Renters Agreements - A First Timers Guide to Rental Property Agreements
Moving out on your own into your own apartment
can be an exciting thing. However, there are some things you should
be aware of with regard to renters agreements and other arrangements,
so that you know exactly what you are getting yourself into. First
is how much you can pay in rent.
Your rent payments should be equal to or less than about 30% of
your income. Calculate how much you make every month and multiply
it by .30 to see what you can pay in rent. Look for apartments
within that price range.
Your Credit Report
How is your credit? If you have no credit or bad credit you might
have a hard time getting your own apartment. Most landlords will
check your credit report to see how likely you will be to pay your
rent every month. Get your credit report from all three agencies
(Experian, Equifax and Transunion) to see where your credit stands.
If you have any outstanding balances on your credit report, pay
them or correct them before you rent.
The first thing
you will be asked to do is complete a rental application to see
if you would make a good tenant. This is where you will need
to fill in all of your personal information: your name, current
residence, place of work, income, social security number, date
of birth, driver’s
license number, and any other personal information they may ask
for. Make a good first impression with your landlord by asking
for the rental application in advance, filling it all out, and
then bringing it to the landlord when you are given a tour of
Rental Agreement or Lease
This is where you could become confused or overwhelmed. It can
help to have an experienced adult come with you to read over the
rental agreement with you. You will either be given a yearlong
agreement or a month-to-month agreement. Your rental agreement
should cover all of the aspects of living in the rented apartment,
such as rent amount, when the rent is due, what happens when you
are late or do not pay, how long of a notice you need to give if
you want to move out, how much notice the landlord needs to give
if they decide to change anything in the agreement, and how long
the lease is in effect for.
The rental agreement will also outline that you are responsible
for the apartment while you are there, and that you will be responsible
for any damages made to anything in or outside of the apartment. So to ensure that you don't have any problems it is well worth looking to get some renters insurance quotes so that you are have some protection.
It should also go through what is included in your rent such as
heat, hot water, electricity, or cable. Some landlords give heat
and hot water as a part of your rental payments.
It should also outline how much you need to give as a security
deposit and how it would be used if anything is damaged when you
leave the apartment. The most important rule when going out on
your own and renting your own apartment is never sign anything
before you read it and understand it.