Rental Rate and Lease Renewal Policies

This brochure addresses frequently asked questions about rental and lease renewal policies at Stanford West Apartments (SWA). Current information, including priority and eligibility guidelines, rental policies, and floor plans, is available from the Leasing Office 650-725-2000 or on the web at
http://stanfordwest.stanford.edu.

Priority for Stanford West Apartments

Stanford University is committed to a protocol that gives priority to Stanford faculty and staff, SLAC employees, and Stanford Hospital employees. If there is insufficient demand among these groups, apartments will then be offered to people who work on Stanford lands. Any remaining units will be rented to those employed in Palo Alto and Menlo Park and the general community. Specific details about the eligibility priorities are available on the SWA web site. The City of Palo Alto requires annual recertification of continuing eligibility for all SWA residents.

Management of Stanford West Apartments

Management practices at SWA are consistent with those at other apartment communities with two important exceptions:

1. The eligibility priorities, and
2. other requirements that have been mandated by the City of Palo Alto.

Stanford University is primarily an educational institution and has, therefore, engaged a property management company experienced in rental properties to oversee all aspects of SWA. Leasing Office staff are best able to answer individual inquiries and should be the first stop for those interested in more information.

Stanford Rental Rate

Each apartment’s rental rate is based on a variety of factors including, but not limited to, the number of rooms, the lease term, the size of the rooms, storage, views, proximity to garage, location within the project, and current market factors (supply and demand). Because of these factors, apartments with the same floor plan may have different rental rates.

Rental rates for each apartment will be reviewed from time to time and adjusted up or down in response to market conditions. For this reason, it is possible that a Stanford affiliate who has leased an apartment on an earlier date, may have a higher rental rate than if that apartment were offered to a non-Stanford applicant at a later date. This situation would only occur when area rental rates are declining. Historically, it is more common for rents to increase rather than decrease.

Once a lease is signed, the rental rate is guaranteed for the duration of the lease term. Except as described below in the section "Early Renewal Option," rental rates for long-term leases (currently defined as lease terms of six months or more) are adjusted up or down only at the time of lease renewal. The Leasing Office will notify the resident of the new rental rate one month before the lease expiration date. Rates for short term leases (currently defined as lease terms of less than six months) are reviewed quarterly at which time the rental rate may be adjusted up or down. The Leasing Office will notify you if your rent will be adjusted. Rental rates are not subject to individual negotiation.

Subject to verification of continuing eligibility, residents may choose to renew their lease for a short or long term. This decision will affect their rental rate going forward since short-term rates are higher than long-term rates. Information about the length of time that qualifies as a short term or long term lease and corresponding rental rates is available from the Leasing Office.

Early renewal option

Under limited circumstances, residents with a long-term lease may be able to reduce their current rent before the end of their current lease term. Residents must satisfy all four of the following conditions:

1. The individual is a qualifying Stanford affiliate;
2. the rent on their current lease is greater than the rent that they would be charged if they were a new resident, renting for the first time;
3. the resident’s lease ends in four months or less; and
4. the resident is willing to terminate their current lease and sign a new twelve (12) month lease.

Leasing Office staff will notify residents who qualify for this special arrangement in writing approximately four months before their lease expiration date. The lower rent becomes effective the first of the month following the execution of the new lease. Residents who currently live at Stanford West and who do not qualify for the early renewal option will continue at their current rental rate.

Example: Mr. Brown is employed full time by Stanford. His current lease expires on December 31, 2005. On August 31, 2005, Mr. Brown receives a letter from the Leasing Office staff informing him that the current rental rate for his apartment is $100 a month lower than his present rate of $1,900. On September 5, he terminates his current lease and signs a new 12 month lease that begins on October 1, 2005, and ends on September 30, 2006, with a rental rate of $1,800.

Below Market rental programs

There are two programs with special rental rates that are lower than the Stanford Rate. The Below Market Rate (BMR) program, which follows guidelines created by the City of Palo Alto, provides a limited number of BMR units to employees whose combined income levels are equal to or less than the qualifying limits. Current limits are posted on the SWA web site. Initially, 63 units were reserved as BMR units. By 2016, the number of BMR units will increase gradually to 156 units. Leasing Office staff are available to answer questions about the BMR program, including guidelines for annual certification of continuing eligibility.

There is also a limited, needs-tested program available to qualifying assistant professors. The Leasing Office will send application forms to individuals who may qualify for this program.

Transferring to another apartment

Provided that at least 30 days notice is given, residents may transfer to a different unit type without incurring a penalty for breaking their current lease. There are five unit types: one bedroom without retreat or study; one bedroom with retreat or study; two bedroom flat; two bedroom town home; and three bedroom town home. The lease term for the new apartment must be the greater of the remaining term on the existing lease or the minimum number of months that qualifies as a long-term lease. There will be a fee to cover administration and maintenance costs. Please inquire at the Leasing Office for current availability, unit types, rental rates, and applicable fees.