Finding a Finding a Place to Place to Live!!!Live!!!

Renting an Renting an ApartmentApartment

Advantages of Renting Instead of Buying a Place to

Live• Mobility• Minimal

Responsibilities• Finances- As a

young adult, you may not be able to afford to buy

Disadvantages of Renting

• limited control & freedom

• lack of permanence– does not encourage

a sense of community

• financial disadvantages– money spent on

rent is not applied toward ownership

Assess Your Housing Requirements

• What location am I interested in?– Think specifics (near campus, work…)

• What type of housing would suit me?– If an apartment: High Rise, Low Rise, etc.

• How much space do I need?– Will you have roommates???

• What can you afford to spend?– Allow 28-30% of your monthly income or

allowance for rent

What is Available?

• Drive or walk through the area you would like to live in

• Look online at www.rent.com or other resources- we will do this tomorrow!

• Contact local realty groups• Ask around!

Inspect and Compare Units

• You must always go to take a look at a rental unit before actually renting it!

• Talk to other tenants if possible

• Keep a descriptive list

• Living Space– evaluate the overall

layout and efficiency

Inspect and Compare Units (cont.)

• Individual Needs– pets, accessibility for

handicapped people, parking…

• Maintenance– whom do tenants

contact if maintenance is needed?

– does the manager of landlord live on the premises?

Check This Out!!!

• Plumbing• Appliances• Door Locks –

changed?• Windows • Drapes• Storage• Furnishings• Privacy?

What is a Lease?

• Legal document a tenant signs when agreeing to rent housing for a specific amount of time

• States the rights and duties of both the landlord and the tenant

Lease (cont.)

• Must be read carefully• Record all damages in the apartment before

you move in• After inspection of you unit, anything

unpleasing in the lease should be discussed with the landlord before signing!

• Rules and regulations need to be read carefully.

• DO NOT SIGN UNTIL YOU HAVE READ IT ALL!!!

Some Costs for RentersSome Costs for Renters

• application fee- you may have to pay for landlord to review your info

• credit check fee- to cover the cost of running your credit check

• security deposit- money you give to the landlord to cover any damages you cause to the place

• advance on rent • moving and other costs

– installation fees- cable, phone… – moving companies / uhaul

Tenants Rights and Responsibilities

• Safe, habitable rental unit

• Privacy• No discrimination• If a tenant fails to

fulfill his or her responsibilities, a breach of contract exists

Ok, I have my new place! How do I make it feel like

“home?”• Unpack all of your belongings

right away. This will help you to feel at ease and settled into your new place.

• Hang photos, posters, or artwork.

• Add splashes of color where you can- pillows, tablecloths, rug, etc. This helps it to not feel so “apartmenty.”

• Ideas???

Some renting tips from HGTV

• How much to pay?• How to negotiate your rent