What happens if your rent is late? Who should you contact if you need maintenance repair? What if you need to break your lease? Can you renew your lease for another term? Are you able to add a pet later? Do you have permission to sublet your apartment? All of this will be covered in the lease. Make sure to thoroughly read your lease. You must understand your lease before you sign it.
All applicants will sign and date the lease, as will the landlord. Renting a property requires more than just the rent amount. There are a few additional costs to be aware of. Then there are the unexpected ongoing costs of renting an apartment.
Some utilities , such as water, sewer, and trash, may be included in your rent. But they might not — check your lease! There might also be separate monthly fees for optional spaces, like parking spots or storage units. Making enough money to afford the apartment and having a solid credit history are keys to getting approved. And budgeting for the extra expenses that come with renting will make your rental experience as low stress as possible. Some apartments come with utilities included, but up to a certain limit.
Capping any included utilities gives the tenants the benefit of paid utilities but also gives the landlord peace of mind that they're protected in the event the tenants are careless or wasteful with the utilities.
In other words, the tenant will be likely to think twice before setting their air conditioner to 68 degrees on a degree day or letting the water run for a while before they get in the shower. This arrangement is also known as "all bills paid. This is most common when the rental unit shares utilities with others -- for example, when there's one electric meter for a four-unit apartment building -- but it isn't unheard of in larger apartment complexes.
Utility costs are also commonly included in student-oriented apartment complexes, where roommates in each dwelling unit are on individual leases. One important distinction is that the difference between utilities included and no utilities included is a separate situation from a gross lease versus a net lease.
A gross lease means that the landlord is responsible for property taxes , maintenance, and building insurance, which is typically the case with all residential rental properties. A net lease means that these expenses are paid by the tenant, which is only common in some types of commercial real estate.
The most obvious advantage of leasing an apartment or home with all utilities included is simplicity. You won't have to worry about paying utility bills. Each month, you'll only have to write one check, and the amount is the same. Writing separate checks for rent, the electric bill, water bill, and other utility bills is not only laborious, it also leaves you with varying housing costs from month to month, thus complicating your financial situation.
With utilities included, variable costs aren't a problem. If it's hot out, you don't have to worry about the effect of running your air conditioner on your power bill, for example. You can also avoid connection fees upon moving into a rental property, because many electric companies charge a one-time fee to establish service. When I had to establish water service for one of my investment properties, I ended up spending the better part of an afternoon in the city's water office.
If you land an apartment with utilities included, you can simply move in and not worry about getting everything set up with each utility company before you can use your living space. One downside is that utilities-included apartments are often more expensive when compared to similar-quality units where tenants pay their own utilities. One common myth is that if you live in an apartment with utilities included, water, electricity, and other utilities are "free.
The adverse action notice must tell you how to contact the organization that created the credit report or background report. That agency must give you a free copy of your credit report if you ask for it within 60 days. You have a right to question wrong information in your report with that agency, and try to correct it. You might think a landlord is breaking the law or that a landlord is breaking your lease.
Here is what you can do:. A landlord cannot change the rental deal or refuse to rent to you because of your race, color, national origin, religion, gender, disability, or family status.
That would be discrimination. You can file a complaint about housing discrimination with the U. Call or go to hud. Renting an Apartment or House. Print Text size Listen icon. What is renting? A lease says: how much rent you will pay and when you will pay how long you will rent the apartment or house what happens if you do not pay on time the rules you must follow other costs you have to pay A lease will say whether the costs of utilities are included in your rent.
How long does a lease last? What is a security deposit? But you might not get your security deposit back if you: damage the apartment or house leave before your lease period ends Most states have laws about how much money a landlord can charge you for a security deposit.
Read more. What to Know. What do I need to rent an apartment or house? What to Do. What should I do before I rent an apartment or house? What should I do if I think my landlord is breaking the law? Students often live with roommates when they rent apartments to save money. Roommates can split the rent as they see fit.
He writes about business, personal finance and careers. Adkins holds master's degrees in history and sociology from Georgia State University. He became a member of the Society of Professional Journalists in Share It.
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