Presentation on theme: "Renting Apartments Chapter 4, pages 66 to 83. Outcomes Learn some terminology about renting an apartment in Nova Scotia Learn rights/responsibilities."— Presentation transcript:
Renting Apartments Chapter 4, pages 66 to 83
Outcomes Learn some terminology about renting an apartment in Nova Scotia Learn rights/responsibilities of a tenant Learn rights/responsibilities of a landlord
Framing Questions Has anyone ever rented an apartment before? Why would you rent an apartment? What would you want in an apartment? Can you afford an apartment? Can you get kicked out of an apartment?
Key Terms – What do they mean? Lease Landlord Tenant
What is a lease? Lease: A written or oral contract between a landlord and a tenant for renting a residential property. Landlord: A person who rents land, a building or part of a building to a tenant Tenant: A person who rents a residence from the owner
What does a lease look like? residential-tenancies-standard-form- lease.pdf
Landlords Before signing a lease with a new tenant ask yourself the following questions: Is the unit in good repair? Does the tenants income support the rent? Do the tenants references support the application? Have I told the tenant about any and all rules for the premises? Am I willing to do the repairs the tenant wants?
Tenants When looking at an available unit, ask yourself these questions Do I want to live here? Can I park my car? What other costs are there? Can I afford the rent and other costs? Must I sign a lease? For how long? Must I pay a security deposit? Are there waste management facilities?
More Key Terms Anniversary Date: Yearly date when the tenancy began. Fixed-term Lease: the specified period of time for a lease. The lease ends at the end of this time and no written notice is needed to end the lease.
Terminating a Tenancy Type of Tenancy By the landlord By the tenant Yearly3 months prior to the anniversary date Monthly3 months1 month Weekly4 weeks1 week
Who is protected by these termination rules??? TENANT!!!
Security Deposit Security Deposit: Money paid by the tenant when the lease is signed and held until the end of the tenancy. It is used to protect the landlord against damages or unpaid rent. The landlord can ask for up to one half of a months rent.
Interest on the Security Deposit Landlords have to pay an interest rate on the deposit. The rate is set by the Residential Tenancies Act. It is currently 1% nd/residential-tenancies/security- deposit-interest- calculator.asp#calculator
Who is protected by these security deposit rules??? LANDLORD!!!
Rent Increases Can only increase on the anniversary date of the tenancy Landlords must give the proper amount of time of rent increase (in writing) 4 months before the anniversary date of a yearly or monthly tenancy 8 weeks before the anniversary date of a weekly tenancy
Who is protected by these rent increase rules ??? TENANT!!!
Questions 1) If a tenant moves into an apartment on June 1, 2011, what is the anniversary date? June 1, 2012
2. a) Anthony signed a monthly lease for an apartment. How much notice must he give his landlord to terminate his lease? 1 month b) If the landlord wishes to terminate the lease, how much notice must be given to Anthony? 3 months
3)What are 2 questions you should ask yourself before renting an apartment? - Can I afford this? - What utilities are included? - Can I park? - How long is the lease?
4)a) If a landlord leases you an apartment for $850 per month, what is the most the landlord can charge for a security deposit? - half of 850 = $425 b)If you do not damage the apartment and you pay every months rent, how much will you get back at the end of your lease? - $ % = = $429.50
Apartment Listings Where can you find apartment listings? Newspaper Internet kijiji For Rent signs around your area