Frequently Asked Questions

IAA receives many inquiries about the multifamily housing industry. People often ask us about renting an apartment in Indiana, but more and more, we are getting inquiries about careers within the industry. Here are some of the frequently asked questions we have received:

Careers in Property Management

Q: Is working in the apartment industry a good way to make a living?
A: We believe it is. There are many resources for you through national trade associations and universities. Click here for more information about a career in the industry.

Renting an Apartment

Q: Why would I want to rent an apartment when I could own a home for a little more per month?
A: Renters are often targeted for special deals with low or no down payment mortgages. Your monthly payment for the first year could be very different from the second and third year payments. In addition, there are lots of monthly costs associated with home ownership in addition to the monthly mortgage payment. Click here for an Indiana Cost Comparison.

Q: If I decide to rent, will I have to sign a lease?
A: Leases are generally required by reputable owners, landlords and property management companies, for your protection as well as theirs. Lease clauses identify the agreement between the landlord and the resident in specific terms, so both parties know exactly what is required of them.

Q: Will I receive a copy of my lease?
A: A lease is a legal contract, and all parties signing the document have a right to copies.

Q: Can the rent go up during the term of my lease?
A: Only if your lease has a provision for an increase during the lease term. Otherwise, your rent will be the amount stated on the lease for the duration you signed for.

Q: If I do not pay my rent, what will happen?
A: Late charges could be incurred. In addition to possibly charging late fees, the owner or management company could also file to evict you from the property, and notify credit reporting agencies of your non-payment. Other charges associated with a late rental payment could be required, depending on your lease provisions.

Q: What repairs is the owner/management company required to make, and what should I do if they are not made to my satisfaction?
A: Review your lease – it should address repairs. It is a good idea to notify the manager of your request in writing, and document any subsequent attempts to get the repair made. It is never a good idea to withhold rent in lieu of repairs being made, nor is it a good idea to move out without giving proper notice because of a maintenance problem.

Q: What is proper notice?
A: Your lease will indicate the required notice period to vacate your apartment.

Q: Can’t I just move out when my lease is up if I want to?
A: Usually, the notice period indicated in your lease is still required to be given, even if your lease is expiring.

Q: What if I need to break my lease before it expires?
A: You will most likely be charged an early termination fee or be required to pay rent for a period of time, possibly until the lease does expire. Your lease may address early termination. If it does not, request the community/company policy in writing prior to terminating your lease.

Q: How do I get my security deposit refunded?
A: There are several things you can do to help ensure a refund: