Terms and Policies Explained
First-time renters may find it challenging to understand their responsibilities. While most property managers are efficient in explaining their expectations, there are a few standard policies to become familiar with, so you’re prepared.
By knowing what is to come, you can sign a lease without unexpected costs, and plan your budget accordingly.
When searching the classified ads for a new place to call home, become accustomed to these universal terms and fee policies in the rental world.
First and Last Month’s Rent
Once you receive approval to rent a property, a landlord will generally ask for a “down payment” to protect themselves in case of a lease break.
Most situations call for the renter to provide payment to cover the first and last month’s rent costs before moving in.
Make sure you incorporate this fee into your budget before you begin the search. Coming up with this expense while moving to a new place can be budget straining.
Security Deposit
Another typical cost when moving into a rental is paying a security deposit. Landlords ask for this payment to repair damage once you move and clean the property before a new tenant occupies it.
This fee is usually refundable if the apartment is left in good condition. Ask for a written document from the property manager to understand their policy on how to get your deposit back. The cost of this expense may vary, but it is generally the same amount as the price of rent.
Ending a Lease Early
The lease agreement is a binding contract written by a landlord and signed by a tenant. Most managers ask renters to sign for at least a year. This document protects them from someone leaving the property early and losing income.
If you must break a lease early, you will face an early termination fee. This cost should clear in the initial rental agreement and may be based on the number of months left in the contract.
Manager Inspections
There will be times when the landlord or property manager will want to view the interior of your home. Reasons could be inspections of systems, maintenance or pest treatments. Make sure you understand how often management will expect to be in the apartment so you are not caught off guard.