As we approach the warmer months of the year, the minds of many people turn to a very specific subject: Renting an apartment. Having been through several summers of intense rental markets, for those of you who wish to take a note from an old veteran, here are my suggestions on surviving the big leasing months:
1. Be reasonable. The lessees: Don’t expect granite kitchens, private balconies, and in-home laundry on a laminate counter, common yard, and laundromat budget. The more reasonable you are with your search, the better you will feel in the end. For lessors: Don’t expect perfect credit, pre-paid rent, and single occupants (also be careful not to violate fair housing on that one) for your apartments. These are the people who typically look to buy something.
2. Be nice! For lessees: Pay your rent on time, try very hard not to break anything, and be respectful of your neighbors and your landlord (try to wrap up any permitted parties at a reasonable hour and make sure to clean up afterwards!). Respect the fact that someone else owns your apartment. For lessors: Leave your tenants alone (unless you absolutely have cause), fix things when they break, and be forgiving the first time your tenants lock themselves out (notice I only said the first time).
3. Be knowledgeable! For lessees: Read the lease before you sign it. Most likely, you won’t need an attorney to review it, just use common sense. Standard form leases are usually the safest bet. Also, accept that the landlord will probably run your credit, and verify your employment and rental history. For lessors: Accept that the prospective tenant may ask your current tenants about you and your management style. Also, be schooled on fair housing! Don’t think that you can skirt the system by pleading ignorance!
4. Be ready! For lessees: Have your checkbooks handy so you can put down deposits quickly. Additionally, don’t dawdle with paperwork! Applications, co-signer forms, leases, etc. must be filled out quickly if you want the apartment! If you don’t, others may swoop in and steal your apartment! This also means going apartment hunting with your whole party – roommates, significant others, parents, etc., so there is no delay trying to schedule multiple showings. For lessors: The same applies in reverse. Be ready, willing, and able to sign a lease with a prospective tenant. If you wait too long, or do not respond to them, your tenants may find alternative lodging!
5. Be honest! Lessees: If you fib about your employment, and then find out you cannot afford the apartment you are in, you may face eviction and/or a lawsuit, which will negatively impact your credit report for years! If something truly unexpected happens, being honest with your landlord will likely assist in finding a solution that works for both parties. Also, if you break something, admit to it and/or offer to fix it. For lessors: If the dishwasher doesn’t work, if the windows are drafty in the winter, or if a freight train rumbles by at 4:45 every morning, let the tenants know before they agree to rent the apartment. This will make for a much more amicable arrangement.
That’s it in a nutshell. Happy renting!
Tags: Apartments, landlord, lease, lessee, lessor, rent, renting apartments, tenant
