Renting an Apartment

What you need to know before you

rent your first place!

Why rent? Most people rent during college & in early

adulthood

Lease for 1 year = more mobility than buying a place & settling down

Do not need as much money or credit history as you do when purchasing a home

Advantages of Renting Unsure of long-term housing needs Limited resources for down payment No maintenance required!

More money for entertainment or savings!

Wide variety of amenities as part of lease.

Disadvantages of Renting Lack of control over property

No painting walls, making improvements, etc.

Lack of privacy

Roommates

People living above/below/next to you

Landlord may not respond quickly to maintenance issues.

Restrictions:

Can’t redecorate

Limit to number of people allowed in apartment (overnight guests)

No pets/children

Do not build equity

No tax benefit

VocabularyLandlord – person who owns

property and rents it to someone else

Lease – a written contract specifying the terms of use and legal responsibilities of both parties

Rent – periodic payment for a place to live

Tenant – person who pays rent; legal name for a renter.

What’s a Lease? A contract between a landlord

and a tenant. Designed to protect both your

rights as a tenant and the owner’s rights as a landlord.

The tenant agrees to pay the landlord for use of the apartment for an amount of time agreed upon in the lease terms.

Important Items in your lease Amount of rent – exact amount and how and when

to be paid Any information about late fees

Any additional fees – charges in addition to monthly rent

Security deposit – money landlord can use for cleaning and repairs once you move out.

Lease start and end date – shows the duration of your lease. Month to month – lease should indicate when

lease begins and how much notice you must give before terminating the agreement.

Utilities included – may or may not include heat, electricity, TV/cable, internet, sewer, water, trash

Additional Terms – Pets, guests, & children policies; parking

Your Needs & Wants An apartment, a house, or a rented room?

How much space do you need?

Do you want a yard?

How many bedrooms and bathrooms?

Consider roommates

Near a bus route or close to a college campus?

Specifics

Upstairs or downstairs?

Furnished or unfurnished?

Pets allowed?

What amenities?

Appliances - dishwasher, central heat and air, microwave, washer and dryer?

Pool?

Parking included? If not, how much?

Application Process Find an apartment

Newspapers

Online

Application fees $$

Interview / Walk-through

Meet landlord – good person? Trustworthy?

See apartment

In good condition?

Have amenities you want?

See neighborhood

Dangerous?

Public transit?

Restaurants & entertainment nearby?

Near school?

Ask the landlord questions

Ask the other tenants questions

Housing Costs A general rule is households should spend approximately 30% or less

of their net income on housing If you work $8.00 per hour full time (40 hours/week) you will make $320 per

week, or $1280 per month, which will leave you with about $960 net you should spend no more than $316 per month on rent

The average rent in Hackettstown is $870 for a 1-BR apartment!

Odds are you’ll need a roommate until you have a career

Security Deposit = money paid in advance of moving into a living space to the landlord to be used for repairs of damages that are beyond normal wear and tear

Returned to you when you move out if nothing’s broken & everything is clean

Other costs to consider Utilities – may or may not be included in rent

Electricity

Water

Heat

Cable/TV

Internet

Telephone

Sewer

Trash

Renters Insurance – required by some apartment complexes

Parking – may or may not be included in rent

Roommate ? Will you have a roommate?

More than one? Will you each have your own room?

It’s common in college to share rooms What happens if you don’t like living together? Who is responsible for paying the rent?

Split? Who sends the check? Other utilities? Groceries?

Where are you going to live? Who’s bringing what?

Couch, TV, microwave, vacuum, plates, pots & pans, etc.

YOUR ROOMMATE QUESTIONS Are you neat or messy? Do you pay bills on time? How late or early do you go to bed? Do you have a pet? Can you agree on visits from friends,

study hours, grocery shopping, etc?

What else would you ask??

Meet in a public place and interview possible roommates.

You and your roommate should be well-matched.

Use a roommate contract.

Time to Move InDo a walk-through with the

landlord. Is it clean? Is anything broken? Do

the locks work?

Write down problems and give to landlord. Date and sign. (keep a copy)

Take dated pictures of each room before you move in and before you move out. You can use this to dispute claims

with your security deposit

Your Place Keep your home clean and in good

condition. Pay your rent by on time. Don’t allow other people to live there if

their name is not on the lease. The lease is a legal document. By signing it, you agree to obey its

rules. Be sure to keep a copy.

YOUR POSSESSIONS

RENTER’S INSURANCE

protects your personal

belongings.

Contact a local insurance

agency.

Time to Move Out Consult your lease and give required notice.

Leave the property in the same or better

condition as when you moved in.

Do a walk-through with your landlord to

check for any damages.

Use the dated photos you took when moving

in as documentation.

Class Work – Find an Apartment Project

Find a place to live!Answer all questions in complete sentencesAdd pictures!