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Renting an Apartment April 4, 2011

+Terms Tenant

Somebody who rents a house or apartment for a fixed period of time.

Landlord A person who owns the property and rents it

to tenants.

+Terms Lease

An agreement that requires a tenant to stay for a particular amount of time and restricts the landlord’s ability to change terms.

Eviction The removal of a tenant from rental properties by the landlord.

+A landlord has a legal right to enter your apartment when:

Making repairs

Showing property with reasonable notice

Emergency (Fire, Serious water leak etc.)

Abandonment

+Terms

Credit Check A process where a person has his or her

credit history checked before credit is extended (in the form of a loan).

Security Deposit Money given to a landlord to provide some

protection for damage to the rented premises or for some other failure of the tenant.

+Terms

Utilities Services such as water, natural gas, or

electricity Ask about Internet access!

Fixed expenses A cost that occurs regularly, same amount of $

Variable expenses A cost that occurs regularly, but may

vary in amount of $

+A landlord can judge potential renters by:

Poor credit history

Insufficient income

Bad references

Past behavior (i.e. destruction of property)

Tenants would exceed valid occupancy policy

+A landlord CAN’T judge potential renters by:

Race

Religion

Ethnic background or national origin

Sex

Age

Tenant has children (except in senior housing)

Mental or physical disability

+Step 1: Where to look

Craigslist

Rent.com

Apartments.com

Classified section in local newspaper

+Step 2: Consider your needs

Is the apartment complex pet-friendly?

Is parking included? Is it on-site? Is there a covered parking lot?

Is there a security system in place?

Are there washers & dryers in the building unit?

Is the apartment centrally located?

Do you have any deal-breakers?

+Step 3: Money Matters

Think about your budget

Get a free credit report

Think about the down payment & security deposit

+Step 4: Get to know the neighborhood

Look at the other renters; are they your age, young families, or retired?

Check out the proximity of restaurants, public transportation, entertainment, etc.

Ask the natives

Ask yourself what neighborhood best suits you

+Step 5: Come prepared

Checkbook

Camera

Tape measure

Financial documents

Roommates

References

Questions

Things to bring with you:

+Step 6: Know your landlord

The first and easiest step you can take to finding out whether a landlord is legit is to check with The Better Business Bureau.

Search for the rental company’s name with the BBB, but remember that negative feedback is only recorded when complaints are filed

You may also want to check out an online rating community like: ApartmentRatings.com for additional information.

+Step 7: Know your lease

Terms of the lease: When is rent due? Is there a late fee? How much is the security deposit?

Special policies: Are pets allowed? Can things be hung on the wall? Can the walls be painted?

Read the fine print!

Remember: A lease is a contract!

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Do You Know?

Normally, apartments provide basic kitchen appliances like cooking burners, oven, and refrigerator; some come with dishwashers.

Mostly all the apartments are equipped with AC/heat.

You can rent furnished / unfurnished apartment. If you rented an unfurnished apartment you can buy furniture from yard sales or Goodwill stores.