A Guide to Rental Tenancy

A Guide to Rental Tenancy

Renting a home is both exciting and nerve-wracking. Finding the perfect home is a daunting task, and it's just the beginning. Getting through the screening process can be difficult for would-be tenants with imperfect credit. Then, once in your rental home, you'll need to work with your landlord to make your relationship a satisfactory one. Knowing what to expect and how to proceed will help to ease you through each step of the tenancy process.

House Hunting

    Rental listings are available through a variety of sources. Landlords list privately owned properties for rent in newspapers and online classified sites. Apartment rental sites are useful for learning about apartment complexes and communities (see Resources). Rental listing referral agents sell lists of available properties to would-be tenants. Finally, real estate brokers list and market rental homes on behalf of their owners. Although the brokers work for the landlords, even when they work with tenants, local tradition dictates whether the commission is paid by the landlord or the tenant. Begin your search with a realistic budget and a clear sense of the home characteristics you must have and the characteristics on which you can compromise. Although it's tempting to begin the search early, landlords hope to rent their units beginning the 1st or 15th of the month. Your best bet is to start viewing homes no more than 30 days before you wish to move.

Rental Application

    Most landlords and brokers require prospective tenants to fill out an application that asks for personal and credit references and for information about the prospective tenant's employment and income. It's common for the screening process to include a credit check and criminal background check as well. You may have to pay an application fee to cover the cost of the reports. The landlord uses all of this information to decide whether to accept or reject your application.

Overcoming Credit Problems

    A qualified tenant whose application is tarnished by less-than-stellar credit can overcome the challenge. If extenuating circumstances, like a medical crisis or divorce, resulted in the blemishes on your credit report, write a letter of explanation. Even in the case of financial mismanagement, a note acknowledging your past issues and detailing the steps you've taken to avoid future problems can help you win your prospective landlord's trust. If you can swing it, paying an extra month or two of rent up front shows good faith and determination to adhere to the terms of your lease.

The Lease

    Your lease is the contract between you and your landlord that spells out the details of your tenancy. It describes your rights and responsibilities and those of your landlord. A lease typically notes the term, or length of time you'll be renting the property, the total amount of rent due for the term and the monthly payment amount and due dates. In addition, it outlines how you may use the home. Your lease should also state the maximum number of occupants, list the rules regarding pets, outline the process for dealing with maintenance issues and describe the consequences for breaching the lease.

Tenant and Landlord Relationship

    Good communication is the key to maintaining a positive relationship with your landlord. Ask the landlord to do a walk-through with you the day before or the day you move in so that you can Inspect the home together. List any defects and ask the landlord to sign the list to ensure that repairs won't be deducted from your security deposit at the end of your lease term. Throughout the term, report maintenance problems promptly, even if a repair is your responsibility, so the landlord can decide whether or not further investigation is warranted. If you're going to have trouble paying your rent, give the landlord as much notice as possible. Offer to pay what you can, and have a plan in mind to make up for the shortfall as quickly as possible. Finally, bring questions and concerns to the landlord as they arise so that problems don't fester.



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