month-to-month lease

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If you’ve been living in the U.S. these past few years, you know that rental rates have skyrocketed. Because of this, many renters cannot avoid spending more than the recommended 30% of their gross monthly income. This makes it all the more aggravating to find out your monthly rent has been raised by your landlord before your contract is up.

Raising rent can make sense in certain cases such as the market value going up. However, in other circumstances, a rent increase may be unnecessary or downright illegal.

It’s important to be educated on what can and can’t be done when it comes to your lease. Here is what you should know about your tenant rights and what you can do about it.

Can your landlord raise the rent?

The short answer to whether or not your landlord can raise your rent is yes and no. The city you live in, rent control laws and your lease will determine if it is legal or not. These are the circumstances when your landlord can and can not raise the rent.

Month-to-month leases

If you signed a month-to-month lease, landlords are within their rights to raise the rent at the end of each month. Similar to a 12-month lease, a monthly lease is still a binding contract. So your landlord would still be required to give you advance notice (generally about 30 days) and can only raise the rent at the end of the month.

Year-long leases

Typically, rent increases occur when your lease is up. So if you signed a year-long lease and your landlord tried to raise the rent six months in, that is not acceptable. Rent increases are only legal once the 12-month lease has finished.

The terms and conditions of your rent should all be laid out clearly in the rental agreement you sign at the beginning of your tenancy. Unless stated otherwise in the lease agreement, yearly and monthly rent increases are only allowed under the above conditions. That’s why it’s important to thoroughly read through and understand your rental agreement.

Keep in mind that a rent increase can also impact your security deposit. Since the rent is now higher, you may have to up the amount of the deposit as well.

Adequate notice

There are some circumstances under which your landlord legally cannot raise your rent. The first is without providing adequate notice. This is generally is about 30 days ahead of the proposed increase. It’s also illegal for a landlord to increase rent for discriminatory reasons or in retaliation for previous conflicts.

Discrimination

If you believe the rent increase is in response to a past conflict you had with the landlord or because they are discriminating against you based on your race, gender, sexual orientation or other reason, those are grounds to possibly have the increase overturned.

What to do if your landlord raises your rent

Receiving a rent increase is jarring and upsetting for anyone, especially since rent is already inflated. Finding out you may have to pay more or move is bound to trigger some strong emotions.

But you’re not without recourse and options for how to handle the situation. If you receive a rent increase notice and are unsure what to do, there are a few steps you can take.

1. Know your city’s laws

Renter’s rights can vary widely at both city and state levels. What’s legal in one city in your state isn’t always legal for other cities you may live in. This is why it’s crucial that, if you learn of a rent increase, you check your local laws.

This can pertain to whether the timing of the notice is legal, or if the increased amount is legal. Some states or cities don’t have set or maximum amounts for rent increases, leaving it up to the landlord’s discretion. So if there are no laws that set a cap or limit, your landlord can hike up the rent as much as they see fit.

2. Get it in writing

In most states, it’s required that any rent increase notice be served to the tenant in written form. This could be as a letter or email. If your landlord verbally told you they will raise the rent, that is not legal. If your landlord is trying to raise your rent and doesn’t provide written proof, that’s evidence you may use in case the situation goes to court.

3. Double-check your lease

Read through your lease to make sure that the rent increase notice is legal. This includes checking that the notice arrives in an appropriate time frame and adheres to any other relevant clauses.

4. Report any illegal actions to the proper authorities

If you determine that the rent increase is unlawful for whatever reason, you should report your landlord to the respective authorities in your area. This could be a local government agency or department related to housing or a housing and tenants’ rights advocacy group. They can point you in the right direction.

5. Speak with your landlord

Assuming the rent increase is legal, you still may not want to pay it. Maybe you are unable to afford the new proposed amount. Maybe you feel that based on your good rental history in that unit, it’s unnecessary or unjustified. Whatever the reason, you can try to negotiate with your landlord. You can do this in two ways.

The first would be to send them a rent negotiation letter. In the letter, you should describe in clear terms why you can’t or don’t think you should pay the increase.

You can detail your financial situation, or make reference to your rental history. Have you always paid the rent on time and in full? Are you a model tenant? Highlight those reasons the landlord will want to keep you on as a renter.

You can also arrange a meeting or call your landlord to negotiate the rent increase. When doing this, make the same points as you would in a negotiation letter but are able to have a straightforward conversation.

6. Organize with the other tenants

If all other attempts to negotiate with your landlord have failed, you may find strength in numbers. Check with the other tenants in your building to see if they are OK with the rent increase.

Collective action is a powerful tool. If the majority of the building opposes the rent increase and the landlord moves forward, they could be facing multiple people moving out at the same time. This gives them more work to suddenly try to fill the empty units. Having reliable, trustworthy tenants makes their job easier. This incentivizes them to work in good faith with the tenants they have.

7. Pay the increased amount

Unfortunately, if your landlord won’t budge and they are within their rights then you will have to pay the increased rent or find a new apartment to rent.

Getting a rent increase notice isn’t the be-all, end-all

Unless you live in a city with rent control, occasionally dealing with rent increases is, unfortunately, a necessary part of a renter’s life. Sometimes they can also feel very unfair. But by using the above resources, you can fight or even stop a rent increase.

The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.

Ashley Singleton is a writer who loves following and writing about current lifestyle, DIY and home improvement trends. You can read some of her other work on the Lady Spike Media website. In her spare time, she performs stand-up comedy in Los Angeles.

Source: rent.com

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An eviction notice is a written statement informing you the landlord believes you’re in violation of the rental agreement. Depending on why you’re being evicted, the type of notice you receive and the state you live in, you may need to vacate the property by a certain time. But if you have an eviction notice in your past, you might be worried about getting approved for a new rental situation.

Find out below what happens if you get evicted, including whether you can or should fight the notice and whether you can get a new rental. As with any situation involving your credit and money, being prepared with knowledge can often make a huge difference in the outcome.

How Does Being Evicted Affect Your Credit?

Evictions aren’t included on your credit report, and neither are certain types of public records such as eviction judgments. However, that doesn’t mean an eviction leaves your credit squeaky clean or that potential future landlords won’t know about your eviction history.

First, collection accounts or debts leading up to your eviction do appear on your credit report. If you fell behind on rent and tried to right the situation with a personal loan that you also fell behind on, for example, that could hurt your credit. And if the landlord turned uncollected rents over to a collection agency at any point, that can also negatively impact your score.

An outstanding debt (such a collections account) on your credit report can significantly impact your overall credit score. In fact, your payment history accounts for up to 35% of your credit score. So, just one missed payment, including one missed rent payment, can drop your credit score.

Second, judgments related to evictions are a matter of public record. Future landlords might not see them on your credit report, but they can easily find them by searching court records. Many landlords use tenant-screening services that provide rental backgrounds on prospective tenants, and court records related to evictions are typically included.

If you’re having trouble making your monthly rent payments, consider setting up a budget to track your spending. This step may help you avoid a potential eviction.

Does an Eviction Go on Your Credit Report?

No, landlords can’t report evictions to the credit bureaus because these agencies don’t collect this type of information. However, this doesn’t mean future landlords can’t find out about the eviction. Court judgments, including evictions, are public records. This means landlords can still find out if you have an eviction in your past.

While searching public records can be a cumbersome process, many landlords use tenant screening services to conduct background checks on potential tenants. This service makes it easier for landlords to learn about past evictions. So, even though an eviction won’t directly impact your credit, it can affect your ability to rent in the future.

Legitimate Reasons for Eviction

Specific landlord rights vary from state to state, but there are several reasons a landlord may have the right to evict you, including:

  • Failure to pay rent: If you fail to pay rent within the grace period, your landlord can start the eviction process. The judge will likely give you a set number of days to make the payment. If you still fail to pay, you may be forced to leave the rental property.
  • Lease violation: When you rent an apartment, you must abide by the terms of the lease. If you fail to do so, the landlord can evict you. For example, if your lease says no pets yet you have pets on the property, the landlord can break the lease and require you to move.
  • Illegal activity: If you’re doing something illegal on the rental property, such as using drugs or committing domestic violence, a landlord has the right to evict you.
  • Property damage: If you willfully damage the property or make renovations without the landlord’s permission, this could be grounds for eviction. It’s important to understand the terms of your lease before signing it.
  • End of lease: When you sign a lease, it should cover a set term, such as 1 year or month-to-month. Unless you sign a new lease or your lease automatically extends the terms of the previous lease, you must move at the end of the term. If you have a month-to-month lease, your landlord must give you a 30-day notice to move. If you fail to move out of the property at the end of the lease or within the 30-day notice period, your landlord can take steps to evict you.

Illegitimate Reasons for Eviction

Landlords can’t evict tenants without cause. Once a lease is signed, both landlords and tenants are bound to its terms. It’s illegal for landlords to discriminate against their tenants and evict them based on their color, race, gender or national origin.

Additionally, landlords can’t evict tenants as retaliation. For example, your landlord can’t evict you because you complain about property conditions or request repairs.

Can You Dispute an Eviction?

Yes, you can dispute an eviction. A legal eviction requires a judgment from the courts. Before a judgment is rendered, there must first be a court hearing.

You have the right to attend this court hearing, hire an attorney and present your evidence to the court. It’s important to be present at this hearing because the judge can make a final decision without your input.

What Can Happen If an Eviction Is on Your Credit Report?

If you’re legally evicted from your rental, it won’t be on your credit report. However, any unpaid rent balance that you still owe your landlord can end up on your credit report. If this happens, it’s likely to impact your credit score.

It’s important to pay off this balance as quickly as possible. This step can minimize the impact on your credit score. If there’s an incorrect unpaid rent balance on your credit report, you should take steps to remove that information. You can do this by writing to the credit reporting agencies and providing evidence that the information listed on your report is wrong.

What to Do If You Receive an Eviction Notice

Eviction processes vary by state. Eforms, a site that provides sample eviction notices for landlords, summarizes the eviction process for each state. A good first step is to find out exactly what the process in your state is so you know how to respond appropriately to an eviction.

Eviction notices come in two main types: curable and incurable. Curable notices detail how the landlord thinks you broke the lease agreement and how you can fix it. If you cure the issue, the eviction is retracted. Incurable notices don’t have any fix and simply require that you vacate the premises by a certain date.

A common reason for an eviction notice is that the landlord claims the rent hasn’t been paid. In many cases, this would be a curable eviction notice. If you catch up on your rent, the landlord might not move forward with the eviction.

In many cases, if you don’t respond to the eviction notice to cure it or move out, the landlord must go to court to get a judgment against you. This allows law enforcement to require you to move out of the property.

You usually have an option to appear in court and fight the eviction. For example, if you’re withholding rent because the landlord has not fixed something that is his or her responsibility under the lease, you could use that as a defense.

A judge might rule on your side, requiring the landlord to make those repairs before you are required to catch up your rent. But keep in mind that we’re not legal experts—if you find yourself in this situation, we recommend consulting with a lawyer.

What Happens If You Get Evicted?

If you know you’re at fault or the judgment doesn’t go your way, you are likely going to have to move out of the rental property. It’s important to know how the eviction might impact your credit history and chances of getting another rental in this case.

Can You Still Rent an Apartment If You Have Been Evicted?

If you’ve been evicted from a townhouse, apartment or rental home, it may be difficult to qualify for a new rental if a potential landlord checks your rental history. If you have an eviction hampering your ability to find a place to live, you have a few options:

  • Try to find a private landlord who doesn’t use screening services or check credit history
  • Look into reporting any rent that you’re paying—it could help your credit score
  • Try negotiating with a potential landlord by offering a large security deposit or several months of rent up front
  • Find a cosigner with good credit to live with
  • Live with friends who already have a home and history of good payments

Try to Make Amends

If you were evicted for unpaid rent, the best way to make amends is to reach out to your former landlord or collection agency and make up those missed payments. Doing so could make finding a new place easier, especially if you get proof in writing that you made good on the old debts.

How to Avoid Eviction in the First Place

Abiding by your rental agreement is the most important thing you can do to avoid being evicted. Your agreement is a legally binding contract, so understanding everything expected of you—from maintenance of the property to noise restrictions and timely rent payment—is critical, as is knowing the tenant laws in your state.

If you have problems, talk to your landlord as soon as possible. Things happen, but landlords often appreciate knowing you want to do the right thing, and communication is essential. Also keep in mind that finding new tenants is a hassle most landlords would rather avoid. They can often be willing to work with you, but you have to take the first step.

Keep an Eye on Your Credit

Even if you do everything you’re supposed to do, when you live in someone else’s property, keep in mind that you might have to move unexpectedly. A landlord could potentially sell their property, or you could decide that the landlord isn’t someone you want to rent from anymore, for example. Keeping an eye on your credit regularly helps you improve your score, which can help you secure a new rental property as needed.

Check out Credit.com’s Credit Report Card. It gives you the everything you need to know about all the factors that make up your credit score, so you know exactly what areas you need to work on to improve your score.

Source: credit.com

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Home to fabulous live music, acres of outdoor recreation, and an unmistakably eclectic vibe, Austin is an amazing place to live. If you’re considering moving to Austin, then you may be wondering whether to rent versus buy a home in the area. With Austin’s real estate market conditions, there are pros and cons to both sides of the debate, making it that much harder to decide between renting or buying a home.

If you’re looking to buy a home in Austin, the current median sale price for a home is $468,000 as of July. According to a new Redfin study, the average rent price in Austin is $2,951, while the estimated median monthly mortgage cost is $3,801. For many, this means that renting a home costs less than buying a home in today’s market. However, there are still plenty of reasons why buying a home may be the right choice for you this year. 

At the end of the day, making the decision between buying a house or renting an apartment in Austin depends on a variety of factors. From financial benefits and long-term plans to flexibility and what Austin neighborhood you want to live in, there are plenty of factors to consider. We’ll help guide you through the debate of renting vs buying in Austin so you can make the best decision for your goals.

Advantages of buying a home in Austin

Decreased competition

One of the main advantages of buying a home in Austin today versus possibly next year, is that competition is down. As interest rates have increased, investors and those without a real need to buy a home have left the housing market, easing the competition for other homebuyers. Less competition gives potential homebuyers more of an opportunity to find a home they love rather than just finding somewhere to live and having to compromise on location or size. 

Rising home values

Homes in Austin have gone up in value every year since 2010 and currently show no signs of stopping. If you rent for a year, and wait to buy, you’ll most likely be dealing with more competition and higher home costs. Buying gives you the opportunity to create equity you can use later, to move up, to make updates, or just to create wealth. 

Stable monthly payments

Buying a home with a fixed-rate mortgage means that your monthly mortgage payments stay the same over the duration of your mortgage. While other monthly expenses may fluctuate, you’ll have peace of mind that your mortgage payments will stay stable.

Tax benefits

As a homeowner, you can receive tax benefits under the US tax code. This means that if you file an itemized tax return (rather than taking the standard deduction) you may be eligible for certain tax deductions. You may also be eligible for exclusions as a homeowner. Here are a few of the tax benefits of homeownership.

  1. Mortgage interest deduction: If you’re a homeowner with a mortgage, you can typically deduct the interest you’ve paid on a mortgage on your tax return – subject to limitations. 
  2. Capital gains exclusion: When you buy a home, chances are the time will come when you decide to sell your house. If you sell your home, you may be eligible for a capital gains exclusion. A capital gains tax exemption means that a portion of the profit you make from selling your home may be exempt from federal income tax. This is often up to $250,000 if you’re single or $500,000 if you’re married filing jointly.

Keep in mind that tax laws can change over time and tax benefits accessible to homeowners depend on your individual circumstances. It’s important to consult with your tax professional to understand what tax benefits may apply to you.

Disadvantages of buying a home in Austin

Home maintenance

While it isn’t specific to Austin, one of the most common disadvantages of owning a home is maintenance. For example, you’ll have to spend your free time managing lawn care and other small items in your home, or pay to have someone maintain them for you. 

Competition for move-in ready homes

Another disadvantage is competition, specifically for move-in-ready homes. If you want a home that’s 100% move-in-ready and updated with the latest features and trends, you’ll most likely have a multiple offer situation where you may have to give away some of your contingencies or pay more than the market price. 

Large upfront costs

If you’re looking at your finances, it’s important to remember that buying a home costs more than just the down payment. You’ll need to factor other costs into the equation such as closing costs, home inspection fees, and appraisals, when determining how much house you can afford. 

Reach out to a few mortgage lenders to get a pre-approval so you can gain insight into your financing options and other costs you may need to consider. With the right planning, exploring downpayment and closing cost assistance programs, and the support of your real estate agent, you may find out now is the right time to buy your first home.

Additional monthly payments

While your mortgage payment remains the same from month-to-month, there are other recurring payments you may need to factor into your budget as a new homeowner. Let’s look at some of these expenses:

  1. Utility costs: While many renters are used to paying utility bills such as water, heating and air conditioning, sewer, garbage, and internet, among others, sometimes these costs were included in your monthly rental payments. As a homeowner, you’re responsible for these costs each month, so it’s important to budget these additional expenses into your monthly budget. In Austin, the average monthly energy bill costs around $156. A cost of living calculator can also help you get an idea of how much to set aside each month.
  2. Insurance and property taxes: At closing, you’ll pay a portion of your property taxes as well as homeowners insurance. However, these are recurring costs that you’ll pay as long as you own the home. Keep in mind that property taxes can change due to your home’s location, value, and additional changes in the tax code. 
  3. Homeowners association fees: While this cost may not apply to everyone, if you purchase a property that belongs to a homeowners association (HOA), you’ll likely pay monthly dues. These costs can vary widely, from $100 to over $1,000, and typically cover the cost of neighborhood maintenance. 

Determining if you are ready to buy a house in Austin

Deciding if buying a house in Austin is right for your goals can be a complex decision. It often requires careful consideration of many factors. Here are some of the key factors to consider when determining if now is the right time to buy a home:

  1. Financial stability: Before starting your homebuying journey, it’s important to have a stable income and a good credit score. You’ll also need to have some additional funds saved for a down payment, closing costs, home insurance, and other expenses that go into buying a home. It’s also a good idea to build an emergency fund in case you have any unexpected expenses.
  2. Long term commitment: Compared to renting, buying a home is a significant investment – both financially and over time. If you’re not planning to stay in Austin for a longer period of time, it may be a better idea to continue renting until you’re ready to stay in the area long term.
  3. Housing market conditions: Austin’s housing market is somewhat competitive, so it’s important to know today’s market conditions – and what you can afford. 
  4. Personal goals: Lastly, you’ll want to consider your own personal goals and evaluate your priorities before making a decision to buy a home. Are you looking for more space or a big backyard? Do you want a new construction home or an older property with character? Decide what’s important to you in the home search and if buying a home in Austin aligns with your goals.

If you’re unsure whether you’re ready to buy, consider consulting with your real estate or financial advisor to fully understand your options.

Is it competitive to buy a home in Austin?

In Austin, the market is somewhat competitive, but this competition is mainly for updated homes. New construction properties in areas with higher rated schools are almost non-existent these days. As a result, you’ll find more competition on remodeled and updated homes, as well as homes in areas with high school ratings. In more competitive areas, that means you’ll likely need to pay market price or go up to 10% over market price or value. 

On the other hand, you’ll find less competition on new construction homes that are farther outside of town. There is also less competition on homes that need cosmetic updates, without any true repairs needed.

Advantages of renting a home in Austin

No maintenance costs

An advantage of renting in Austin is no maintenance costs. Your landlord will most likely take care of routine maintenance and yard work, so you don’t have to take the time to do it. If you’re relocating to Austin, it’s also important to know that home maintenance can be vastly different, especially if you’re moving from an area with a more mild climate, like Seattle or Los Angeles. 

Lower monthly payments

When renting, you can typically find a place closer to the city or a larger home, with a lower monthly payment than a new mortgage, especially with current mortgage rates. Rentals typically lag behind home values when it comes to monthly rent, meaning you may be able to find a rental home that fits your budget better.

Flexibility

Renting an apartment or home offers you more flexibility – especially if you’re not sure about living in Austin for an extended period of time. Whether you sign a year-long lease or a month-to-month lease, renting gives you additional flexibility that owning a home doesn’t. Renting gives you the opportunity to test out different Austin neighborhoods or move to another city at the end of your lease. In contrast, homeownership means you’re more committed to living in your home for at least a few years. 

Disadvantages of renting a home in Austin

Risk of rent increasing 

Depending on the type of lease or rental agreement you have, your rent could go up, increasing significantly. If you’ve signed a year-long lease, your rent won’t increase until it comes time to renew. At that point, you may face minimal to substantial rent increases. Or if you have a month-to-month lease, your landlord may increase your rent each month, leaving you with a higher rent price. 

Inability to build equity

As a renter, you’re paying into someone else’s equity and, unfortunately, not receiving anything in return. Since someone else owns the property, you aren’t eligible to receive any tax benefits or build any equity over the duration of your lease.

Limited control over design

Regardless of whether you’re renting a home or apartment, you can’t personalize the space much. If you don’t like the paint color, you’ll have to look for alternatives. Or, if your landlord allows, you may be able to paint, but when your lease ends you’ll have to repaint the space to the original color. Similarly, if you want to make any permanent changes to the layout, you’re out of luck. As a homeowner, you’ll have the freedom to make any minor or major changes to the space.

Renting vs buying in Austin: A real estate agent’s final thoughts

In my opinion, now is a great time to buy. This is the least amount of “no multiple offer situations” I’ve seen in years. You can truly get an amazing deal right now, since rates seem to have scared a lot of people off. Austin, like a lot of cities, is in a major housing crisis, and until the builders can catch up to the number of people moving here, we’ll stay in a more competitive seller’s market. 

At the end of the day, whether you rent or buy in Austin, the area is a wonderful place to call home. If you’re just beginning to think about buying a home, make sure to lay out all your finances and understand what you can afford now and in the years to come.

Source: redfin.com

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Touring a potential new apartment is more than an opportunity to get a feel for the space. Going on an apartment tour gives you a chance to ask the landlord questions about the specifics of the unit and building to make sure it’s the right fit for you. It helps you make sure the apartment ticks all the right boxes on your “want” or “need” list, from fitting your budget to having special amenities like parking. That way, you fully understand the ins and outs of renting that particular unit and won’t get hit with any unpleasant surprises like unexpected fees during or after the rental process.

It’s always a good idea to go to an apartment viewing with a list of prepared questions so you don’t forget anything. This list of what to ask on an apartment tour covers everything you’ll need to know and ask when renting an apartment.

Asking the right questions on an apartment tour

In the excitement of viewing what could be your new home, don’t forget to ask your potential landlord these questions.

1. How much is the rent?

Unless you’re a millionaire to whom money is no object, make this your first question to ask on your apartment tour as soon as you walk in the door. If the monthly rent is too expensive or out of your budget, there’s no point in continuing with the tour unless you can negotiate.

Nowadays, apartment rental costs are usually available online with apartment listings. But, sometimes, you need to inquire directly with the management company or landlord about the cost of the rent.

2. What are the lease terms?

In addition to covering important information like the cost of rent and when the lease begins and ends, one of the most important aspects of the rental agreement is the lease terms. This states how long you’ll be renting the unit. The average lease term is for 12 months, although some landlords offer the option of a month-to-month lease. Month-to-month lease agreements offer flexibility and generally have more lenient terms, but a long-term lease of a year or more has more stability. Longer-term leases can also sometimes be used to negotiate a lower rent.

Most leases will also include information about specific policies like quiet hours, guest rules and more. In addition to asking questions about the lease agreement, you should always thoroughly read through the terms before signing.

3. What do you need for the apartment application?

Most apartment applications require the same items like pay stubs, bank statements, rental history and personal information. But some landlords have extra requirements like additional references, so it’s a good idea to check if the property manager needs anything extra to process your application so you can get it as soon as possible.

4. Are utilities included?

Renting an apartment that has utility costs calculated into each month’s rent is a big money-saver. But, apartment complexes will each have different rules when it comes to utilities included. Sometimes, they’ll cover some utilities like water, other times they’ll cover all primary utilities. In some cases, you’ll pay a set amount to the property manager for a certain utility. That’s why you should double-check what utilities the property manager would and would not cover and which are your personal responsibility as tenants.

5. What are the utility costs?

If there are some utilities that aren’t covered, you can ask the landlord for a rough estimate as to how much the utilities cost. They can’t give you an exact number since costs vary depending on personal usage and time of year, but they can still likely give you an approximate number.

For utilities that aren’t covered, you can also ask how you go about setting up personal accounts for services like water, electricity or internet.

6. Are there other costs included in the rent?

Along with utility costs, the cost of rent can sometimes cover or include building or property maintenance, cleaning or access to building perks. Check with the property manager to see what rent covers each month.

7. Are there any building dues or fees?

If you’re going to live in a condo or co-op apartment building, you may need to pay regular monthly dues on top of rent and other fees.

8. Are there any application or move-in fees?

Along with the first month’s rent and the security deposit, there are a lot of upfront, non-refundable costs associated with renting an apartment. You may need to pay an apartment application fee per person applying for each apartment, which costs anywhere from $20 to $50 but can get as high as $100.

Some landlords also charge move-in fees that cover cleaning or refurbishments to the unit before you move in. All these fees can really add up, so make sure you’re aware of them all so you can budget properly.

9. Do you have any move-in specials, discounts or special offers at this time?

To entice potential renters, apartment complexes will sometimes offer special deals like getting a free month. You can save yourself major money by taking advantage of a good move-in deal, so ask the landlord if they’re offering any special deals at this time.

10. How much is the security deposit?

When apartment hunting, you’ll find that many landlords require a security deposit. Typically, the deposit is the same amount as one month’s rent, but sometimes it’s less or more depending on your credit or rental history. As long as you take good care of the apartment and only inflict the usual wear and tear, you should get the full amount back when the lease ends.

You should also inquire about what constitutes normal wear and tear and if there are any extra fees for cleaning or maintenance upon move-out.

11. Am I permitted to sublet?

Want to go spend three months in Europe but don’t want to lose your apartment? You could always sublet the unit for a few months, but the rules about subletting vary by the property manager or leasing office. If the lease agreement doesn’t specify whether or not you can sublet, and under what grounds, confirm with the landlord. You don’t want to risk getting evicted or tarnishing your reputation as a good tenant by subletting without permission.

12. Am I allowed to add a roommate to the lease?

Along with subletting, check if you can add roommates to the lease and if so, under what terms. Sometimes, you and the roommate will need to sign updated leases, but other times, the landlord won’t care.

13. When do I need to pay rent?

Rent is typically due on the first of the month, but always double-check when you need to pay rent. This information should also be listed in your lease agreement.

14. Is there a grace period for late rent?

Sometimes life happens and you’re a bit short on cash come the first of the month. Ask if there’s a grace period before you get charged late fees. The average time before being charged a late fee is between five to seven days.

15. How do I pay for rent?

Most modern apartment communities let you make online payments for things like rent, but some still prefer checks. It’s best to double-check and avoid an unpleasant surprise when your landlord asks where your already-paid rent is.

16. Are there any costs to terminate the lease early?

If you get a new job and suddenly need to move in the middle of your lease, you’ll likely need to pay extra for breaking the contract early. The exact amount varies depending on the apartment complex, landlord, state or city, so be sure you know the specifics.

You should also ask how early in advance you need to give notice to vacate the apartment.

17. Do you require renters insurance?

As protection against liability and to allow a wider pool of applicants, most landlords require their tenants have renters insurance to cover their personal property.

Even if the landlord doesn’t require renters insurance, it’s still a good idea get it in case something happens.

18. Are pets allowed? If so, what is the pet policy?

Pet parents, take note. Some apartments don’t allow pets or only permit certain species or breeds, so you have to ask the landlord about their pet policy. Moving with a pet, you may also have to pay pet rent each month or pay pet fees along with moving costs.

19. What is the guest policy?

Most properties have rules when it comes to having guests stay over. Typically, overnight guests are OK but the lease may limit how long you can have a guest stay with you.

20. How are repairs and maintenance requests handled?

Don’t wait to get woken up at midnight by an overflowing toilet to understand how to put in requests for repairs or maintenance. If your building has an online tenant portal, you can likely file a request online. But other times, you’ll need to call the maintenance staff or leasing office.

You should also clarify if the building offers 24/7 emergency repairs and who to contact for after-hours emergencies.

21. What amenities does the apartment building include?

Amenities like gyms, communal areas, pools, dog parks and more can really make one apartment building stand out over another. Along with viewing different units, you can also request a complete building tour to see what amenities and perks it offers. Be sure to ask if you have to pay extra fees to use some of the amenities.

22. Does the building have a parking garage or designated parking?

Especially in big cities, street parking is always a hassle. An apartment complex with its own private parking lot or parking garage is worth its weight in gold, so make sure you ask what the parking situation is. If the complex does have its own parking, you may need to pay parking fees.

23. What security measures does the property have?

Your home is your castle, and you need to make sure it’s protected. Ask about security measures around the complex, such as cameras, locking gates and doors and security guards.

24. Who can I contact in case of emergencies?

Whether it’s an after-hours maintenance emergency or a crime has happened in your complex, make sure you’d know who to contact and how.

25. Are there any restricted or off-limits activities?

Some complexes or specific units may prohibit certain activities like smoking indoors or using a grill. If these restrictions aren’t laid out in the lease, make sure to ask the property manager.

26. Is the cost of rent ever increased? If so, by how much?

It’s normal for landlords to raise the cost of rent upon renewal, and depending on the market and demand, it could be a lot or a little. They may not have an exact answer, but by asking about price hikes, you’ll know if you need to expect one come renewal time.

If you’re worried about rising rates, ask if you can lease the unit for longer to lock in lower rates.

27. Do you offer pest control?

It’s the property manager’s responsibility to deal with pest control like cockroaches or bed bugs and you want to live in a complex that takes it seriously. Ask what preventative methods they use, what company they work with and how pest control would impact you if there were an issue.

28. How do I file complaints?

Whether it’s a complaint against other tenants or your property manager, understand the process for filing complaints.

29. Can I make changes to the unit and how will they impact my security deposit?

It’s fun to outfit your new home to your liking, but double-check what kind of decorations or changes are acceptable.

What if my apartment tour is virtual?

Since the start of the COVID-19 pandemic, the use of virtual apartment tours has become more widespread. If you’re doing a live Zoom tour with the landlord, you can ask directly. If it’s an unguided virtual tour, you can set up a phone or Zoom call with the landlord or email them a list of questions.

Save yourself time, energy and money by asking the right questions on an apartment tour

Going into an apartment tour prepared with questions helps you quickly weed out whether an apartment is right for you or not and move on to the next place.

Source: rent.com

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When it comes to renting an apartment, understanding the different types of leases available is essential for both tenants and landlords. A lease agreement serves as a legally binding contract that outlines the terms and conditions of the rental arrangement. While the most common lease is the standard one-year lease, there are other types of leases that offer different durations and flexibility.

From month-to-month leases for those seeking short-term arrangements to fixed-term leases for individuals looking for a longer commitment, exploring the various lease options allows both landlords and tenants to find an agreement that best suits their needs. We’re covering the four different types of leases for apartments, providing insights into their benefits and considerations and enabling you to make an informed decision when entering into a rental agreement.

Fixed term lease

A fixed-term lease, also known as a lease for a specific term, is a type of rental agreement that establishes a period during which the renter agrees to occupy the rental property. Typically, fixed-term leases last for one year, but they can also range from several months to several years, depending on the agreement between the landlord and the tenant.

One of the key features of a fixed-term lease is its stability and predictability. Both the tenant and the landlord enter into a contract agreement that outlines the start and end dates of the lease, as well as any terms and conditions that the renter has to abide by. This provides a sense of security for both parties, as they know the duration of the lease and can plan accordingly or resign when their lease is up.

Ideal renter type: students, stable-income renters and families.

Month-to-month lease

A month-to-month lease is a type of rental arrangement that operates on a short-term basis without a fixed end date. Unlike a fixed-term lease, which has a specific duration, a month-to-month lease automatically renews on a monthly basis until either the tenant or the landlord provides proper notice to terminate the agreement.

One of the key advantages of a month-to-month lease is its flexibility. Renters have the freedom to continue renting the property on a month-to-month basis without being locked into a long-term commitment. This flexibility is particularly beneficial for individuals who may have uncertain or changing plans.

Ideal renter type: renters with jobs that relocate, students and renters who need flexibility and renters who want to test out a living area.

Joint lease

A joint lease, also known as a co-tenancy or shared lease, is a type of rental agreement in which two or more individuals sign the lease together. In a joint lease, all tenants are equally responsible for the obligations and terms outlined in the lease agreement.

One of the primary advantages of a joint lease is that it allows roommates to share the responsibility of renting a property. This is commonly seen among roommates or friends who wish to live together and split the rent and other expenses. By signing a joint lease, all tenants are liable, meaning that each tenant is individually responsible for the full rent payment and any other terms outlined in the lease. If one tenant fails to fulfill their obligations, the other roommates are responsible for covering the shortfall.

Ideal renter type: couples, close friends, relatives and students who want to live with others.

Sublease

A sublease, also known as a sublet, is an arrangement in which a tenant rents out all or part of their leased property to another individual. In this arrangement, the original tenant becomes the sublessor, while the new occupant becomes the sublessee. The sublessee pays rent directly to the sublessor, who then forwards that payment to the original landlord.

Subleasing is useful for certain situations. For example, if a tenant needs to relocate temporarily but doesn’t want to break their lease, they can find someone else to take over the remaining lease term.

Before entering into a sublease, it’s important to review the original lease agreement with the landlord. Some leases prohibit subleasing without the landlord’s consent, while others allow it under certain conditions. If the original lease permits subleasing, the tenant must typically seek the landlord’s approval before proceeding.

Ideal renter type: renters who get relocated, renters studying abroad or moving for an internship.

To lease or not to lease

Understanding the different types of apartment leases is essential to determine the right fit for you as a renter. By considering factors such as lifestyle, financial situation and future plans, renters can make informed decisions about the most suitable lease type for their specific circumstances. Regardless of the lease type chosen, clear communication, attention to detail and mutual understanding between landlords and tenants are key to fostering a positive renting experience.Ready to sign one of these types of leases in your dream apartment? Start here!

Source: apartmentguide.com

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I do not have any short-term or Airbnb rentals. However, a lot of people have asked me if short-term rentals a good investment becuse they have become so popular lately. I do not have short term-rentals because I don’t have the time to manage them or have a property manager that wants to manage them … Read more

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The post A Complete Renter’s Guide To Understanding Your Apartment Lease Agreement appeared first on The Rent.com Blog : A Renter’s Guide for Tips & Advice.