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My wife brought to my attention recently that I had not written an article addressing the process of renting. Signing a lease agreement has many of the same legal ramifications as signing an offer to purchase. The market or supply of available rental units versus the demand for those rental units determines "market rent".
If you are a potential renter, it is important to recognize whether the rental market is soft (weak-lots of rentals available) or tight (strong-not enough rentals to fill the demand). Pick up the Sunday metro daily newspaper and look for move in specials. If there are none the market is most likely tight and if there are many specials or incentives like 1st month free the opposite is most likely true.
Make sure your credit checks out before you sign a rental application. Many property owners use a credit checking service to verify your credit worthiness. There is often a fee required merely to make application for a rental. Ordering your own credit report can save you time and money. Every public library has information how you may order your credit report in many cases at no charge!
Be prepared to pay for the first month rent in advance and pay an amount equal to the first month rent as a damage deposit. If you have a pet or pets, be prepared to make an additional deposit which may or may not be refundable. Many property owners will not accept personal checks so be prepared to provide certified or cashier’s checks, money orders or cash. Always require a receipt if you pay by cash.
Make sure you read your lease thoroughly. It is important to have a walk through inspection with the property owner or manager before you sign your lease. Attach a list of specific damages or deficiencies that exist in the rental. A signed copy of your lease and the walk through inspection document should be received by you prior to moving into the rental.
OBTAIN RENTERS INSURANCE. My lease contains a specific provision that states that the lessee (the renter) releases me the lessor for loss or damage to ANY personal property on or about the rental unit FOR ANY REASON. My insurance WILL NOT cover damage to a lessee’s personal property therefore it is absolutely necessary to seek and obtain renters insurance. It is inexpensive and many leases include language that requires renters to provide proof of insurance.
Whether you’re thinking about buying or selling or merely seeking information, rely on me to provide accurate up to date information about the marketplace today.
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