Obligo, the fintech company that fosters trust between renters and landlords and enables renters to forgo paying a security deposit, has revealed the honorees of its fourth annual Renter’s Trust Awards.
The following are property management services for various types of properties across different locations:
Advantage Property Management Services caters to single-family properties in California and uses Propertyware as its property management software.
AIR Communities offers property management for multifamily properties nationwide, with Entrata as its property management software.
Beam Living specializes in multifamily properties in New York and utilizes Yardi & MRI as its property management software.
Common provides property management for coliving spaces nationwide, using Entrata as its property management software.
Empire Management focuses on multifamily properties in New York, utilizing Yardi as its property management software.
Equity Team LLC manages single-family properties in Ohio, using Propertyware as its property management software.
Home Property Management serves single-family and multifamily properties in Florida, with Buildium as its property management software.
J&L Holding Corp specializes in multifamily properties in New York, using Yardi as its property management software.
Landmark Communities provides property management for multifamily properties in Pennsylvania, using Yardi as its property management software.
Northern Virginia Property Management Pros caters to single-family properties in Virginia, using Propertyware as its property management software.
Patoma manages multifamily properties in New York, using AppFolio as its property management software.
Rudin Management Company focuses on multifamily properties in New York, using Yardi as its property management software.
Touchpoint Property Management serves single-family and multifamily properties in North Carolina, with AppFolio as its property management software.
Time Equities manages multifamily properties nationwide, using MRI as its property management software.
Wolfnest Property Management specializes in multifamily and single-family properties in Utah, using Propertyware as its property management software.
Security deposit deductions are an inevitable aspect of the rental process, but these distinguished property management firms have distinguished themselves by providing exceptional rental experiences. They accomplish this by clearly establishing renter expectations at both move-in and move-out, transparently communicating any charges, and meticulously monitoring deduction rates across their portfolio over time. This approach effectively minimizes friction, mitigates the risk of negative online reviews and disputes, and ultimately leaves renters thoroughly satisfied.
Upon a renter’s departure, Obligo evaluates the property’s security deposit deductions, if any, as well as the renter’s sentiments regarding these deductions and the settlement of any outstanding charges. The awards honor property management companies that have earned a substantial level of trust from their renters based on these criteria.
Victoria Udrea, a talented author who specializes in real estate and technology, is a valued contributor to Realty Biz News. With her keen eye for detail and passion for keeping readers informed, she diligently covers the latest developments in the industry, focusing particularly on the exciting realm of smart home technology.
You’ve likely heard the terms rent control, rent-controlled apartment or even rent-stabilized apartment on television, in books or at the movies. But, what do these terms mean?
Does rent stay the same every year? Do rent stabilization, rent regulation and rent control mean the same thing? How does a renter find a rent-stabilized unit?
We’ll answer common questions about rent-controlled apartments and share how rent-stabilized units influence renters and property owners, family members and even the neighborhood around rent-regulated apartments. And, we’ll show you how to find one of your own.
What is rent control?
Rent control is a legal term for when a government agency (like a city or state) imposes restrictions on how much landlords can increase rent. Regulations vary by city and state. But, they generally limit the maximum amount a landlord can charge each month and restrict the annual rent increase.
What’s the purpose of rent control?
Rent stabilization and rent control aim to maintain affordable housing options for low and moderate-income tenants. These measures prevent sharp increases in rent, prevent some evictions and help keep people in their homes.
It’s useful when the supply of affordable apartments, condos and rental homes is low. It’s common in urban areas where the occupancy rate is high and the demand for housing sends prices soaring.
States and cities often enact price controls after a war or economic downturn. New York City was one of the first communities to impose rent regulations during World War II. The state of New York took over from the federal government in 1950. New York City now has over a million rent-stabilized apartments overseen by the NYC Rent Guidelines Board.
How does rent control work?
There are two types of rent control. Vacancy control protects current and future tenants. The city or state determines where to cap rent increases. The terms apply to future leases.
Vacancy decontrol means rents stay stable while the current tenant is in the apartment. Once that lease is up, the property owner can increase the rent. In some places, it can’t go higher than a particular dollar amount. In others, landlords can increase rents to whatever the market can bear.
Apartments tend to stay regulated. They may become deregulated if an owner claims it as a primary residence or if a tenant’s income exceeds a particular limit for two consecutive years.
What’s the difference between rent control and rent stabilization?
Rent control and rent stabilization are different. They’re both versions of rent regulation, a term that refers to limits on monthly and yearly rent increases.
Rent control is strict. It usually limits rents to a specific dollar amount. It includes older leases from when rent freezes were more common.
Rent stabilization limits price increases to a particular percentage. It’s much more common. For example, only a small percentage of New York City’s one million rent-stabilized apartments are under a true rent control agreement. The majority of these affordable homes are rent stabilized.
How can I find rent-stabilized apartments?
It depends on where you live. And, it’s not easy.
That’s because only a few states allow rent stabilization. In fact, rent control is illegal in many places. Consult this rent control map from the National Multifamily Housing Council (NMFC) to see what your state offers.
Protections vary within a state’s borders. In California and Oregon, rent stabilization laws apply to the entire state. In other places, rent stabilization measures are only available in particular cities.
Cities that allow rent control and rent stabilization often register rent-stabilized apartments with the city’s housing division. A renter in New York can consult a list maintained by the New York Division of Housing and Urban Renewal. Similar organizations (often called a rent board or rent guidelines board) may list available properties and provide valuable guidance. City offices and the city council may also offer apartment rental resources.
Can you inherit a rent-controlled apartment?
Even if your city or state offers rent regulations, actually finding a rent-regulated unit is a challenge. Rent-stabilized tenants are very aware of what a great deal they’re getting, so they move less often. Stumbling upon a stabilized apartment is rare. Renters in some very competitive cities have been known to read the obituaries to try to score a rent-stabilized apartment before it goes on the market.
But, even then, there’s no guarantee that the landlord will list the apartment. In New York City, a new tenant can inherit an apartment in a rent-controlled building if they occupy it for two consecutive years. So, if a long-term resident has planned ahead and invited a family member to move in with them for at least two years (and if the building is older than 1947 and the family lived in it since at least 1971), the general public will probably never see that apartment listing.
What kind of buildings contain a rent-stabilized or rent-controlled unit?
A rent-stabilized apartment is often found in an older building. Price controls typically apply to a building that contains six or more units. Language stating it’s a continuously occupied primary residence is common.
For example, in New York City, most true rent control tenants reside in buildings built before Feb. 1, 1947. Renters must have lived in their apartment since July 1, 1971, to qualify.
Focus your search on older buildings and buildings that contain rent-stabilized units. Eliminate an apartment building if it doesn’t have at least a half dozen units inside. Cross-reference these buildings with available units to increase your chances of a match.
How can you secure a lease for a rent-stabilized apartment?
If you’re lucky enough to find a rent-stabilized unit, act quickly. Competition is fierce.
Schedule a tour immediately. Document your rent history, bring the paperwork the landlord requires for the application and prepare for a background check. You may need to accept certain expenses without negotiation (like a pet fee or parking fee) in exchange for saving more money on rent every month.
If the apartment, the building and the neighborhood are a fit, sign the lease right away. Make sure any roommate or family member on the lease is available to sign it, too.
If you’re one of the fortunate ones who inherit a rent-controlled lease (after living there for two years, of course), protect it. Promptly pay rent (and every fee) and renew your lease.
Then, plan for the future. Your descendants will have to live there for two years if you want to pass it on.
How do rent-controlled apartments affect renters?
Your monthly rent payment is a major expense. Finding a rent-stabilized apartment is an effective way to keep housing costs down.
Rent-controlled apartments help keep low and moderate-income residents in their homes. This is especially important for people on fixed incomes, like the elderly and the disabled. Rent control can prevent some evictions and increase housing stability.
If residents can afford their rent, it’s easier to build their credit and rent history. Saving money on rent means people can pay down debt, increase their savings and provide a more financially secure life for themselves and their family members.
How do rent-stabilized apartment buildings help communities?
People who can easily afford their current apartment renew their leases more and move less often. They deepen their ties to their neighbors and patronize local businesses. Rent stabilization can lead to community renewal and stability.
How does a rent-controlled apartment affect a landlord?
The ability to renew a lease for less than the market rate is a great deal for a tenant. It’s not such a great deal for a landlord.
If a landlord can’t count on rent increases to keep up with inflation or taxes, they have to find new ways to pay their bills. They might charge a parking fee or increase the pet fee and deposit. Your landlord may delay maintenance or repairs or invest less money in their building.
They might raise the rents on other apartments to make up for the cost of maintaining rent-controlled homes. A landlord may also convert rent-stabilized apartments into condos to earn more revenue and protect their investment. This reduces rental inventory.
Apartment owners may build condos or vacation homes instead of apartments if local laws prioritize rent-controlled apartments. That makes it harder to find an affordable primary residence.
Rent control is a great way to go
Rent control and rent stabilization affect landlords, tenants and entire cities. It’s a challenge to obtain a rent-controlled apartment, so if you find one, hold onto it.
The information 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.
Alicia Underlee Nelson is a freelance writer and photographer. Her work has appeared in Thomson Reuters, Food Network, USA Today, Delta Sky Magazine, AAA Living, Midwest Living, Beer Advocate, trivago Magazine, Matador Network, craftbeer.com and numerous other publications. She’s the author of North Dakota Beer: A Heady History, co-host of the Travel Tomorrow podcast and leads travel and creativity workshops across the Midwest.
Knightvest, a real estate investment and management company, has published its inaugural annual Multifamily Renter Sentiment Report findings. The survey offers insights into the decision between renting and buying, the consequences of high mortgage interest rates, and variations in rental preferences across different generations.
Most renters (59%) choose to rent rather than feel forced to rent.
Among the respondents, 51% of Millennials and 54% of Gen Z individuals have actively chosen to rent.
A surprisingly high number of renters (31%) feel ambivalent or uninterested in home ownership.
74% of renters report that their timeline to purchase a home has significantly lengthened due to increased mortgage rates
Older Americans are selling homes to live in apartments.
73% of people say that social interaction is essential in an apartment community
Baby Boomers value social interaction more than Millennials (78% versus 71%)
On the whole, Gen Z respondents are slightly more enthusiastic about the idea of owning a home compared to Millennials (29% vs. 25%).
The rent-versus-buy decision is increasingly nuanced given this dynamic macroeconomic environment, and it’s interesting to see the data support what we’re hearing anecdotally from residents: if you create communities built on quality, service and care, then apartments can become sought-after destinations where residents thrive through multiple seasons of their lives.
David Moore, Knightvest Founder and CEO
Top Reasons Why People Rent
The high cost of owning a home is a concern for 62% of people.
The reduced responsibility for maintenance and repairs is a factor for 51% of individuals.
35% of renters cite the increased flexibility to relocate as a reason they choose renting instead of buying.
Also, it is interesting to note that:
29% of renters have previously owned a home.
71% of Baby Boomer renters have owned a home before, and their primary reason for renting is to have fewer maintenance and repair responsibilities.
Finally, The surge in mortgage rates has caused a significant delay in decision-making for those looking to buy a home.
An overwhelming 74% of survey participants have indicated that the timeline for their home purchase consideration has been prolonged due to the substantial increase in mortgage rates.
Within this group, a staggering 79% have reported that this extension ranges from a few years to indefinite.
Millennials and Gen Z individuals have expressed similar salary expectations required to afford a home.
On average, Millennials have stated a need for a salary of $139,000 to purchase their desired home, while Gen Z has mentioned a requirement of $137,000.
As we head into 2024, this data underscores the enduring demand for apartments and reveals insights that will continue to shape the real estate landscape for years to come. At Knightvest, we remain focused on executing our strategy to renovate and reposition apartment communities to create compelling, modern living environments at an extraordinary value. With people staying in apartments longer, this work has never been more important than it is today.
David Moore, Knightvest Founder and CEO.
Knightvest conducted the survey in the Multifamily Renter Sentiment Report from November 20 to November 30, 2023, on an online platform. 4,100 U.S. apartment renters participated voluntarily and did not receive payment for their opinions.
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Mihaela Lica Butler is senior partner at Pamil Visions PR. She is a widely cited authority on public relations issues, with an experience of over 25 years in online PR, marketing, and SEO.She covers startups, online marketing, social media, SEO, and other topics of interest for Realty Biz News.
A standard renters insurance policy typically covers your personal belongings should they be damaged, destroyed or stolen. Renters insurance also covers liability in case someone is injured or someone else’s property is damaged, as well as any medical payments. Lastly, it can pay for additional living expenses should your place become uninhabitable.
So, how does renters insurance work? Let’s talk about what renters insurance is, the specifics of what it covers, and how much it might cost to hop on a policy.
Renters Insurance Basics
Renters insurance offers financial protection to tenants in case anything were to happen to their personal property and in the instance of legal liability.
If you’re a renter, you may think that your landlord will foot the bill should there be a break-in and some of your belongings get stolen, or if there’s a fire in your apartment building. While a landlord might have insurance in place to cover the building, their insurance won’t cover your items should they get damaged or stolen, or pay for additional living expenses should you need to temporarily move out while your unit undergoes repairs. Rather, these are the types of things that renters insurance covers.
While renters insurance offers similar coverage to homeowners insurance (aside from covering the building, which is the landlord’s responsibility), it is generally much less costly. Some landlords require renters insurance, but not all do. 💡 Quick Tip: Online renters insurance can cover your belongings not just at home but also in your car and on vacation.
What Is Covered by Renters Insurance?
In a nutshell, standard renters insurance covers four main areas:
• Personal possessions
• Liability
• Living expenses
• Medical payments
Let’s take a closer look at each area.
Personal Property Damage
Renters insurance will cover your personal belongings if they are lost or stolen from common incidences such as:
• Theft
• Fire
• Smoke
• Lightning
• Vandalism
• Explosions
• Water-related damage from utilities on the property
• Windstorms
• Any other disasters, risks or other events listed in your policy
As mentioned before, unlike homeowners insurance, a standard renters policy typically doesn’t provide financial protection and pay for repairs to the actual structure of the building in which you live.
Renters insurance also will not cover damage to personal property during an earthquake or flood, but you can get add-on insurance or a separate policy altogether so that both are covered. If you get comprehensive renters insurance, damage and destruction from hurricanes and storms can be covered, but this type of policy usually costs more.
Liability
A standard renters insurance policy will also protect you financially should you, a family member or, in some cases, a pet cause injury or damage to other people or to their personal property. It could cover the costs of lawsuits, up to the limit of the policy, and the expense of repairing or replacing another person’s property or belongings if you are at fault.
However, it won’t replace your personal belongings or property should you, a member of your family, or your pet cause damage to your own property.
For example, let’s say you’re walking your dog, and your dog has a run-in with another canine. Chaos ensues, and your dog damages a neighbor’s fence. In that case, your renters’ insurance policy will pay to replace the fence. On the other hand, if your dog is chasing a squirrel while on her leash and tears up your mailbox, you’re out of luck. Your renters insurance policy won’t cover that.
Living Expenses
Should you become unable to live in your home and need to temporarily move out due to a covered natural disaster like a tornado, or another incident or event like damage from a fire or a storm, a standard renters insurance policy can cover the cost of additional living expenses.
This can include costs such as meals out and accommodations. It could also pay for pet boarding, the cost of doing laundry outside of your home, and storage costs. What’s covered would be based on your normal living expenses and lifestyle.
Medical Payments
Medical payments are covered under the liability portion of your insurance policy. If someone were injured in your home — say a delivery person slips and falls on your premises or your dog bites a neighbor in your apartment building — your policy can cover medical bills or funeral expenses up to a certain amount. On the other hand, if you, your family member, or your pet were injured, renters insurance would not cover that.
Unlike the liability portion of a renters insurance policy, medical payments coverage will pay for medical bills no matter who is at fault.
Recommended: Choosing a Renters Insurance Deductible
How to File a Claim
Need to file a renters insurance claim? Here’s the general process you can expect to follow:
1. Document the damage or loss: To file a renters insurance claim, you’ll first want to gather as many details about the incident as possible, including what exactly happened, when and where it happened, who was involved and what was damaged or taken. Take detailed notes and photos.
2. Tell your landlord: Next, notify your landlord. That way, if there’s any structural damage to where you live, they can handle it on their end.
3. File a police report if necessary: If there was damage to your property or loss of items due to burglary, theft, vandalism or an incident with ill intent, you’ll want to file a police report.
4. Reach out to your insurance company: You’ll then want to reach out to your insurance company and file a claim. Generally this must be done within a certain timeframe, such as two or three days. You’ll typically need to provide your policy number as well as all of the details and supporting evidence you’ve gathered. This will help the insurer to gauge what will and won’t be covered. Often, someone will come by to assess the damage.
5. Make any updates if needed: If there were any unexpected or additional costs along the way, such as staying at a short-term rental home while your place gets repaired, meals out because you couldn’t use your kitchen or personal possessions you later realized were damaged or missing, then you can update your claim along the way.
💡 Quick Tip: It’s important to create an inventory of your personal possessions in case you ever need to file a renters insurance claim. One easy way to do that is to walk through your home and photograph all your belongings — especially anything of value.
How Much Is Renters Insurance?
Average annual cost of renters insurance: $15-$30 a month
According to the most recent data from National Association of Insurance Commissioners (NAIC), the average cost of a renters insurance policy is $15 to $30 a month. However, the cost can vary depending on a handful of factors, including:
• Where you live
• Type and amount of coverage
• The size and construction of your building
• Your deductible
• Security and prevention measures in place
• Any discounts
• Your claims history
Recommended: Most Affordable Renters Insurance for Apartments
The Takeaway
While not required by your landlord, renters insurance can help cover your personal belongings, additional living expenses and liability should there be an incident, disaster, or theft where you live. To figure out how much coverage you need, it’s a good idea to take inventory of your items.
Looking to protect your belongings? SoFi has partnered with Lemonade to offer renters insurance. Policies are easy to understand and apply for, with instant quotes available. Prices start at just $5 per month.
Explore renters insurance options offered through SoFi via Experian.
Photo credit: iStock/humanmade
Insurance not available in all states. Experian is a registered service mark of Experian Personal Insurance Agency, Inc. Social Finance, Inc. (“SoFi”) is compensated by Experian for each customer who purchases a policy through Experian from the site.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Single-family rents also declined last month, falling $8 to $2,115, marking a 0.7% year-over-year increase. This growth was solely sustained by the Renter-by-Necessity (RBN) segment, which saw a 3.2% increase year-over-year, while lifestyle rents saw a 0.1% decrease over the same period. “One could say the multifamily market is metaphorically hunkering down for the winter … [Read more…]
Transport your family and visitors back in time with retro kitchen concepts.
Decorating your kitchen is an exciting adventure only those brave enough to experiment and express themselves embark on. The opportunities are endless between multiple ways to decorate and many styles to converge and bring to life. While following trends is an easy way to decorate, there are more decorating style options when you incorporate timeless pieces and even vintage finds into your kitchen space through retro kitchen ideas.
Retro pieces blend character and charm seamlessly, adding a unique touch that transports your kitchen into a personal haven filled with stories and nostalgia. Curating this feeling, especially in a space where meals are shared, is special because it transforms the act of dining into a celebration of togetherness.
What defines retro style?
Easily defined as a vintage look, retro style emulates or deliberately draws inspiration from historical lifestyles, trends or artistic expressions. It encompasses music, modes, fashions or attitudes emblematic of various eras.
Within popular culture, the “nostalgia cycle” commonly revolves around the two decades that unfolded 20 to 30 years in the past. However, no decade is off-limits when it comes to designing a retro-style kitchen.
Retro kitchen ideas to travel back in time
Whether you’re looking for a decor style to enhance your current kitchen or maybe have a few retro pieces on hand and want to fully dive into the vintage style, this list will assist in your retro kitchen design process. Feel free to mix and match styles, or pair one of the below suggestions with an otherwise-modern setup.
Author note: When you buy through links in this article, we may earn an affiliate commission.
Peel and stick checkboard floors
Checkerboard floors were a staple of 1950 American diners. Select a traditional black and white checkered floor pattern for the ultimate nostalgic feel. Even better, peel-and-stick flooring makes this retro kitchen idea renter-friendly, leaving little to no damage behind.
Retro gallery wall
If you’re unsure where to start or are struggling to find some of the larger pieces, start with creating a gallery wall. Retro art is easy to find, whether you’re printing images out or finding framed vintage patterns that resonate with the era you’re aiming for. Design ideas for these galleries range from funky black-and-white patterns to vintage family photographs.
Coca-Cola decor
Another staple of American history is the popular soda (or pop, as some say), Coke. Retro kitchens, dating back to the 70s, featured everything from wall clocks to signage with verbiage to drink an ice-cold Coca-Cola. Channel this retro cool vibe with antique signage that lets your guests know there’s a cold beverage waiting for them.
Vintage wall clock
If you’re lacking enough wall space to do a gallery, opt for a wall clock. While wall clocks are becoming less and less popular, it’s among the list of perfect retro kitchen accessories to create a vintage vibe. Consider choosing a wall clock with a charming, nostalgic design to not only tell time but also add a touch of timeless elegance to your entire kitchen.
Vintage bar stools
A great way to curate a retro kitchen is through vintage furniture. Take a trip to your local antique store to snag some vintage bar stools. When shopping, keep an eye out for retro patterns and color combinations that offer a retro feel. For example, bright-colored bar stools with chrome accents or vinyl upholstery can instantly transport your kitchen back in time.
Mid-century modern appliances
Brands like SMEG and Forte have created a line of retro appliances that are both aesthetically pleasing and high-functioning. Their appliance lines appear as vintage appliances but work with today’s technology and advanced functionality. These retro kitchen appliances are the perfect addition to any kitchen seamlessly blending the charm of yesteryear with the convenience of modern living.
Diner-style booth furniture
Retro kitchens, back in the day, featured iconic diner seating. This booth seating is a little trickier to emulate in kitchens today but not impossible. Furniture like corner breakfast nooks or bench seating makes for perfect retro-inspired furniture pieces that blend nostalgic charm with contemporary sophistication.
Antique lighting fixtures
Lighting not only brightens up your space but can truly set the mood in a kitchen. For a retro look, find bright color fixtures or fixtures with unique shapes that will enhance the lighting but also serve as a fun focal point. Pendant lights, specifically, can be found in a range of fun retro options that are sure to match your style.
Take a trip down memory lane
These retro kitchen ideas will not only create a unique kitchen space but also open conversations about the past, allowing you to infuse your home with a sense of nostalgia and timeless charm. By blending classic design elements with modern functionality, you can achieve a perfect balance that not only honors the traditions of the past but also caters to the needs of contemporary living.
Still looking for that perfect apartment to decorate your dream kitchen? Explore available apartment or rental home options here.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
As the crisp air becomes infused with the spirit of the holidays, our homes undergo a remarkable transformation into havens of warmth and joy. Beyond the festivity of decorations and the joyous gatherings that mark the season, the holidays possess a unique ability to craft indelible memories. Whether it’s the delightful scent of freshly baked treats wafting through the air or the enchanting glow of twinkling lights in every corner, each tradition contributes to the magical ambiance that defines this special time of year.
In the heart of our homes, our small entryways emerge as a canvas for expression, setting the tone for the celebrations within. It becomes a space where the magic of the season is unveiled to everyone who crosses its threshold. Adorning the entryway isn’t just a decorative pursuit; it’s a proclamation of the joy and festivity that awaits within. As we embark on the enchanting journey of holiday decor, let our entryways evolve into portals, calling loved ones with open arms.
Elevate your entryway: Transform your space with the best small entryway ideas
Embracing the holiday spirit involves reimagining your entryway with a touch of magic. From ingenious organizational solutions to heartwarming personal touches, the following ideas are thoughtfully crafted to make your home’s entrance a delightful prelude to the season’s joy.
Wall hooks for organization and style
Wall hooks serve as more than functional fixtures in a small entryway—they seamlessly combine functionality with style. Opt for damage-free hooks for a renter-friendly solution, ensuring your wall space remains pristine. Use these hooks to hang purses, backpacks, keys and coats, transforming the space into an impeccably organized and clutter-free zone.
A gallery wall of family photos for personalized warmth
Expressing your unique personality is effortlessly achieved with a gallery wall next to the front door. Arrange an assortment of pictures featuring cherished moments with loved ones. This straightforward decor idea not only adds visual warmth but also serves as a captivating accent wall, sparking joy and conversation with its personalized touch.
Holiday-themed entryway tree or greenery for a touch of festive elegance
Consider introducing small indoor holiday trees for a touch of greenery and festive cheer. Position them next to a charming wooden bench to enhance the inviting atmosphere. These miniature arboreal displays bring nature indoors, creating a warm ambiance that resonates with the holiday spirit. The scent of evergreen further heightens the sensory experience, especially in a smaller space.
Statement mirror for the illusion of space
A statement mirror in the entryway serves more than a functional purpose; it imparts a sense of spaciousness to the area. Opt for a full-length mirror to achieve a sleek design while maximizing the reflection of natural light. This seemingly minimalistic decor idea transforms the space, creating an illusion of grandeur with minimal effort.
Antique table for functionality and style
Infuse character into your small entryway with conversation-starter pieces, such as antique furniture. These timeless pieces, traditionally made of dark wood, not only add style but also offer functionality. Use the furniture as a display surface for trinkets or a practical spot for stacking your favorite books, elevating the decor to new heights. Antique tables, with their rich history, become more than decor — they are pieces that tell a story and make a big impression.
Menorah display for holiday traditions
Showcasing your unique holiday traditions involves placing a menorah on a floating shelf or a small table. This elegant display adds a touch of cultural significance to your entryway, sharing a glimpse of the meaningful traditions practiced within your home. It becomes a beacon of tradition, sparking conversations and bridging cultural connections.
Twin table lamps or sconces for warm lighting
Brightening up the often dim entryway with the soft glow of table lamps, twin lamps, or strategically placed wall sconces goes beyond mere illumination. These lighting options create an inviting atmosphere, welcoming friends, family and guests with a warm embrace. The play of light and shadows adds a layer of sophistication to the entryway, setting the stage for a cozy welcome.
Elevate your entryway and embrace the season’s greetings
Incorporating these thoughtfully curated small entryway ideas will not only leave a lasting impression but also provide a warm and inviting welcome to guests and loved ones. Whether you opt for a minimalist approach with a statement mirror or indulge in a more elaborate decor featuring antique furniture and gallery walls, seize the opportunity to transform your small space into a memorable entrance, setting the stage for creating cherished holiday memories.
If you’re still in search of the perfect rental to bring your festive vision to life, explore and find your ideal apartment or home for rent here first. A space thoughtfully adorned with the spirit of the season becomes more than a home; it becomes a haven of joy and celebration, embracing the essence of the holidays throughout the year.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
With trends like “soft start” morning routines and cozy cardio becoming increasingly popular, I think it’s safe to say we’re all feeling the desire to slow down a little more and hustle a little less. Especially as the year comes to a close and we start spending more time inside, it’s only natural to want to settle into a calmer headspace, and that often starts with our homes. Enter: the blue home decor trend that’s poised to be huge in 2024.
Paint companies including Dunn-Edwards and Sherwin-Williams have selected soft, steely blues as their picks for the 2024 color of the year. According to the experts at Dunn-Edwards, these cool tones represent a collective desire to “achieve balance and tranquility in the year to come.” Similarly, Sherwin-Williams’ color of choice was intended to reflect that sense of peace found when you “slow down, take a breath, and allow the mind to clear.” All in all, it sounds like the perfect trend to try as we gear up for our annual New Year’s resolution-setting.
Interested in hopping on this tranquil trend? Read on for five ways you can incorporate blue into your home for a more calming, energizing space.
How to Try the Blue Home Decor Trend in Your Home
1. Mix and match patterns and textures
Some say there’s no such thing as too much of a good thing. When it comes to color, though, I have to disagree. Repeating the same color throughout your home without any variation will quickly make your home feel too matchy-matchy. The secret to bringing in color without going too monochromatic? Incorporate a variety of textures and patterns in your decor. Instead of adding multiples of the same solid blue pillow to your couch, for example, mix in a patterned pillow that’s accented with blue, or layer on one with a shaggy texture. This will create visual interest and prevent the room from looking too one-note while still maintaining a cohesive look.
2. Use different shades of blue
While Dunn-Edwards and Sherwin-Williams both selected muted shades of blue for their 2024 colors of the year, that doesn’t mean you can’t play around with other blue tones. Mix and match bold hues like deep navy and bright cerulean, or keep it muted with shades of slate blue and denim. Blue comes in so many different shades that you can easily create a whole palette using just this section of the color wheel. Whatever variations bring you the feeling of tranquility, lean into these shades as you refresh your home for 2024.
3. Start with small accessories
If you’re not ready to paint all your walls blue, start by dipping your toes in with subtle changes. You can’t go wrong with small accessories like candles, vases, and throw pillows to quickly and inexpensively try out a new color trend. Especially if your existing decor scheme is fairly neutral, these new pieces will fit in seamlessly.
4. Swap out artwork
One of the easiest ways to keep your home feeling fresh is to swap out your artwork. If you aren’t sure where to start, there are plenty of retailers on Etsy that sell digital prints you can download and print inexpensively yourself. Pro tip: Invest in high-quality frames that’ll make any kind of artwork look good, then find creative ways to save on the art itself.
5. Try out wallpaper
This may sound extreme when it comes to trying out a new home decor trend, but with so many peel-and-stick options on the market, it’s easier than ever to swap out your wallpaper or try it out for the first time. Wallpaper is a fun way to add texture, color, and pattern to an otherwise blank space. If you’re a renter, it’s also a great alternative to painting your walls since the paper will easily peel off when it’s time to move out.
Inside: Balancing a shoestring budget is possible and provides great rewards. With savings and budget strategies, you will find genius tips to manage your finances smartly!
With the rise of economic inflation, a growing number of people are finding the need for shoestring budgets to effectively navigate through their expenses.
Whether it’s planning for a low-cost holiday, initiating a frugal home makeover, or launching a start-up business with minimalist funds, the concept of a shoestring budget comes into play.
Moreover, it’s not only limited to low-income families but also extends to larger households and entrepreneurs that need to strategically lessen costs to achieve their goals. This is how many people reach financial independence sooner.
Then, let’s talk about a shoestring budget – an effective tool used to stretch finite resources, manage money wisely, and achieve financial goals, all while minimizing expenses.
If you’re familiar with the feeling of every dollar in your wallet counting, then this blog post is for you.
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What is a Shoestring Budget?
A ‘shoestring budget’ means to accomplish a task or a project within a very limited or bare minimum budget. The shoestring budget work strategy involves curbing discretionary spending dramatically to take care of high-priority expenses.
Understood across various contexts like travel, events, and lifestyle, the term implies an approach of resourcefulness and discovery of low-cost alternatives to achieve desired results.
Not exclusive to households with low incomes, working with a shoestring budget expresses the art of making what’s deemed impossible possible, navigating time constraints, and maximizing minimal available funds.
Shoestring Budget Idiom Definition
According to Merriam-Webster, the official definition of a shoestring budget is: 1
“involving a relatively small amount of money for planned spending.”
‘Shoestring Budget’ Origin
The phrase ‘shoestring budget’ has an intriguing origin story that dates back to the 1800s in the United States. Fact-checks reveal that this term is indeed a reference to the precarious nature of a thin and weak shoestring, metaphorically implying a scarce and strained budget.2
Several theories have been proposed regarding its original use.
One theory suggests that the term ‘shoestring gambler,’ meaning someone gambling with a limited budget, might be the precursor to the idiom.
Another theory, based on British history, suggests that prisoners would lower a shoestring out of their cell to collect small donations from passersby, symbolizing the idea of managing with few resources.
Despite the debates around the phrase’s exact origins, it is undisputed that it signifies a tight budget situation.
How to live on a shoestring budget?
Living on a shoestring budget can be challenging but doable with a bit of dedication and planning.
Start by reviewing your regular expenses per month.
Cut down on unnecessary expenses as much as possible.
Monitor your small, daily expenses as they can add up significantly over time.
Refinance any existing debt to reduce interest payments.
Renegotiate contracts with utility providers, subscription services (consider uninstalling unused ones), or insurance for better rates.
Shop at thrift stores or choosing used items over brand new can also help you save.
The key to surviving a shoestring budget is self-control and determination to avoid impulsive spending.
Your goal is to prioritize essential needs over wants – a no spend challenge will help you with this. Remember, regular tracking and analysis of your personal site usage can provide valuable insights to manage your budget better.
How to travel on a shoestring budget?
Embarking on an adventure while on a shoestring budget requires creativity and pre-planning.
Be flexible with your travel dates, destinations, and mode of transport to take advantage of the best deals available.
Consider options such as budget airlines, off-peak travel times, and less touristy locations.
Staying in budget accommodations, or even trying out housesitting, can significantly cut down your lodging costs.
Eating at local fresh markets rather than restaurants will not only save you money but also provide a more authentic experience.
Plan your daily activities; consider free local events, parks, and attractions.
Always carry a water bottle to avoid buying expensive drinks.
With careful planning, traveling on a shoestring budget can make your journey all the more rewarding and memorable.
How to Save Money on a shoestring budget?
Saving money while on a shoestring budget might appear challenging, but it’s not impossible. Begin by monitoring your expenditures and identifying areas where you can potentially save money. Also, consider substituting costly activities with more affordable or free ones.
Every small action counts when you’re on a shoestring budget, and these savings accumulate over time. Remember, consistent small savings can make a significant difference in the long run.
Starting a business on a shoestring budget
Starting a business on a shoestring budget requires careful financial planning and innovative thinking. Indeed, it may sound challenging, but numerous shoestring startups have surged to success by optimizing their business budgets. It is all about crafting a solid business plan that clearly delineates your budget and the efficient utilization of each dollar.
Maintain focus on essential expenses only. These expenses might include mandatory licenses, essential software for business operations, or even crucial industry-specific tools. Leverage your personal and professional networks for free advice and resources.
Also, make the most of free or low-cost online marketing strategies as these can be vital to shoestring business budgets. You can use effective strategies, like using different social media platforms for marketing or creating a blog, to broaden the reach of your business.
Remember, having the capital to start is important but it’s secondary to a truly novel idea, intense hard work, and a strategic approach. So, let your creativity thrive and work passionately towards growing your business.
Shoestring Budget Examples
Shoestring Vacation
Wedding or Honeymoon
Home Improvement
Business on a Shoestring Startups
Savings Goals
Financing your Next Car
A shoestring budget is not always related to bigger projects. It can also refer to the scenario where the money required for daily expenses, buying an item, or completing a project isn’t enough. Here, the person has to be creative and find ways to stretch the money to make ends meet.
Practical Tips for Surviving on a Shoestring Budget
In this section, we will present practical advice for managing a shoestring budget, derived from case studies of my readers and my own personal experience who have thrived despite financial limitations.
Whether you are budgeting on a low income or looking to reach FI number faster, this guide has you covered.
1. Starting with a Budget: Your First Step
Before you embark on your journey of living on a shoestring budget, the first step is to define a realistic budget.
Understand your total earnings and list all your monthly expenses.
Identify which expenses are necessary (rent, utilities, groceries) and which are discretionary (eating out, entertainment).
Now create a spending plan such that it covers all necessities, allocates some amount towards savings, and leaves a little for leisure.
A well-defined budget will be your roadmap to financial management success.
Remember, the goal is to live within your means but also to ensure you aren’t depriving yourself.
2. Make Saving Automatic
A proven way to save money on a shoestring budget is to make saving automatic.
In such a method, you can set up an automatic transfer when you get paid. Another idea is to use Acorns, which rounds up purchases made with your debit card to the nearest dollar and deposits the change daily into your savings account.
Essentially, you’re saving without even noticing it! These little amounts add up over a period and can really bolster your savings.
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3. Cut Back on Expenses
One of the most effective ways to operate within a shoestring budget is by reducing expenses. These can be small lifestyle changes, like cutting back on takeaways and preparing meals at home, walking or cycling instead of driving short distances or canceling unused subscriptions.
Specifically, you are looking to cut back your flexible expenses the most.
4. Look for Ways to Make Extra Money
Alongside cutting back on expenses, we continually stress the importance of finding ways to supplement your income. This could be from a side hustle, passive income, part-time job, or even a pay raise.
This additional income can help ease pressure on your shoestring budget. Also, it might provide an opportunity to explore new interests or passions. By diversifying your income streams, you make your financial situation more secure and flexible in unexpected circumstances.
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5. Utilize Free Resources
When it comes to saving money on a shoestring budget, the key is to utilize free resources and focus on essentials before spending money.
Thankfully, there are many vital ways to do this:
Find free things to do without spending money.
Use your local Buy Nothing group to find items before spending your hard-earned cash.
Learn and enhance your skills through free or low-cost online platforms like Udemy, Coursera, and YouTube.
Leveraging such resources can have a significant impact on your budget, leading to substantial savings for other meaningful expenses.
6. Look for Deals and Coupons
Another wise strategy when operating on a shoestring budget is seeking out deals and using coupons whenever possible. This game-changing approach can be applied to your grocery budget, dining, clothing purchases, and even travel.
Search for coupons in newspapers, magazines, or on coupon websites. Perhaps, subscribe to newsletters from your favorite retailers, a move that will provide straightforward access to information about sales and discount codes. Be mindful while shopping online or in stores, and always remember to rein in impulses, checking for any available discounts before purchasing.
Moreover, take advantage of holiday sales or Amazon Prime Day for larger purchases. Taking a little extra time to hunt for the best deals can significantly cut down your expenses and help you stick to your shoestring budget.
7. Utilize Household Resources
Leveraging what you already have in your household is another fantastic way to save money.
For instance, before running to the grocery store, take stock of what’s in your pantry and design meals around these items.
Also, consider repurposing and upcycling household items. An old ladder can turn into a chic bookshelf; jars can be used for storage.
Optimizing utility usage by switching off lights when not in use and limiting water usage can also reduce bills.
Start treating everything in your house as a resource with a specific purpose and value, including leftover food, old clothes, and used furniture. Every household item utilized efficiently can add up to visible savings over time.
8. Get Rid of Unnecessary Expenses
Perhaps the most crucial aspect of managing a shoestring budget is identifying and eliminating unnecessary expenses. These could include subscriptions to magazines or online services that you hardly use, dining out frequently, or buying expensive coffee daily.
Analyze where your money is going every month. You’d be surprised how the smallest changes can have a big impact on your budget. Eliminating even a few unnecessary monthly expenses can add up to substantial yearly savings.
Remember, the key is not to deprive yourself of everything but to find that balance between living comfortably and within your means.
9. Reduce Your Monthly Rent or Mortgage Payment
Want to slash a significant expense of your shoestring budget by considering ways to reduce your rent or mortgage payments? Could you move to a more affordable area or a smaller property?
For homeowners, look at refinancing your mortgage or negotiate better terms, resulting in lower monthly payments. Always remember to check if any fees would apply before proceeding with refinancing.
If relocation isn’t an option, consider renting out a spare room in your home or offering it on a vacation rental site.
If you are a renter, look at becoming a permanent housesitter.
Lowering these substantial expenses can make a huge difference in your budget, allowing you to allocate funds to other pressing areas, save, or even invest in building wealth.
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10. Be Creative When Paying Bills
When managing a shoestring budget, it can be helpful to get creative with the way you pay your bills. Sometimes, splitting payments between paychecks or paying on certain days can make managing your budget easier.
You could also consider bill negotiation services or check if you qualify for reduced rates based on your income. If meeting all payments becomes too strenuous, communicate with your service providers about it. They may have hardship programs or payment plans to assist during tough financial periods.
Remember, the key is to avoid late fees or penalties that could further strain your budget.
11. Leverage Technology to Save Time and Money
Make the most of technology to manage your shoestring budget. There are numerous mobile apps and online resources to help you track your expenditures, save money, pay bills, and even invest.
Budgeting apps can help you keep track of your income and expenditure, warn you when you’re nearing your limit, and provide valuable insight into your spending habits. Digital wallets can help you make secure transactions without the fear of losing cash.
Moreover, there are apps and websites to compare prices of different products, get the best deal alerts, apply instant coupons, or even earn cashback like Rakuten.
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12. Participate in a Mini Savings Challenge
As a fun and effective way to boost your savings, consider embarking on a mini savings challenge! These challenges break the intimidating concept of saving into manageable, small steps. They can vary based on duration and the amount you’re aiming to save.
For example, in a 52-week challenge, you save $1 in the first week, $2 in the second, and so on, until you’re saving $52 in the 52nd week. By the end of the year, you’ll have saved $1,378!
Not only does it make saving fun, but it also allows you to develop a consistent saving habit, crucial when budgeting on a shoestring.
Frequently Asked Questions (FAQ)
If you’re fortunate enough to have a budget that’s more than a shoestring, the principles discussed still apply. Having more resources doesn’t mean you should ignore opportunities to save and invest wisely.
So, whether your budget is minimal or ample, consider adopting these healthy financial habits to achieve your financial goals. Make sure to sock away any extra money into a savings or investment account so you aren’t tempted to spend it.
Starting to invest on a small budget involves several key strategies. You must pay yourself first each and every time you are paid.
Set up an auto savings plan through a high interest savings account to make sure you start earning interest.
Contribute enough to your 401(k) to take full advantage of your employer’s match, if available, and consider mutual funds with an initial investment as low as $500.
Pick one solid company wherein you believe data and financials are stable enough to invest in, and buy 1 share.
If you receive a work or tax refund bonus, allocate it towards your investments instead of immediate spending.
Key Takeaways: Managing Money Well on a Tight Budget
Managing finances on a shoestring budget can be a daunting task, but with the right strategies in place, it can become a way to achieve financial health.
This is something I did when I was a stay-at-home mom looking for ways to make money.
In the grand scheme of things, managing a shoestring budget is less about the money and more about your mindset. Yes, limited resources can present challenges, but your attitude and creativity can make a difference.
Embracing frugality, taking control of your financial choices, and building resourceful strategies can turn your constraints into opportunities.
Money comes and goes, but the ability to manage it effectively is a life skill that will always be beneficial. The real wealth lies in your ability to live within your means and make the most of what you have – turning your shoestring budget into a stepping stone towards financial independence and stability.
Remember, every journey starts small.
Day by day, these tips can help you improve your financial stability and achieve your goals, regardless of your budget size.
Source
Merriam-Webster. “on a small/tight/shoestring budget.” https://www.merriam-webster.com/dictionary/on%20a%20small%2Ftight%2Fshoestring%20budget. Accessed December 5, 2023.
Grammarist. “Shoestring Budget – A Creative Expression for Limited Money.” https://grammarist.com/idiom/on-a-shoestring-and-shoestring-budget/. Accessed December 5, 2023.
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Combined into a series of federal, state and local laws, your specific renter’s rights get dictated by where you live. They’re in place to prevent things like housing discrimination and rent gouging. These basic rights ensure you have a safe, clean place to live as well as detailed courses of action when things are going wrong.
Landlord-tenant law helps you live peacefully in your rental. Do you know your tenant’s rights?
Fair housing
Before even taking a tour of a potential apartment, it’s your right to have fair access to housing. This means your rental application will not get rejected based on:
Race
Color
Religion
Age
Sex
National origin
Family status
Mental or physical disabilities
Your renter’s rights in this case receive protection at the federal level by the Fair Housing Act. State and local laws may reinforce the Fair Housing Act and even add more categories to this list to ensure everyone has equal access to apply for housing.
Not only can your rental application not get refused based on these factors, but, if you have a disability, landlord-tenant law requires they make reasonable accommodations for you to access the apartment. This could mean installing ramps or making a unit on a lower floor available.
Legal documentation
Another piece to your renter’s rights is the lease. It’s the responsibility of the property manager to give you a legal rental contract to sign that abides by all laws.
In addition to specifics about the property, and breakdowns for processes like requesting repairs, using common areas and more, a lease must clearly indicate the leasing period and your monthly rent. It should also have your name, and any roommates, on the document.
The lease should also include a series of general disclosures. The law requires these, although it varies by state which specific ones must get listed. A few common disclosures you may see in your lease if they’re applicable to the rental unit, include:
Notice of mold
Lead-based paint disclosure
Notice of sex offenders, recent deaths and any potential health or safety hazards
Living space
A variety of rules govern your living space when you’re a renter. This ensures you have somewhere to live that’s actually livable. Tenants’ rights, when it comes to your actual apartment get pretty involved, so make sure you know the highlights.
Habitable housing
It’s not enough for a property manager to provide you with an apartment; the apartment must be safe for you to live in it. This means more than a lack of dangerous conditions. Your renter’s rights entitle you to a home with usable utilities, including heat, electricity and water.
This area of your renter’s rights also means you have a home that’s safe and livable in other ways. Specifics within these guidelines require an apartment to have functioning locks on doors and windows, smoke detectors and a dedicated way to escape in case of fire.
Repairs
This area of landlord-tenant law requires action on both sides. To ensure you have a habitable home, it’s up to you to report any maintenance issues using the process that’s outlined in your lease. Find out the best way to report issues like this to your landlord (such as through email or an online portal).
On the management side, their responsibility is to complete repairs in a timely manner. Your lease will define what this means, but different repairs rank higher in priority. For example, failure to repair a heater in winter can quickly lead to an uninhabitable living space for safety reasons, whereas a garbage broken disposal doesn’t create that serious of an impact.
If your property manager fails to make repairs in a timely manner, you have additional rights. Check with state and local laws about what’s within your rights.
Privacy
Although you’re only renting a home, and someone else owns it, your rights as a tenant mean a certain level of privacy. Once your rental agreement is in place, a property manager cannot come into your home without proper notice.
Notice is also required for more than just repairs. If you’re getting ready to move, and the property manager wants to start showing your unit to prospective tenants, for example, they must give you notice each time.
Security deposit refund
Each state usually handles security deposits differently as far as how much you’re required to put down. It’s normal for you to pay a security deposit though since that protects the property manager from having to pay out-of-pocket for any damages you may cause while living in your rental.
As far a payment goes, some states set caps on how much a property manager can ask for. They also can’t impose a higher deposit for your rental, when compared to other units in the building, without a specific reason, like having a pet.
It’s also within your renter’s rights to get the security deposit back, in a timely manner, if it’s not covering any damages. Most state laws set the time frame at 30 days, and you’ll not only receive your security deposit back but any interest that accrued as well.
If any of your deposit is withheld, you can ask for written documentation of the damages it’s paying for, and the property manager must comply.
Eviction
The situations where your property manager has the right to evict needs clear stating within your lease. Make sure to review them before you sign it.
Standard landlord-tenant law states that you can get evicted if you break your lease in specific ways, such as:
Failing to pay rent
Allowing prohibited animals to live with you
Having roommates that aren’t on your lease
Committing a crime on the premises
As a renter, your tenant rights enable you to address evictable issues within a specified time frame before an eviction can take place. You will receive notice of a pending eviction from your property manager. If you fail to fix the issue, they can then file an eviction with the courts resulting in legal removal from your rental.
State-specific renter’s rights
Although you’ll find many standard regulations associated with renting if you move between states, expect additional laws everywhere you go. Since renter’s rights get regulated on both the state and local level, if you’re relocating to a different part of the country — familiarize yourself with local tenant laws.
Some unique landlord-tenant laws include:
In Hawaii, security deposits with no deductions must get returned within 14 days
A property manager must give 48 hours notice before entering your apartment in Delaware
West Virginia has no minimum notice required for a rent increase on month-to-month rentals
In North Carolina, two month’s rent is the required minimum for a security deposit on a one-year lease
A lease can get terminated once rent is only five days late in Arkansas
As you can see, some states have pretty extreme rules. Being aware of them can help you maintain a positive relationship with your property manager while also protecting your own rights as a renter.
Know your renter’s rights
No matter how great, or rocky, your relationship is with a property manager, you should always follow the law as it pertains to your situation. This not only protects you, but it ensures your property manager gets held accountable when anything isn’t up to par.
Familiarize yourself with state and local landlord-tenant laws, read your lease thoroughly before signing and do your research when faced with a potential issue. Protect yourself by knowing your tenant’s rights.
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.
Lesly Gregory has over 15 years of marketing experience, ranging from community management to blogging to creating marketing collateral for a variety of industries. A graduate of Boston University, Lesly holds a B.S. in Journalism. She currently lives in Atlanta with her husband, two young children, three cats and assorted fish.