Looking for apartments in downtown Williamsburg, VA near the College of William and Mary? King & Queen Apartments is located in downtown Williamsburg, VA and is popular among College of William & Mary students, both undergraduate and graduate, and local young professionals.
This leasing process guide has been compiled to answer many of the common questions people have about moving into King & Queen Apartments.
The initial lease term at King & Queen Apartments typically runs from either:
- Early June through the end of the following May
- Early August through the end of the following July
Leases for tenants who renew or sign a new lease for an additional year run from to the end of May, or to the end of July. There is a chance that apartments may be available earlier or later in the year, depending on turnover and overall availability.
NOTE: The lease does not begin or end on a given weekday. The lease start date and/or end date could land on a weekend or weekday.
1. Turnover and Availability
There are 26 apartments on the premises. The undergraduate residents at King & Queen Apartments are typically second, third and fourth-year undergraduates at the College of William & Mary. The graduate residents are typically enrolled in a two or three-year graduate degree program. Since residents are typically undergrad or graduate students, they typically do not live on the premises for more than three years (although 4 year residents are not entirely uncommon).
Depending on the year and apartment turnover, the number of units that turn over can range from just a few to nearly all of the units becoming available for rent. The apartments are available on a first-come, first served basis to approved applicants, when existing leases are terminated and not renewed for the next term.
2. Rental Applications, Fees, and Deposit
Rental applications are accepted throughout the year, depending on availability. Applications might be accepted as early as the fall semester for the following lease term and academic year. NOTE: Any changes, additions or revisions to the lease, including monthly rental rates, are typically done in late December of each year. Each apartment has a maximum occupancy of two tenants/residents/occupants. Each prospective tenant must complete a rental application to begin the leasing process. Each applicant must submit the following their application to be considered. All applications and lease forms can be found HERE:
- A complete and signed Rental Application,
- A Rental Application Fee of $65 per applicant,
- An Application Deposit of an amount equal to two (2) months rent* per apartment,
- A copy of their government-issued photo ID and student ID must accompany the application.
- A complete and signed Rent Guarantor Application,
- A signed Guarantor Acknowledgement,
- A Rent Guarantor Application Fee of $50 per Rent Guarantor.
The Application Deposit is for the apartment, as a whole, and not for each tenant individually. The Application Deposit becomes the Security Deposit once the lease is signed.
* the Application Deposit becomes the Security Deposit on the effective date of the Lease Agreement. The application deposit/security deposit amount is subject to change.
3. Rent Guarantors
Each Tenant at King & Queen Apartments must have someone to financially guarantee that the financial obligations under the Lease Agreement are met each month. That person is called a “Rent Guarantor“. A Rent Guarantor is needed if the Tenant is unable to meet their financial obligations under the Lease, whether for overdue rent, damage to the property, etc.
The Rent Guarantor is legally bound to accept the financial liabilities on behalf of the Tenant. Like an insurance policy for the Landlord and/or Managing Agent to protect against the Tenant for defaulting on their rent, the Rent Guarantor essentially acts as the bank, thereby financially guaranteeing the rent and damages during the lease term, and nothing more.
The Rent Guarantor does not become a Tenant or assume any of rights of a Tenant under the Lease, including rights to occupy the Premises. The Rent Guarantor only guarantees the financial aspects of the Tenant’s Lease.
The Rent Guarantor:
- Does not co-sign the Lease and, therefore, is not a co-signer. The Rent Guarantor is made a party to the Lease for the express purpose of co-signing and guaranteeing the financial obligations of the Tenant under the Lease.
- Does not have any rights, as a Tenant does, to the provisions of Lease, including rights to occupy the Premises.
- Financially guarantees the Lease, nothing more.
For example, only the Tenant receives notices, communication, and correspondence pertaining to the Lease Agreement. Likewise, the Tenant must notify, communicate, and correspond directly with the Landlord and/or Managing Agent regarding any questions or issues they may have during the Lease term.
The Rent Guarantor for each Tenant applicant must complete the Guarantor Application and submit it, along with a $65 fee. The application verifies employment, income, and creditworthiness.
Once approved, the Rent Guarantor signs a Rent Guarantee Agreement thereby guaranteeing the payment of rent and other financial obligations during the Lease term.
If there are two, unrelated Tenants, the Lease is between both Tenants jointly and severally, thus both Tenants are equally responsible for the payment of monthly rent and all obligations under the lease. Therefore, each Rent Guarantor is guaranteeing not just the Tenant they specifically have an association with, but the other Tenant as well.
All applications are subject to Management approval.
4. Submitting Your Application Documents and Payments
When you have a completed Rental Application, Guarantor Application, Guarantor Acknowledgement, application fees, and application deposit in certified funds, please contact King & Queen Management or by calling 757-220-0000.
If you make a payment by certified bank check or money order, please be sure to make your certified bank check or money order payable to “One Door Realty, Inc.”.
When the application documents are received, Management will begin the approval process.
5. Approval & Lease Signing
Upon approval of your application, you will be contacted by Management and a date and time will be set for you to sign the Lease Agreement for your apartment. In addition to the Lease Agreement, the Rent Guaranty Agreement must also be signed by the Rent Guarantor. The rent Guarantor does not have to be present at the time of lease signing; however, if they are not present at the time of lease signing the Rent Guaranty Agreement the signature on the Rent Guaranty Agreement must be notarized by a Notary Public.
NOTE: In Virginia, property owners do not have to accept tenants whose primary role is “student.” King & Queen Apartments, LLC is willing to do business with students to do business with and rent to students; other local property management companies and owners may not and may decline your application.
If you are looking for apartments in Downtown Williamsburg, VA, Contact Us today for a showing. King & Queen Apartments offers renovated apartments next to the College of William & Mary, and close restaurants, shopping, and public transportation.