What’s Included in My Rent?
At Ivy Residences, we understand that a good portion of your hard-earned money goes towards your living expenses. As a company that values transparency, we want to ensure you feel informed and aware of what’s included in rent and what each line item on your monthly statement goes towards.
What’s included in rent?
For clarity, your rent payment is called “Rent (MM/YYYY)” on your ledger, which you can find in your resident portal.
In short, Ivy Residences uses your rent payment to pay for all requirements needed to keep and maintain your apartment home and community, ensuring it conforms to habitability standards. This includes, but is not limited to:
- Financial obligations, such as mortgage, property taxes, and insurance policies.
- Building maintenance, such as normal wear & tear, landscaping, common area upkeep, snow/ice removal, and beyond.
- Apartment repairs, such as plumbing leaks, appliance repairs/replacements, and fulfilling routine maintenance requests.
- Payroll for your leasing, management, maintenance, and office teams that serve your community.
- Office expenses, such as company website, resident portal, 24/7 emergency hotline, and more.
RLL Property Damage Waiver
RLL Property Damage Waiver is a way to protect the physical apartment that you reside in. This monthly $14 charge is not an insurance policy, nor are you being listed as a named insured under any owner’s policy.
This policy is not intended to replace your personal property or liability insurance policy. In a case of accidental damage, such as fire, smoke, explosion, water discharge, or sewer backup, you are waived from any obligation to indemnify the property owner for damages occurred as a result of the accident up to $100,000.
Yardi Energy & Utilities
Ivy Residences is dedicated to bettering the planet. Yardi Energy is part of our green initiative that encourages our residents to be conscious of their utility usage.
This system proportionately allocates utility charges based on your apartment size. Our residents are not being charged for common area utilities or vacant apartment homes under this system. This $3.75 monthly admin fee assists in our ability to properly manage this system.
To support keeping affordability in place, each apartment community has a specific utility package, and each apartment has a monetary cap for how much they can be charged for the included utilities. Find what utilities are included in your package here, and contact your resident services team for further information on your apartment’s cap.
You will see these utilities in an itemized list on your monthly ledger, accessible in your resident portal.
Additional Charges
Finally, there are options you may choose to add onto your monthly charges. These will also be visible on your ledger and due at the same time as the items listed above.
Examples of additional charges include:
- Pet rent
- Pre-furnished apartment
- Bike rental deposit
- Assigned parking spot
- Additional storage
- Late fees
If you ever see a charge on your account that you are unfamiliar with, please contact your resident services team for more information.
When is rent due?
Ivy Residences collects rent on the first day of the month. We understand that there are many components to paying rent, especially with online banking, so we offer our residents a 5-day grace period. This means that, while rent is due on the first, residents do not incur late fees if we receive full payment by the fifth of the month.
If payment has not been received by 11:59pm on the fifth day of the month, late fees will begin to accrue, and further action may be taken.
Your resident services team is always here to answer your questions and be a resource to our residents. Please contact our team via email at residentservices@rentivy.com with any questions or concerns you may have.