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Renting Review

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by

Eli Kautz

on 3 October 2012

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Transcript of Renting Review

Your First Time Renting By Eli Kautz Your first time renting a house or apartment is a big step in your life. For many people it is the first stage in their journey to ownership! However, there are many thing that first timers need to know before taking the plunge into the renting market. Lets take a deeper look. Before we continue, you need to learn a couple terms
Tenant - A person who rents and occupies land or a space for a time.
Landlord - The owner of the space for rent.
Now, lets take a little look at both of these separately Tenants As a tenant, you must know you rights and uphold your responsibilities. We will take a look at some of both of them. Rights As a tenant you have some rights that are entitled to you, some of them are:
You can not be discriminated against for race, sex, religion, etc.
A landlord cannot say that an apartment is not available when in fact it is available.
A landlord cannot harass you.
The right to withhold rent until repairs are made.
the right to “repair and deduct”—that is, to hire a repairperson to fix a serious defect that makes a unit unfit (or buy a replacement part or item and do it yourself) and deduct the cost from your rent. Responsibilities As a tenant you also have some duties that are entitled to uphold, some of them are:
Maintain the property to what is expected of you, mow, don't leave garbage around, clean, etc.
Don't damage the property.
Maintain the the fire equipment.
Use common sense and good manners. (while it is not a law it is highly approved of). Renting There are both advantages and disadvantages to renting, let look at a few. Advantages Flexibility
Less Maintenance
Lower move in costs
Fewer responsibilities
Typically less expensive than owning a home
Sometimes offer extra amenities Disadvantages Rent may change with little notice
Subject to terms of lease
Could have a bad landlord or neighbors
Restrictions such as you may not be able to have pets
Equity is not returned when leaving the home. Landlords Landlords also have there own list of rights and responsibilities. Lets take a look. Rights Landlords have some rights entitled to them, some of them are:
May Evict tenants for not paying rent or poor behavior
May charge extra extra for late rent.
May take a security deposit
May set restrictions on the things tenants can have Responsibilities They also have some duties they must fulfill, some of them are:
Paying utilities (unless other wise stated in lease
Collect Rent
Maintain building Respond to tenant complaints
Hidden Costs Many first time renters don't know there are some hidden costs in renting, lets take a look at a few Renter's Insurance While the landlord carries insurance on the apartment building, their insurance does not cover damage to your personal belongings. Renter's insurance is a type of insurance that covers renter's belongings in the case of fire, flooding, or other natural disasters. Even though renters insurance is not required it is highly recommended. Security Deposit A security deposit is a deposit taken before the tenant moves into the building. The deposit is used in case any damages to the property occur during the lease. If there aren't any damages when the tenant leaves the money will be returned to them. Miscellaneous Some other smaller hidden costs are
Parking
Television
Internet
Laundry Leases A lease is the agreement between you and the landlord. They are typically in the form of a contract where both people sign and agree on the tems Now that we have covered the basics of what you need to know about renting, there is only one thing left you need to do... Come Down to Sunnyside estates and checkout some apartments.
We currently have many openings to fit anyone's budget!
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