Chapter 21 Renting a Residence

Housing Alternatives On-Campus Housing Apartments 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 Condominiums Houses 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.