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Given a standard lease, an acceptable residence and a congenial landlord,
the process of renting a home or apartment seems straightforward.
However, frequent movers will tell you there can be complications.
Renting involves more than choosing the right home or apartment at the
right price. It is also important to be fully aware of your rights and
responsibilities as a renter and the rights and responsibilities of your
landlord. Many of these rights and responsibilities are codified in law.
This article is intended to guide you through the process of choosing the
right rental property and negotiating an acceptable lease. It is important to
remember that when it comes to signing a lease, nothing should be taken for
granted. Being as informed as possible is your best assurance of being satisfied
with your new rental.
The Costs Of Renting
The Right Price
Finding the right home or apartment at the right price can be challenging.
Most financial planning professionals recommend spending no more than 20
percent to 30 percent of your monthly net income on rent.
If you exceed the recommended level, you may be spending too much of
your income which can reduce your overall quality of life. If you spend
too much on rent, you will not have enough for other necessities or basic
pleasures. Higher rents often cover extra features that you may or may not
need. Determine if these features are worth the extra expense.
Security Deposits
Most landlords ask for a security deposit in advance. Normally equivalent
to 1 month’s rent, but sometimes up to 3 months’ rent, this money may be
used to cover potential unpaid rent, damage beyond “normal wear and tear”
and the cost of cleaning the rental after you leave. The cost of cleaning
the rental should be established in advance. The landlord may also require
first and last month’s rent and a nonrefundable application fee of $25 to
$35 to cover the cost of obtaining a credit check. Some landlords may also
ask for additional deposits for pets.
You must satisfy all the terms and conditions of your lease to receive all
of your security deposit back from your landlord. Some of these terms and
conditions include the following.
- The agreed-upon length of time for which you are leasing the home or apartment.
- The stipulated length of notice required by the landlord before you move out.
- The return of any personal property associated with the tenancy, for example,
furniture, appliances, keys to the premises, gate access controls or garage door
openers.
- “Normal wear and tear” is subject to various interpretations — it is best to
find out your landlord’s definition and to ask for a list of examples.
The Art Of Negotiating
Generally, it is a good idea to ask a prospective landlord if renter incentives and
flexible leasing arrangements are available. Apartment complexes which offer covered
and uncovered parking may include a reserved, covered parking spot as an incentive.
In cities with large military communities, some landlords offer rental discounts to
servicemembers.
Even if the demand for rentals is high, there may be an opportunity to negotiate.
Most landlords, for example, prefer the longest lease term possible since frequent
renter turnover results in higher maintenance and refurbishing costs. If you are
certain you will remain in a location for over 1 year, try using this point to your
advantage. However, if housing demand is low, landlords may be willing to reduce a
standard 1 year’s lease.
Topics covered in this section are:
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Selling A Home
Selling A Home
