, you will need to bring the move-in payment in cashier check or money order.
Are utility fees included in the rent?
Typically, all apartment prices on rental websites do not include utilities fees. It will be tenant pay utilities. Be sure to check with the leasing agent, how much is utility on average.
What is renter's insurance? Do I need to buy renter's insurance?
All apartments require insurance as a way to protect your rights! The main purpose of renter's insurance is to ensure that if there is a water leak, fire, etc., you will not suffer financial loss. Loss of belongings is also covered by renters insurance! When obtaining renters insurance, be sure you understand what specifically is covered by the insurance.
If units at Ktown Apartments are furnished?
All KTown apartments are unfurnished so you will need to bring your own furniture. But we provide washer and dryer, dishwasher, microwave, oven and those essential appliances.