Apartment Renting 101
By IRET Community Staff
11/21/2010
Whether you’re looking for student housing, furnished corporate rentals, pet-friendly apartments or just plain searching for a new apartment for rent, the task of finding your new home can be daunting. Part of our commitment to providing the best apartment rental service in the Midwest is helping you before you even sign your rental lease.
Throughout our Articles section, you’ll find helpful hints on everything from moving, to what you should expect upon moving into your newly-rented apartment, and even a step-by-step guide that could help get your rental deposit back.
Please take some time to browse through the apartment rental communities we offer in your area, but consider some of the renting tips in our News Articles section before signing your new lease.
What are the landlord-tenant regulations in my state?
Each state has enacted certain laws and regulations aimed at creating open communication between the renter, landlord, and/or property management company so that apartment-rental policies are clearly understood by all parties. These laws vary from state-to-state but are typically structured so rental tenants know what is expected of them when they sign their rental lease, while also protecting the rights of all parties in the rental process.
Landlords and/or property management companies often protect their rights by doing credit and background checks on prospective renters. They may also contact previous landlords or even ask for references with a rental application. If a prospective renter’s credit does not meet the minimum limit described in the landlord and/or property management company’s policies, allowing a co-signer is one way the company may still help the renter find an apartment and still protect their own rights. Keep in mind, however, that any co-signer on a rental lease is just as liable for damages, past-due rent, and other charges related to the apartment in the lease as the actual resident of the apartment.
As a prospective resident, you will want to carefully consider your lease agreement so you’re certain of what your obligations and commitments are upon signing the rental lease and moving into your new apartment. It’s always best to investigate your rights as a tenant—as well as the property management company’s rights—before you enter into a binding rental lease agreement.
Is there an easier way to break my lease in the event of an extenuating circumstance?
Life is unpredictable, and even if you love your current rental apartment and have no plans of moving, you may find yourself in a situation where breaking your lease is inevitable—job promotions, re-assignments, illnesses, and getting married are just a few of the things that may be cause to break your lease. As a company, we always hope to avoid this situation but we understand that occasionally, a lease needs to be broken.
The conditions for breaking your rental lease with IRET Properties are spelled out within your signed lease document. While the stipulations of each lease may vary slightly, here are a few best practices to make this an easier situation for both parties:
· If before signing your lease, you are aware that you may need to end the rental agreement early, see if the property management company or Community Manager has short-term leasing available.
· If you are about to re-sign your lease but suspect that you may need to end it early, ask about renting on a month-to-month basis after your initial lease has expired. This may be a solution but a normal notice period will still be required for your move out. Check your lease for these stipulations.
· Inform your Community Manager as soon as you become aware that you may need to end your rental lease early. Discuss the available options with them and remember that your goal is not to simply get out of your lease, but to avoid leaving on bad terms that may affect your future renting ability or even your credit score.
· When you break your lease, you put your Community Manager in a hard situation. Be aware of this and do what you can to make the situation easier, but also remember that your lease was signed for a given number of months and in some states you may be liable for rent payments until it expires.
Consider renting a post office box.
One thing you may want to consider when moving into a new apartment is renting a post office box. If you don't have a secure area for your mail at the apartment, or simply desire a bit more privacy, a PO Box can be the best solution. It can also be a simple solution, as it is easier than other things, such as renting a car. Here are a few reasons to consider a PO Box.
- It is inexpensive. Most post office boxes are not pricey and you can often opt to pay for your box in two separate installments rather than all at one time.
- You can retain a permanent address. If you move a good deal, this can save you a lot of hassle when it comes to getting your mail in a timely fashion.
- You have privacy. Only you can decide who gets to be on the box and have a key.
- It might be more convenient. You can opt to get a box that is close to your work so that you can receive your mail even before you return to the apartment.
- It is secure. Since the box is located in a building, you have the additional security of having eyes and ears around all of the time to make sure it is safe.
Stay tuned for more apartment renting 101 updates as we continue to publish more material...