Renting with an Agreement -

Perhaps you are in transition to a more stable financial foundation or making life changes, so renting seems to be the optimal choice for you. Great! Let’s review some things you need to know.

By opting for rented accommodation, you agree to pay a monthly payment to your landlord. The rent your landlord sets is highly dependent on the market value of the area. To figure out what is reasonable you need to do a thorough check of the market, including the side of town, number of bedrooms, and square footage of the unit, before agreeing on the rental agreement. A landlord can set a higher rent if the apartment is semi or fully furnished and offers luxury factors.

Things to Know about Renting an Apartment

Please know, these tips are based on my personal experiences and may vary for you. So do you research and discuss with your potential landlord.

Renter’s Insurance

You may think this is just an added bill, but renter’s insurance is something that you want to have. Renter’s insurance is a lifesaver in cases of damage by a natural disaster or fire.

Though landlords have insurance, their policy may not cover all of your personal property too. Many landlords now make renter’s insurance a necessary clause in the agreement. Fortunately, renter’s insurance isn’t expensive. I believe I paid between $10 and $20 a month.

Understanding Community Rules

As mentioned above, community rules are part of the deal. Honestly, you want them. You picked your home, but you can’t pick your neighbors and these regulations are necessary for the smooth co-existence.

But, if you aren’t used to them, they may feel restrictive at first. Many apartment or condo buildings set noise limits during certain hours. They may also have strict rules for where visitors can park and how visitors may enter. Some rules also restrict owning pets or even bringing animals into the building.

Generally, communities take them seriously, and breaking these rules may require you to pay a fine.

Lease Inclusions

If you are renting a single-family home or townhouse, it will be highly likely that your rent does not include utilities. However, some landlords, typically for condos or apartments, may include utilities such as heat, electricity, and air conditioning within the rent.

You’ll want to make sure you understand your parking inclusions as well. How many spots are available to you with your lease and is there any visitors parking? Will parking be in a garage or car port, or open spaces? Reserved or free for all?

Ooo! Is there storage? Some complexes offer on site storage units. Do you also get one of these or is there an additional fee?

What about other amenities? Larger condos and apartments may have a gym or recreational area. Is access included in the lease or do you need to purchase a membership?

Understand Your Tenant Bill of Rights

Each state has its own Tenants’ Bill of Rights. You’ll want to familiarize yourself with these. I do not know what all is in each state’s list. However, these laws generally include discrimination clauses that prohibit exclusion based on sexual orientation, race, religion, or age.

These laws will also cover things like when a landlord may or may not enter your home, the landlord’s responsibilities, and restrictions on eviction (meaning a landlord can’t just evict on a whim – very important).

Lease Duration

Landlords may offer any term limit they desire. They may also price them differently based on the inconvenience of finding a new tenant. As you transition, a six-month lease may be the optimal; however, be sure to discuss the price difference this shorter lease may cause.

Longer leases may also be available. On occasion, the landlord may be willing to slightly reduce pricing for the assurance of a steady income. In any case, get it in writing.

Lease Terminations & Automatic Renewal

Before signing on the dotted line, explore the various options with your potential landlord related to length of the lease and renewal options. Landlords may set rates based on the time you commit to staying with them.

Find out if the landlord will provide a discount for auto-renewal too. Will prices be raised at the end of the term? Or is there a month-to-month option after the initial term ends.

Either way, agreements require the tenants to inform the landlord whether they want to renew their lease, usually some specified time period before the lease ends. Be sure to check this!

Additionally, if you want to vacate the property before the lease ends, you should have a clear idea of the lease-breaking policy. Some policies require you pay the rest of the term, while others require a fee.

In any case, if you violate these provisions, whether for leaving early or failure to notify in time, you may be subject to hefty fines to severe the relationship.

Addition of a Roommate

If your current roommate is planning on leaving after the lease is over or you’re thinking of replacing them with a new roommate, you would want the new person to have a lease as well.

Some landlords and communities allow you to add a roommate before your original lease is over. This would mean though that the name of the new roommate wouldn’t be a part of the lease, but they’ll share half the rent and utility bills. Generally, this is called sub-letting. It may or may not be allowed per the terms of your agreement.

Communicate with your landlord on the best options for this scenario. If sub-letting is not allowed, perhaps the landlord would be willing to revise the existing agreement to add the new roomie.

Get it in Writing

It’s often the case that a tenant sees an ad and is so impressed with the spacious images of the apartment: we get starry-eyed and emotionally attached immediately upon seeing this dream house.

However, Buyer Beware!

Be sure that all promises and agreements between you and the landlord are written down in plain language within the rental agreement. Read through the agreement thoroughly and be sure you understand each clause and all financial pieces are clearly listed too.