What to Know about Renting

Why do people rent?

• Increasing foreclosures and pre-foreclosures (short sales) are leaving many households needing a place to live
• People want to buy but are unable to qualify for a mortgage
• People are moving into the area and want to see how the current economic condition plays out
• Divorce
• Many colleges continue need off-campus housing
• Temporary relocation

Terms you should be familiar with, if you choose to rent:

The owner is called the landlord

The person renting is called the tenant

When you apply, the lanlord may request for a rental application and ask for references.  With your authorization, a credit check will be completed.

If your application is accepted, a security deposit is retained which may end up being about 2 to 3 months of rent.

Double-check your lease terms, is it month-to-month or a minimum of a 1 year lease?

If you want to paint the walls, you should consult your landlord.

The landlord should provide you with some disclosures.  If the home was built prior to 1978, you could be exposed to lead.

Also, discuss the penalties of being late with rent, returned checks or what happens on the termination of the lease.

Before you move in, make sure to note problems of the property like ripped carpet or broken windows (you should take a photo).  It’s also good to obtain renter’s insurance as their personal property insurance will not cover you.

It can be hard to find a pet friendly rental, but many accept small pets.  Check with many rentals before moving in!