Find Answers to Your Renting Questions
You’ve got questions, and we’ve got answers! Check our most frequently asked questions when it comes to the renting process with CB Properties in Memphis.
No, rather we charge a non-refundable reservation fee of 50% of the first month's rent with a minimum of $750. This reservation fee will secure the home for you. This is cheaper then having to surrender a full month of deposit, that in most cases, your property manager will try to keep.
A $175 move-in fee goes towards the cost of setting you up in our software and other costs affiliated with a resident move-in.
Per The Tennessee Uniform Residential Landlord and Tenant Act, maintenance requests must be in writing. The easiest way to accomplish this is to log into your portal and enter the request. We receive maintenance orders 24 hours a day.
If you are having problems logging into your portal, you may email [email protected]. That email will go to several individuals in our office on their desktop computers and cell phones.
We aim to complete maintenance requests as soon as possible to avoid disrupting your life. We know how inconvenient issues can be, so we accept requests 24 hours a day.
When we get your request, we immediately start working on your work order; although we have several vendors to handle these issues, they get backed up too, and it is possible to be without these services for 2 to 3 days.
Some maintenance requests that come in late Friday may not be able to be completed until Monday because supply houses containing the part to fix your home are closed on the weekend. Also, some repairs could be delayed if a certain part is unavailable locally.
We see a spike in A.C. and heat calls in the summer and winter. We suggest being proactive by having a window unit on stand-by or a heating device to keep you comfortable until we can get your heating or air issue resolved.
Most items are not emergencies and will not require immediate attention since services are limited after hours.
Call the fire department if there is a fire, then email your tenant relations representative the following morning. If your pipes burst, go to the house's street or master shut-off valve location to turn the water off and email us in the morning.
- Provide a valid state I.D. or Drivers License & social security card - if lost or missing please apply for a new one at https://www.ssa.gov/ssnumber/
- Passport for non-U.S. citizen
- Provide a current MLGW bill in the applicant's name, $200 max carryover balance - or MLGW Clearance letter. No cut-off notices
- A minimum credit score of 525 - Experian.
- No active bankruptcy or have filed bankruptcy within the last 3 years - must provide proof of discharge & established 2 lines of credit in good standing since discharge
- Criminal background evaluation - no violent crimes, non-violent violations & misdemeanors will be evaluated on a case-by-case basis to include a number of reoccurrences & most recent offenses.
- Proof of good rental history. No prior evictions within the past 5 years or FED filings within 3 years. If older than 5 years must provide current renal ledger in good standing. Must provide rental ledger - if no ledger is available must be able to provide proof of rental payments of at least 12 consecutive months. No handwritten ledgers or Excel spreadsheets will be accepted. Cannot owe a previous landlord.
- The responsible payer for the rent must have a net income of 3.5 times the rent. To verify income, we require two months of taxable, verifiable income (4 paystubs if paid bi-weekly, 8 if paid weekly). Signed offer letter within the last 2 weeks on the company's letterhead including employer's contact information If you are starting a new job.
- You must provide official documentation of any additional income, SSI, alimony, child support, or other benefits.
- You must support self-employment income with the previous year's tax return, the current year's profit and loss statements, and six months' worth of bank statements.
- Supplemental income - Uber, Ubereats, Lyft, Shipt, etc. must provide 2 months' worth of bank statements in addition to required paystubs.
- Co-Signers must make 5 times the rent (not combined) Minimum credit score of 700 and pass credit, rental & background evaluation as normal
Process:
- You'll complete an application online. There is a $55 non-refundable application fee per applicant, and anyone over 18 years old needs to be on the application.
- To apply, go HERE, and click on the property you want.
- You can view the home with one of our hospitality managers or through 24-hour self-showing access through www.MemphisRentalHomes.com.
- Approvals can be done within 24-48 hours once you submit your application and the necessary documentation.
- Once approved, you'll pay the non-refundable reservation fee of up to 1.5x the rent amount depending on the assessment of your application. Doing this takes the property off the market. The Reservation fee is the only time we accept in-office payments.
- Once you pay the reservation fee, you have 30 days to sign the lease and move into the home. After 30 days, the house goes back on the market. Reservation fee is non-refundable
We need all of the following documents to process your application:
- Social security card
- Driver's license or state ID
- Passport for non-U.S. citizen
- Two months of consecutive and most recent pay stubs
- If your income is inconsistent (for example, tipped employees, ride share, etc.), you may provide your two most recent bank statements & required paystubs.
- If you are starting a new job, a signed offer letter from your employer within the last 2 weeks on the company letterhead with your employer's work phone number will be required.
- Official documentation of any additional income, SSI, alimony, child support, or any other benefits
- MLGW in good standing $200 max carryover balance - no cut-off notices
- If you do not have an MLGW bill in your name, provide an MLGW clearance letter. You can request this from MLGW.
- Rental ledger for the total duration of your current residency. If no ledger is available must be able to provide proof of rental payments of at least 12 consecutive months. No handwritten or Excel spreadsheets are accepted.
Because our approval software has a cost associated with running an application, application fees are non-refundable.
To avoid this scenario, we strongly suggest having all your documentation ready and calling 901-620-6787 ext. 0 and emailing [email protected] to ensure the home is still available before applying.
Even if we are processing other applications, there is no guarantee they will be approved, so it is essential to have all your documentation ready to submit when you apply for your home.
We do not have any Section 8 qualifying homes at this moment.
Rent is always due on the 1st of the month. Rent is considered late on the 2nd, but a grace period allows you to pay by the close of business on the 5th.
After the 5th, there will be a 10% late fee on the balance of your current month of rent. If our office is closed due to inclement weather from the 1st to the 5th, the grace period is extended to the next day our office is open.
Contact your portfolio manager and communicate when you will make your payment. If we do not hear from you, unfortunately, we have to move forward with filing for eviction, something we want to avoid. Avoid this scenario by simply communicating.
You have the convenience of making electronic rent payments through your resident portal. Additionally, you can choose to pay using a Rent Money Voucher. With over 100 payment centers available in Memphis, you have various locations to choose from. You can locate your RMV account number in your resident portal under the "cash" payment method or obtain it from your property manager.
- Rent Money Voucher
- Online payments
Our office is open Monday through Thursday, from 8:30 am to 5:00 pm, & Fridays until 4:30 pm.
Our agents are available seven days a week to view houses. Sunday is by appointment only. We also offer self-showing on most homes, allowing you to tour a home without a CB Properties representative.
You will meet your Property Manager during the lease signing.
If you need to speak with your Property Manager after move-in, please start a conversation in your resident portal for the quickest response or schedule a call using their call link.
Our minimum lease for single-family homes is 24 months. Multi-family leases are 6-24 months. Additional fees apply for lease terms under 12 months.
Yes. Month-to-month fees are $250, paid monthly in addition to your market rent. You must still provide a notice to vacate even if you are month to month
Your lease is a binding contract, so we require a 60-day written notice through your portal if you need to terminate early. The penalty for breaking your lease is a fee equal to 1 month's rent. You are also required to pay rent during the 60-day notice period.
We must receive that penalty before you move out. Not paying your lease break fee will result in late fees, legal fees, collection fees, and credit reporting.
- All pets must be disclosed on the application and approved by CB Properties
- We do not have any breed restrictions, however we reserve the right to not allow your pet should any issues arise.
- Each pet requires a $250 non-refundable pet fee and $20 a month per pet