Renting a Residence

1. Renting a Residence

2. Key Questions • When do you plan on renting your first apartment? How much do you think that it will cost? Do you think that you will need a roommate?

3. Selecting a Rental Unit • Tenant- person who pays for the right to live in a residence by someone else • Landlord- person who owns the property that is rented

4. Size and Cost • Normally the size of the apartment dictates its cost • Location also factors in the cost

5. Advantages of Renting • Mobility and Fewer Responsibilities • Low Initial Costs

6. Mobility and Fewer Responsibilities • Usually you can move with 30 days notice • If cost goes up you can find another place • No major repairs or maintenance

7. Low Initial Costs • Buying a house requires a large down payment • Renting an apartment usually costs from $0 to the cost of the 1st months rent

8. Disadvantages of renting • Few financial benefits • A restrictive environment

9. Financial and lifestyle restrictions • In some cases renting is more expensive • Homeowners are eligible for tax deductions • Homeowners own their property

10. Legal issues • Lease is a legal document that defines the conditions of the rental agreement between tenant and landlord

11. The cost of renting • Several factors affect and determine the price of reality

12. location • The neighborhood or location will determine price

13. Living space • The amount of space you want can determine price • Usually the larger the space the more expensive the rent

14. utilities • At some places you pay the utilities • At others the landlord pays the utilities • It will be in the lease • Utilities are things such as electricity, gas, water, etc.

15. Security deposit • A security deposit is an amount of money paid to the owner of the property to guard against loss or damage that the tenant might cause

16. Renter’s insurance • Renter’s insurance covers the loss of a tenant’s personal property

17. Evaluating Housing Alternatives

18. Activity • Apartment Comparison Activity