The Details On Renting An Apartment
Renting an apartment has many financial implications. Below are a few to keep in mind before moving into your new apartment.
Security Deposit and First and Last Month's Rent
To protect themselves from negligent tenants, most landlords require new renters to provide more than just the first month's rent upon entering the lease contract. Typically, new renters can anticipate having to provide the first month's rent as well as a security deposit equal to the first month's rent. In some cases, the property owner may also require the new lessee to pay the last month's rent in advance as well. If all three are required, this essentially works out to be an upfront payment equal to three times the normal monthly rent payment.
This may seem like an excessive amount of money, but such a large upfront payment shows the landlord that the tenant will not have difficulty coming up with each month's rent payment when the time comes. As for the security deposit, tenants can expect to have this sum (minus the cost for any repairs) returned to them at the end of the lease.
Signing the Lease
A lease is a legally binding contract between a property owner and a tenant. Before signing a lease, new tenants should read the agreement carefully to make sure that they understand and feel comfortable with all the details. New renters should pay particular attention to the details concerning: the rental rates, the security deposit amount, the lease dates, the monthly rent payment deadlines, the arrangement for utility payments, the specific pet information (if applicable), the lease termination requirements, as well as anything specifically listed as the tenant's or the owner's responsibility.
There's usually a substantial financial penalty for breaking a lease before the agreed upon end date, so be sure to read the contract carefully and make certain that you are comfortable with and committed to the agreement before signing it.
List of Damages
After signing the lease (but before moving in), tenants should walk around the new apartment and make a detailed list of all the pre-existing damages that they notice. They should also provide a copy of this list to the landlord soon after they sign the lease as proof that these flaws existed before their time in the residence.
A thorough damage report can save the tenants a lot of money at the end of their lease as the landowner conducts his/her final walkthrough to assess tenant-related damages. Any damages in the apartment that weren't initially reported on this list could become the tenants' responsibility and could significantly reduce the amount of their returned security deposit.
