1. Your First Apartment WEBSITES NAME OF APARTMENT COMPLEX
ZILLOW.COM
RENT.COM
NAME OF APARTMENT COMPLEX
ADDRESS OF APARTMENT COMPLEX
FLOOR PLAN
PICTURES
PRICE PER MONTH
AMENITIES
REFLECTION – TELL WHY THIS IS YOUR CHOICE

2. Objective 2.02 ANALYZE financial and legal aspects of renting.

3. Terms to know: Landlords are property OWNERS. They expect tenants to:
Pay rent on time
Keep property in reasonable condition
Tenants are RENTERS. They expect landlords to:
Make necessary all repairs
Give written notice to enter the unit
Not increase rent until the lease ends
Lease is a legal document that includes
Length of agreement
Amount of deposits, rent, and fees
Address of unit
Who pays utilities
Number of people that can live in the unit
Pets (types and sizes).

4. The Rental Process Application
Application Fee – shows landlord you are serious. Usually $25- $100 or higher
Credit Check through a credit agency tells if the tenant pays bills on time.

5. The Rental Process cont.
Security Deposit:
Covers cost of future damage to property
May equal 1 or more month’s rent
Can be returned partially or in full
Pet Deposit - covers pet damage.

6. The Rental Process cont.
Advance on Rent
One or more month’s rent in addition to deposits

7. Example of Advance on Rent

8. The Rental Process cont.
Renter’s Insurance
Insurance to cover the renter in the event of flood, fire, theft or any other hazard
VERY inexpensive.

9. Should You Buy Renter’s Insurance?

10. The Rental Process cont.
Utilities
Water, gas, sewer, electricity, phone, cable, trash collection
Sometimes the landlord will pay some or all utilities, BUT usually the tenant pays all.

11. How Much Rent Can I Afford?
In general your housing should not exceed 28% of your gross monthly income.

12. Calculating Rent if Paid by the Hour
Hourly wage x # of hours worked weekly x weeks in year = gross pay yearly / 12 months = gross monthly wage x 28% = maximum rent
Example:
$6.00 x 40hours = $240
$240 x 52 weeks = $12,480
$12,480 /12 = $1040
$1040 x 28% = $291.20

13. Weekly Income = $240
If paid by week: $240 x 52 weeks = $12,480/12 = $1040 x 28% = $291.20
If paid by the month: $1040 x 28% = $291.20
If paid by the year: $12,480/12 = $1040 x 28% = $291.20

14. Complete “Finding Maximum Rent”

15. Ending a Lease
Suppose you need to move earlier than expected. What are your options?
Continue to pay the rent until the end of the lease
Assign the lease
Sublet the lease.

16. Assigning the Lease
This means to transfer the remainder of the lease to another person
The original tenant is NO LONGER responsible for any rent or damages.

17. Subletting a Lease Tenant leases the property to another person
BOTH tenants are responsible to the landlord
EX: college student leaving for semester abroad and lets friend rent apartment.

18. Results of Violating the Lease
Breach of Contract
When either the landlord or the tenant fail to meet the terms of a lease
Eviction
Legally removing tenants from the property before the lease expires
Tenant must receive written notice.

19. In summary…..

20. Complete “Calculate Rent, Deposits and Utilities”

21. So, how much can you really afford?
Choose your job
Go to and calculate your MONTHLY salary for the zip code of your apartment’s location
Can you afford the apartment you chose?
Reflect in writing the changes you will make and how you feel about making these changes to your selection. BE REALISTIC!
Write your reflection on your original document and turn in.