Renting a Home

Before you begin shopping for a place to rent, it is important to budget for up-front and long-term expenses if possible. When you rent a home, usually the landlord will ask for a deposit of some kind to hold until you move out to protect him or her in the event that repairs need to be made after your time as a renter. Colossians 3:23 reminds us to "...work heartily, as for the Lord, and not for men." When preparing to do something as important as renting a home, it is imperative to put in the hearty work beforehand to budget the needed funds and to fully understand the process.

So, what is the process of renting a place to live? Are there any rules and restrictions, or do you sign a lease and move in? Let's take a look at the process of renting housing.

Renting a Home

In previous lessons, we have considered the options, advantages, and disadvantages of both buying and renting a home. Now let’s concentrate on investigating the particulars of renting a home and the decisions you have to make when settling on a place to rent and call home.

A lease is an agreement that outlines the obligations of the owner and the tenants of a house or apartment. It is a legally binding document that courts will generally uphold in legal proceedings, so it is important for you to know the exact terms of the lease agreement before you sign it. Before agreeing to lease a home to you, a landlord may review your credit report, so you may want to get a copy before you start your apartment search. Some things to look for in a lease:

Clauses that allow the landlord to change the terms of the lease after it is signed
Requirements/responsibilities of the tenants to do routine repairs such as lawn maintenance, cleaning, or notification of repairs
Restrictions that would prevent you from living normally or comfortably in the home
Term of the lease and any important dates such as when the rent is due or garbage pick up days
Extra fees for parking spaces or storage, garbage collection, and pets
Information regarding utility providers, how to arrange for service, and whether you or the landlord is responsible for those bills.
Read the lease carefully and discuss anything you don't understand or issues you might have. All landlord responsibilities should be clearly stated. Always get a copy of the signed lease to keep in your records. Any clause or terms in the agreement affects ALL parties who sign.
Tenants who lease or rent a property are protected against discrimination by The Fair Housing Act. If you think your rights have been violated, you may write a letter or telephone the HUD office nearest you.
Each state has its own tenant rights, laws, and protections. Know your rights and obligations.

Tips for Renting

Before making your final choice when renting a home, consider the following tips that may help you make a better decision.

The best way to win over a prospective landlord is to be prepared by bringing a completed rental application (written references from previous landlords, employers, friends, and colleagues,) and a current copy of your credit report with you.
Carefully review all the important conditions of the lease before you sign.
To avoid disputes or misunderstandings with your landlord, get everything in writing.
Know your rights to live in a habitable rental unit and don't give them up.
Keep communication open with your landlord.
Ask about your privacy rights before you sign the lease.
Purchase renter's insurance to cover your valuables.
Make sure the security deposit refund procedures are spelled out in your lease or rental agreement.
Learn whether your building and neighborhood are safe, and what you can expect your landlord to do about it if they aren't.
Know when to fight an eviction notice and when to move. Unless you have the law and provable facts on your side, fighting an eviction notice is usually shortsighted.

Rental Options

Who can be your landlord? Let’s explore who is providing rental property and the pros and cons of all types.

Single owner - If you rent a house or condominium, you may be renting from the owner of the property. This person(s) may own adjacent property, live in the same town, or live in another city. This person is responsible for meeting all the expectations of a landlord as outlined in the state code or regulations that set up guidelines for landlords and renters.
Managing agent - This is someone who is not the actual landlord but instead represents the landlord. The landlord may be either an individual who owns one or more rental properties or a corporation or rental properties agency that manages properties but does not own them. These agents have been designated by the landlord(s) as legal representatives who may sign legal paperwork and take appropriate actions to serve both the tenant and landlord.

Renting has some advantages over buying. Some things to consider are your age, profession, and other demographics to decide what is best for you when renting. Lastly, know the laws and regulations that apply to rental property in your locality.