5 Questions to Ask Before Renting an Apartment
When hunting for an apartment, many renters end up falling into the same disappointing trap: They get swept away with visions of home décor, painting the walls, and having girls nights and parties every night, while completely ignoring the particulars like landlord rules and fees that can come back to bite them later on.
So before you sign your lease, take some time to really think about what moving in would cost, and what rules are expected. Take time to ask yourself and (if you have) roommates a series of very important questions, because they will make or break your apartment renting experience and potentially your finances.
Are there Communal Spaces and Related Rules?
There will more than likely be rules in your lease regarding quiet hours, limits on loud music, and communal spaces. It is worth asking other residents how strictly these are enforced, so you know what you are dealing with. You should also take some time and find out if there are any maintenance costs associated with the common areas, as well as any fees for breaking any quiet hour rules.
What Would it Take to Break the Lease?
What happens if you need to move when you are only a few months into your year-long lease? Before signing, find out the penalties for breaking the lease under special circumstances. And remember that verbal agreements are not nearly the same as written ones, so ask for any agreements to be put in writing. Breaking a lease is a big deal and it could seriously impact you: Not only will you likely forfeit your security deposit and any money that the landlord holds in your name, but you will burn a bridge for future rental references. And remember if you have any co-signer your lease agreement, they could be held liable for the balance of the lease.
What Happens if a Roommate Cannot Make Rent?
In an apartment, you will either be listed as a tenant (this means that you signed the lease agreement) or an occupant (this means that you live there, but you didn’t sign the lease). If the rent does not get paid one month, it is the tenants that will be faced with the repercussions. This is one of the reasons that it is so crucial to ensure that your other roommates sign the lease agreement – if they do not you will end up having to pay for it all.
Is a Co-Signer Required?
In many cases, landlords require tenants to pass a credit check and meet a pre-set income standard. In cities like New York, Chicago, and Boston, this often means a landlord will require you to have an annual income that is almost 45 times their monthly rent. If you and your roommates cannot meet these standards, then yes, odds are you will need a co-signer to sign the lease and agree to take the hit if you don’t make rent. Before your search for a co-signer begins, it is important that you are upfront with the people you are considering asking, and yourself. Find a parent or family friend who’s willing to act as a co-signer, and show them a plan as to how you plan on paying your rent on a regular basis aka not stick them with the bill. It is also important to note that landlords often charge a fee to run a credit and/or background check on this person, so ask how much that will cost.
What is the Parking Situation?
In buildings with parking, you will likely get one spot assigned to your rental unit, so you will need to investigate how that works and how much extra that will cost. In some buildings, you will encounter those annoying parking spot hogs who store an extra car in a spot reserved for guests.