Dear Future Residents,
We look forward to being your home for the 2021 – 2022 lease term! This email will answer questions you have about making rent payments, including using financial aid or student loan funds to pay rent. The first rent payment is on June 1, 2021 but residents can make the payment by move in day on June 13th with no late fees. Every month after that, rent is due on the first! Late fees are added after the 5th of the month and can add up to $100 each month. A great way to avoid late fees is to sign up for auto pay through the Resident Portal (also called the Tenant Web Access or “TWA” portal.)
We offer optional credit reporting to help residents build positive credit history. If you choose to opt-in, any on-time rent payments made through the Tenant Web Access portal will be reported to the credit bureaus. There is no negative reporting if a payment is late, this can only benefit our valued residents! To active the credit reporting feature, simply log in to the Tenant Web Access portal, click make a payment and then learn more and opt-in on the next screen. This service is free and you can opt-out just as easily at any time.
Many of our residents use financial aid awards and student loan funds to pay for all or part of their rent. UNH will not send these funds directly to us, please follow the steps below:
Contact UNH Business Services at 603-862-2230 and inform them that you will be living off campus at a Madbury Properties apartment.
Request an application for a “Landlord Release Form” and complete/return this document to UNH Business Services. The school will send us a financial aid letter stating the amount you will receive and when they expect the funds to be available.
Once the award money and/or loans are received by the school, you’ll request the funds to be withdrawn and disbursed to personal bank account from which you will pay your rent
Often, these funds are not available to the student resident until classes begin in September and payments for June, July and August must be made in the meantime. Here are a few options for making rent payments over the summer months:
Locate a sublet for summer months. We can provide a list of places to advertise as well as a sublet agreement to complete but the responsibility of securing a sublet falls on the resident. The resident remains financially responsible for timely payments.
Pay June, July, and August rent out of pocket and when student loans are disbursed (typically first week of September) the resident will pay themselves back with these funds.
Apply for deferred rent payments due to financial hardship by writing a letter to ldawson@madburyproperties.com including the following information:
Why the student is unable to work and generate income over the summer
If the student is working, why the funds cannot be applied to their rent
Explain why the guarantor cannot temporarily take over rent payments
Agree to pay all rent due when they move into the unit for Fall 2020 semester
If they plan to pay using financial aid or student loans, they must agree to pay their rent through December 2020 once they receive the funds in September
Some residents choose not to reside full-time in their apartments over the summer months. Kindly note that rent payments are due regardless of whether the unit is occupied.
We also want to inform you that a convenience fee of $25 will apply to any credit or debit card payments. The charge can be avoided by paying your rent directly from an ACH capable bank account or by mailing a check to our office at Madbury Commons. Please allow enough lead time for checks to arrive by the first of each month!
Mailing Address:
17 Madbury Rd. Suite 120
Durham, NH 03824
Stay Well ,
Madbury Property Management
staff@madburyproperties.com
603-452-7030
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