Home Renting Guide

Home rentals are not always straightforward. Here are a few pointers to keep in mind.

    • Many rentals don’t actually come on the market. There is a lot of word of mouth in the rental market so make sure you tell me and people you know that you are looking for a rental.
    • When looking for a rental, people tend to be much less picky since they know they are not there forever. Many people rent houses without actually seeing them in person.
    • Landlords, however, can get picky on who they rent to. A landlord’s biggest fear is that his tenant won’t pay rent. Therefore there are some basic requirements usually when renting a house.
      • Income. Will you be making money? Most landlords want you to be earning 3 times income to rent. So if your rent is $1500, expect your landlord to require you to be earning $4500. If you are not earning 3 x rent, then either they may not rent to you or they may want a co-signer to sign on the lease who can cover your rent for you if necessary.
      • Credit. What’s your credit score like? A low credit score may indicate bad spending habits. Bad spending habits means you may not have money for rent. This is something landlords consider. Usually this is secondary to income but it’s definitely a factor.
      • Rental History. If you have any evictions on your history you will have a very complicated time finding someone to rent to you. You may be forced to buy
      • Security Deposit. Landlords usually want 1rst months rent up front plus a month’s rent as security deposit for damages and unpaid rent when lease ends.. Some landlords may try to take a 2 months security deposit to be extra protected.
      • Lease length. Although the typical lease is 12 months, many landlords will try and find someone to sign a 24 month lease. This just is much more cost effective to them since there is less turnover.
      • Pets. Some landlords allow pets and others don’t. It can also make a difference what type and size of pet and how many pets. Usually there will be an extra security deposit and a bit more rent when you have a pet as the chances for damage are much higher.
      • Summary. Make sure to be as competitive as possible so you get the rental of your choice.

 

Here are few things to keep in mind regarding a lease

    • Will the landlord take care of issues if they break? Usually this has to do more with the landlord’s reputation and management than what the actual contract says. Some landlords are very generous and others not. Once you do lease a property, make sure not to bug him everyday since he will most likely not renew your lease.
    • By single family homes usually the tenant takes care of snow and lawn care. By multi family the landlord takes care of it
    • By Single family homes usually all utilities are on the renter to pay. By multi family, sometimes the landlord will pay the water and sewer bill.