You’re likely to spot a few unfamiliar phrases and requirements in rental posts. Let’s breakdown the absolute basics:
1. Advertised rent is due monthly, typically on the first of each month.
2. Rent will often include some or all utilities, depending on your city and the lease agreement.
3. Apartments listings range in size from studios to multiple bedrooms. A studio means that your sleeping and living/dining space is all in one room.
4. To rent an apartment, you will typically visit the space, fill out an application, and if approved, sign a lease for a set period of months.
The rental posting may also list details about:
Brokers and Broker Fees: A broker or agent helps facilitate the relationship between you and the landlord. If you can afford this expense, a broker can quell any nervousness you have about handing over half your bank account to a guy you’ve known for two days. Depending on your city, a broker fee often runs you between 8% and 15% of the annual rent.
Can you find an apartment without a broker? Absolutely. But depending on your region, you sometimes have access to additional apartments in your area by using a broker.
Guarantor: If you have limited or poor credit, a lower income or a short rental history, a landlord may require you to provide a guarantor on your lease. This person is responsible for your rent if you are unable to make payments. Your guarantor must be able to prove strong credit and consistent income to act in this role. This is a common fix for affording your first apartment if you’re still getting on your feet.
Security Deposit: Landlords require that you submit a deposit to protect them from damage, missed payments or eviction costs should there be any issues during your stay. Depending on your state laws, security deposits often range from one to two month’s rent. Some states require or recommend landlords to place your deposit in a
n interest-bearing account during your stay.At the end of your lease, the landlord must return the amount within a set amount of time unless there are damages to the apartment that exceed typical wear and tear described in the lease terms.
Regulations on fees, lease signing requirements and deposits vary depending on city and state, so be sure to check out your
local government’s housing laws for details. A rental lease, after all, is a business agreement. Both you and the landlord have rights and protection against scams.