Chapter 21

Renting a Residence

Housing Alternatives

On-Campus Housing– A Dormitory is an on-campus building that contains

many small rooms that colleges rent to students.– Housing cooperatives are also available on many

larger campuses.

Apartments– An efficiency apartment is an apartment with one

large room, plus a bathroom.

Duplexes– A duplex is a building with two separate living

quarters.

Condominiums– Individually owned unit in an apartment-style

complex.

Houses

Living Arrangements

Questions to ask potential roommate.– Do you smoke or drink?– Do you like a clean living area?– Do you have steady employment or another source

of income?– What are your leisure activities?

Where to Live

Considerations– Deposits and fees

A security deposit is a refundable amount paid in advance to protect the owner against damage or non-payment.

– Length of time you plan to live there.– Distance from work or school.– Distance from other facilities.– Cost of maintenance you are expected to perform.

What to Take

Furnished apartments provide basic furniture and appliances.

Unfurnished apartments may provide appliances. Things to take:

– Bedding– Cleaning supplies– Dishes, silverware etc..– Lamps, hangers, radio TV, other decorations

Planning Your Move

Tips to prepare for move:– Set aside money to cover cleaning deposits, first

and last months’ rent and initial expenses.– Have a reliable source of income.– Make arrangements for transporting furnishings.

Group Financial Decisions

Have a plan in place for deciding who is responsible for various financial obligations.

Advantages of Renting

A landlord is the owner of rental property. A tenant is the person who is renting the property. Advantages

– Mobility– Convenience– Minimal Responsibilities– Social Life– Lower Living Expenses

Disadvantages of Renting

Noise Lack of privacy Small quarters Lack of storage area Lack of parking

Rental Agreements

A lease is a written agreement that allows a tenant to use property for a specified time period and rent.

To assure that you are not accused of damaging or taking furnishings, prepare an inventory of the premises at the time you move in.

Landlord Obligations

The exterior is waterproof. Floors, walls, ceilings, stairs are in good repair. Building meets fire and safety regulations. Adequate locks are provided Plumbing is in working condition. Water supply

Tenant Obligations

To read and understand lease agreement. To pay on or before the due date.

– Eviction is the process of removing a tenant from rental property.

To give 30-60 days notice of intent to move. To keep premises in good, clean condition. Allow landlord access to make repairs or

improvements. Obey rules of the apartment complex.