Whether you're moving into your own place for the first time, getting a place to stay in for college , or just making a change in your living situation, renting a new apartment is an exciting time. It's also a potentially nerve-wracking challenge, when you consider the cost of the apartment, moving all of your stuff in, unpacking, and getting a suitable roommate. The only constant in apartment life, though, is the lease.
In the United States, for the most part, apartments are arranged in complexes or buildings, and are individually rented, or leased out.
Apartments are also paid for on a month-by-month basis, as opposed to being purchased outright. A lease is a legally binding contract, laying out the rules agreed upon between the landlord or property owner and you, the tenant. It can be from one to many pages, but in general, a lease defines exactly how long you'll be renting the apartment six months, one year, two years and so on and exactly how much money you'll pay in rent each month and on what day.
Other major points often found include security deposits, first-and-last-months' rent requirement, pet rules, who pays for what utilities, and who is responsible for maintenance and repairs.
Even things like overnight guests, pool privileges and parking lot access might get a mention. Both the landlord and the tenant benefit from a lease. First of all, it's a clear, specific, written record, and a source of reference in case there are any questions about the terms of living in the apartment.
It gives security to the landlord, in that it contractually ensures that he'll have a source of revenue each month and will receive it at a specific time. For the tenant, it provides a locked-in rent rate, as well as a legal statement of the renter's rights, should any disputes arise.
Let's look at what leases cover, including general rules and regulations, roommates, pets, and the quandary of what to do if you need to break a lease. An apartment lease tells you your rights, your responsibilities and those of the landlord.
Most important are the financial specifics. The lease will tell you how much you're supposed to pay in rent each month, along with fees for late payments, whether certain utilities are covered by the tenant or the landlord, and move-in costs like and a one-time security deposit.
Usually, the security deposit is returned to the renter when he or she moves out -- or at least most of it. This is a fund your landlord will dip into to fix any damage incurred during your residence.
A lease needs to be reasonable quiet hours shouldn't have to start at 3 p. Read over your lease carefully, and don't let a landlord or leasing agent rush you. If you don't understand something on your lease and need it clarified in writing, ask to have that section changed. If you disagree with something, ask for the landlord to work with you.
Make sure that any changes are initialed and dated by both the tenant and the landlord, because once you sign it at the end, you accept the terms of everything in the lease. A lease lists everyone who lives in the apartment , and all tenants must sign on the dotted line, but the agreement doesn't account for internal roommate matters.
Leasing time is a great opportunity to draw up a roommate contract to decide how bills, chores and maintenance are to be split. Since oral agreements generally wouldn't hold up in the legal sphere, the lease is your legal record of the terms of living in the apartment -- read it, date it, initial it. Most importantly, save your own copy and keep it handy, as well as a list of complex rules and community policies. Do you own a dog, a cat or something more exotic and caged, like a parrot or iguana?
The landlord who owns the apartment or house also must do what the lease says and must obey the law. If you think your landlord is breaking the law or breaking the lease, there are people who can help you.
Read the lease before you sign it. When you sign a lease, you agree to do what it says. You might not understand everything in the lease.
Find someone you trust to help you read the lease. The landlord might make promises. Check that they are written in the lease. After you sign the lease, get a copy and keep it. If you have bad credit, you need to show the landlord that you can pay your rent.
The landlord might ask you to:. Landlords must tell you if they will not rent to you because of information in your credit report or background report. Landlords also must tell you if they will charge you more money because of information in your report. This is called an adverse action notice. The adverse action notice must tell you how to contact the organization that created the credit report or background report. That agency must give you a free copy of your credit report if you ask for it within 60 days.
You have a right to question wrong information in your report with that agency, and try to correct it. You might think a landlord is breaking the law or that a landlord is breaking your lease. Here is what you can do:. A landlord cannot change the rental deal or refuse to rent to you because of your race, color, national origin, religion, gender, disability, or family status.
That would be discrimination. You can file a complaint about housing discrimination with the U. Call or go to hud. Renting an Apartment or House. Print Text size Listen icon. What is renting? A lease says: how much rent you will pay and when you will pay how long you will rent the apartment or house what happens if you do not pay on time the rules you must follow other costs you have to pay A lease will say whether the costs of utilities are included in your rent.
How long does a lease last? What is a security deposit? But you might not get your security deposit back if you: damage the apartment or house leave before your lease period ends Most states have laws about how much money a landlord can charge you for a security deposit. One common solution that many college students and young professionals use to secure a lease is having a guarantor or cosigner. A guarantor is a person who will co-sign an apartment lease alongside a tenant, guaranteeing to pay the rent if the tenant fails to do so.
The guarantor is usually a parent, family member, or close friend who is willing to be legally responsible for the rental apartment. During a showing, check every space in the home including all shared spaces, outdoor spaces, and any amenities offered like parking, gyms, and laundry rooms. It is perfectly normal to test faucets, appliances, doors, and locks, and common to take measurements for any furniture that has to fit. Make sure you are comfortable with the level of security in the building, the amount of noise in the building, and the type of light the apartment receives.
Also note what it will take to move in such as are there stairs or elevator, how many floors you are climbing, and how close you can park to the front door for moving day. If you are doing a virtual showing, ask the landlord or showing agent to double check anything you would check in person. Virtual showings are becoming more and more common and both you and your landlord are looking for a win-win situation—ask questions, and they should be happy to answer them!
Make sure your potential roommates are a good fit beyond first impressions and likeability. Chore schedules , similar lifestyles, living with people who replace the toilet paper roll—these are the things roommate dreams are made of.
Interview your future roommates to learn about their personalities and lifestyles. Your lease is a legally binding document, so read every word! Not sure if you can put that picture hanger into the wall? Your lease will tell you, and you can always refer back to it when questions arise.
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