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This Life Advice® Program pamphlet about
Renting an Apartment was produced by the MetLife Consumer Education
Center and reviewed by the Real Estate Educators Association
There's no place like home, whether it's a
cabin, a cottage, a castle -- or an apartment. And whether you're renting your
first apartment or your tenth, it's still a major decision. So if you're doing
this for the first time or just need a refresher course, read on.
The Hunt Is On
Don't be shy -- start with the obvious -- word-of-mouth. Ask friends or
coworkers for ideas on where to look for an apartment. Professional resources
include real estate agents or apartment-locating services. The usual charge for
this service is the equivalent of one month's rent, which is paid by either you
or your new landlord. Find out who is responsible, and get it in writing.
If you have time and tenacity, you can check the classified ads in your
newspaper. But you'll save time and money, and rule out unacceptable apartments,
if you keep in mind that some ads are just come-ons.
When you call about an ad, insist that the landlord define terms you don't
understand and explain the flowery adjectives. For example, cute may mean tiny,
and prestigious can be another word for expensive. For more references, try your
local Chamber of Commerce; you'll find the number in the Yellow Pages.
Money Matters
You want a comfortable place, but you don't want to break the bank. So how
much is too much? One rule of thumb is to spend no more than 25% of your
monthly gross income on rent. For example, if you earn $30,000 per year, or
$2,500 per month, you shouldn't spend more than $625 per month on rent.
Remember, the more you spend for rent, the less you'll have for other living
expenses, including entertainment and savings.
Location, Location, Location
Sometimes it isn't easy to find the perfect place for the perfect
price. Don't despair -- you probably can get close enough to suit your purposes.
Here's a short checklist of factors you'll want to consider when checking out a
neighborhood. Add questions that address your individual needs:
| |
Apt. A |
Apt. B |
Apt. C |
| Is it close to your place of employment? |
_____ |
_____ |
_____ |
| Is the neighborhood safe? |
_____ |
_____ |
_____ |
| Is it close to a good school system? |
_____ |
_____ |
_____ |
| Is it close to your church? |
_____ |
_____ |
_____ |
| Is it close to stores, banks and the post office? |
_____ |
_____ |
_____ |
| Is it close to public transportation? |
_____ |
_____ |
_____ |
| What are the parking regulations (if you own a car)? |
_____ |
_____ |
_____ |
Take Precautions
Before you sign a lease, inspect the apartment for physical damage or safety
violations. This is crucial for two reasons: You don't want to be held
responsible for damage you didn't cause, and you want an apartment that's safe
to live in. Take photos (or make a videotape) of existing damage, date them and
get the landlord to sign them. Insist that any violations be corrected before
you move in and that any repairs or improvements to be made are recorded in the
lease agreement.
Remember, a landlord who keeps the property in good working order is probably
someone you want to do business with. A landlord who is careless may be sending
you a signal to keep looking.
Additional items you want to evaluate include:
- Smoke detectors
- Mailboxes
- Appliances
- Outdoor lighting
- Locks on doors, windows and sliding glass doors
- Emergency exit signs in hallways
- Fire extinguishers in hallways
- Lead, radon hazards
This is also an opportunity to find out about your prospective neighbors --
above, below and next door. Do they have children? Animals? Do you hear loud
music coming from other apartments? How close is the pool or recreation area to
your apartment? What is acceptable to one person may be hard for someone else to
live with. If you think a neighbor's lifestyle may impact yours, now is the time
to look at other options.
Once you have decided to rent an apartment, your landlord will
ask you to sign a rental agreement called a lease. A lease is a legally binding
agreement between a landlord and tenant. A lease must contain your name, the
landlord's name, the address of the apartment, the amount of rent and the
payment schedule. In addition, a lease may spell out the following:
- Rules for subletting
- Who is responsible for repairs
- Rules about pets
- Which appliances the landlord provides
- Who pays for heat and utilities
- What physical changes to the apartment you may or may not be allowed to
make
- What happens if you have to break the lease
Read your lease carefully before you sign it. Find out exactly
what you can expect from your landlord (in the way of repairs, for example) and
get it in writing. Laws governing landlord/tenant requirements and relationships
vary from state to state. If you have a dispute with your landlord, contact your
state rental or housing agency to find out what remedies may be available to
you.
It is a good idea to have an attorney available in case you want to add or
delete certain provisions. For example, you might want to insert a clause that
releases you from the lease if your employer transfers you out of town. Never
sign a lease if you are uncomfortable with any part of it.
You and your landlord both need to know that your interests are protected.
For your landlord, this probably means a security deposit from you, usually the
equivalent of one or two months' rent. A security deposit assures your landlord
that any damages to the apartment while you are a tenant will be covered. The
landlord also may keep the security deposit if you fail to pay rent or leave
before the end of your lease. But security deposits are refundable if you
fulfill your lease agreement and leave your apartment in good repair. In most
states, the landlord must itemize any deductions from your security deposit.
Additionally, some states mandate that security deposits be kept in separate
interest-bearing accounts for the tenant.
For you, security comes in the form of renter's insurance. Policies typically
cover the following:
- Damage to personal property from fire or wind
- Theft
- Personal liability in the event you are sued over accidental injury to
others who are in your apartment
- Accidental damage to property of others in your care
- Living expenses if you are forced to live elsewhere while your apartment
is being repaired
A word of caution! Policies may differ according to the
insurance company and the laws in your state. The list above is just an example
of possibilities. Consult your insurance representative to determine what type
of policy suits your needs and situation.
For More Information
BOOKS
Better Homes and Gardens 1001 Do-It-Yourself Tips
Meredith Books $24.95
The American Bar Association Family Legal Guide
Times Books $35
Life Advice® price $28
Call 1-800/793-2665 to order and mention reference number 032-04. Price and
availability subject to change without notice.
The Renters' Survival Kit
Ed Sacks, Real Estate Education Co. $17.95
The Home Answer Book
Joanna Wissinger, Stonesong Press
(Harper Collins) $25
PAMPHLETS FROM THE FEDERAL GOVERNMENT
The quarterly Consumer Information Center Catalog lists more than 200 helpful
federal publications. For your free copy write Consumer Information Catalog,
Pueblo, CO 81009, call 1-888-8-PUEBLO (878-3256) or find the catalog on the Net
(www.pueblo.gsa.gov).
RELATED LIFE ADVICE® PROGRAM PAMPHLETS
See other Life Advice® Program pamphlets on related topics:
Creating a Budget,
Divorce,
Getting Married,
Getting Your First Job,
Moving. To order up to three free guides at a time, call 1-800-METLIFE,
that's 1-800-638-5433..
Helpful Links
Additional Resources
Do you feel like Renting an Apartment is harder than building the place
yourself? We'll help you figure it all out with these helpful links.
Moving - Helpful Links
If you're moving as well as renting a new apartment, take a look at our helpful
links on moving before you go anywhere.
Questions to Ask When Renting
Although those questions were developed for University of Massachusetts
students, the questions they've put together are good for anyone seeking an
apartment.
Tenant Net Home Page
Developed by an informal network of tenants and tenant leaders, Tenant Net is a
site devoted to tenants' rights, tenant issues and tenant advocacy. Most of the
info is New York City related, but there are links to other states as well.
Apartments by Rent Net - Nationwide Apartment Guide
Rent Net is your one-stop source for rental housing information in over 500 U.S.
and Canadian cities. The site features apartment photographs, floor plans,
location maps/directions, e-mail links to leasing agents and a comparison
feature to help you put it all together.
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