Renting Basics
What is renting?
Paying to live somewhere you don't own
What does "needs vs wants" mean?
Needs = Essentials (Rent, Groceries, Utilities, etc.)
Wants = Extras (Eating out, New Clothes, Hair Cuts, etc.)
Should you move into an apartment or live with a friend without a rental agreement or lease?
No, never!
When the time comes to tour, apply for an apartment, and sign a lease, who is one person that can help you with this?
What is a lease?
A contract between you and a landlord
Name 2 monthly costs you might have to pay for besides rent?
Utilities, renter's insurance, parking, internet, phone bill, car insurance, groceries, etc.
Who is responsible for fixing a broken heater?
Landlord
When touring an apartment, what should you check on?
Locks on doors and windows, working appliances, running water (hot and cold), mold, stove, light switches, etc.
Explain what a security deposit is. Is it refundable?
Money paid to landlord up front in case tenant doesn't pay rent on time or in case tenant severely damages property. Yes, it is refundable!
What is one difference between a lease and a rental agreement?
Rental agreement: month to month, fluctuating rent, short term living.
What is one sign that an apartment listing might be a scam?
Price is "too good to be true", very cheap rent, not able to see the unit in person, landlord is rushing you to make a decision.
This monthly cost is not included in rent but covers things like: electricity, water, sewage, trash.
Utilities
What percentage of income is usually spent on rent?: 20%, 30%, or 40%
30% or less is recommended
Minimum notice is 24 hours; usually 48 hours. You cannot deny landlord from entering so long as there is notice.
If your roommate(s) move out, who is responsible for paying the full monthly rent?
You are.