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Your First Apartment

Your First Apartment. WEBSITES ZILLOW.COM RENT.COM NAME OF APARTMENT COMPLEX ADDRESS OF APARTMENT COMPLEX FLOOR PLAN PICTURES PRICE PER MONTH AMENITIES REFLECTION – TELL WHY THIS IS YOUR CHOICE. Objective 2.02 ANALYZE financial and legal aspects of renting. Terms to know: .

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Your First Apartment

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  1. Your First Apartment • WEBSITES • ZILLOW.COM • RENT.COM • NAME OF APARTMENT COMPLEX • ADDRESS OF APARTMENT COMPLEX • FLOOR PLAN • PICTURES • PRICE PER MONTH • AMENITIES • REFLECTION – TELL WHY THIS IS YOUR CHOICE

  2. Objective 2.02ANALYZE financial and legal aspects of renting.

  3. Terms to know: • Landlords are property OWNERS. They expect tenants to: • Pay rent on time • Keep property in reasonable condition • Tenants are RENTERS. They expect landlords to: • Make necessary all repairs • Give written notice to enter the unit • Not increase rent until the lease ends • Lease is a legal document that includes • Length of agreement • Amount of deposits, rent, and fees • Address of unit • Who pays utilities • Number of people that can live in the unit • Pets (types and sizes).

  4. The Rental Process • Application • Application Fee – shows landlord you are serious. Usually $25-$100 or higher • Credit Check through a credit agency tells if the tenant pays bills on time.

  5. The Rental Process cont. • Security Deposit: • Covers cost of future damage to property • May equal 1 or more month’s rent • Can be returned partially or in full • Pet Deposit - covers pet damage.

  6. The Rental Process cont. • Advance on Rent • One or more month’s rent in addition to deposits

  7. Example of Advance on Rent

  8. The Rental Process cont. • Renter’s Insurance • Insurance to cover the renter in the event of flood, fire, theft or any other hazard • VERY inexpensive.

  9. Should You Buy Renter’s Insurance?

  10. The Rental Process cont. • Utilities • Water, gas, sewer, electricity, phone, cable, trash collection • Sometimes the landlord will pay some or all utilities, BUT usually the tenant pays all.

  11. How Much Rent Can I Afford? • In general your housing should not exceed 28% of your gross monthly income.

  12. Calculating Rent if Paid by the Hour • Hourly wage x # of hours worked weekly x weeks in year = gross pay yearly / 12 months = gross monthly wage x 28% = maximum rent • Example: • $6.00 x 40hours = $240 • $240 x 52 weeks = $12,480 • $12,480 /12 = $1040 • $1040 x 28% = $291.20

  13. Weekly Income = $240 • If paid by week: $240 x 52 weeks = $12,480/12 = $1040 x 28% = $291.20 • If paid by the month: $1040 x 28% = $291.20 • If paid by the year: $12,480/12 = $1040 x 28% = $291.20

  14. Complete “Finding Maximum Rent”

  15. Ending a Lease • Suppose you need to move earlier than expected. What are your options? • Continue to pay the rent until the end of the lease • Assign the lease • Sublet the lease.

  16. Assigning the Lease • This means to transfer the remainder of the lease to another person • The original tenant is NO LONGER responsible for any rent or damages.

  17. Subletting a Lease • Tenant leases the property to another person • BOTH tenants are responsible to the landlord • EX: college student leaving for semester abroad and lets friend rent apartment.

  18. Results of Violating the Lease • Breach of Contract • When either the landlord or the tenant fail to meet the terms of a lease • Eviction • Legally removing tenants from the property before the lease expires • Tenant must receive written notice.

  19. In summary…..

  20. Complete “Calculate Rent, Deposits and Utilities”

  21. So, how much can you really afford? • Choose your job • Go to www.salaryexpert.com and calculate your MONTHLY salary for the zip code of your apartment’s location • Can you afford the apartment you chose? • Reflect in writing the changes you will make and how you feel about making these changes to your selection. BE REALISTIC! • Write your reflection on your original document and turn in.

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