Market Rate Rentals, Independent Living
Market Rate Rentals — Apartments and Townhomes
“Market rate” means that a housing unit is paid for by rent, in the same way as any apartment. A lease is signed that states the monthly rent for a period of time and at the end of the lease the landlord can increase the rent. Apartment sizes can vary greatly. Studios and efficiencies are available to 1, 2, and 3+ bedroom apartments with one or more bathrooms. Complexes may offer several different versions of an apartment and costs can vary by adding a bathroom, sunroom, square footage, or view. Costs can also be affected by the addition of services, (if any are available) such as meals. Usually there are very few services available, but services could be brought in by the resident. Sometimes this type of housing is part of a campus where more care is available. Typically apartment complexes are low rise or high rise apartment buildings, but some units are available that are townhouses, where each unit has its own entrance or quad homes, a group of 4+ apartments connected in the center.
Rentals with Income Guidelines
Some developments may have all or a percentage of the units set aside for moderate income residents as part of government financial help for the original development. These apartments are below market rate and renters pay a set amount for their monthly rent.
Rentals with Entrance Fees
In some types of residences, there may be an entrance fee. This fee helps bring down the monthly rental fee and is sometimes refundable or partially refundable.