Things to Know When Renting a College Apartment
Many people rent their first apartment or home during their college years. Most of these places are marketed toward college students in areas near the college. It is important to understand your lease and your rights as a renter. Knowing what is allowed and what is not can keep you in good graces with your landlord and your neighbors. Additionally, a basic understanding of how to be a renter can keep you out of financial trouble as well.
Lease Agreements
Read your lease agreement thoroughly before signing it. Know your move-in date as well as your move-out date. If you move in too early or move out too late, you may be charged a fee. Note the date each month that you are to pay your bill. Also note if there is a late fee charged after a certain date each month for late rent payments. Additional things to note in the lease are your ability to have pets, smoking or additional roommates in your apartment.
Neighbors
If you are in a condo or apartment complex, your relationship with your neighbors is important. There typically building rules about common areas, such as rules that ban full trash bags being left in the hall or clothing being left unattended in the laundry room. These rules should be included with the lease agreement, if not, request them from your landlord. Typically, simply being a good neighbor will get you a long way with your neighbors. Monitor your noise level to avoid having angry neighbors reporting you to the landlord or police.
Credit Checks and History
A potential landlord may check your credit history prior to renting a place to you. If you do not have a good credit score or history or you do not even have a credit history, be prepared to have a co-signer on your lease. Oftentimes, this co-signer may be your parents or an older relative with established credit. However, it is important to note that if the landlord turns you over to collections for late or delinquent payments, it will negatively impact the credit of anyone listed on the lease.
Deposits
In almost all rental situations, you will be asked to provide a deposit, typically equal to a month's worth of rent. This security deposit is to protect the landlord in the event that you do not pay your rent or damage the apartment. In most situations, you will get this deposit back at the end of your lease if the rent has been paid in full and there is no damage to the apartment. An additional deposit may be required if you have pets in the apartment. In most cases, the pet deposit is non-refundable due to the inevitable damage that pets cause in a rental unit.
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