Renting a Place to Live

How much should you spend on rent for a good apartment or flat? Try to spend no more than 25 percent of your monthly gross income on rent.

Set your limit at $520 if you earn $25,000 per year, or $2,083 per month. You may find you will not have money for other needs if you spend more of your income on rent.

Consider the following when checking out a neighborhood:
• Is it close to work?
• Is the neighborhood safe?
• Is it near good schools, stores, services?
• Is it close to public transportation?
• Is there convenient parking?

Protect Your Interests
Inspect the rental unit for damage and safety before you sign a lease. Take photos of existing damage. Date the pictures and get the landlord to sign them. Insist that safety problems be fixed before you move in. Ask that repairs be noted in the lease.

Some items to check:
• Are there working smoke detectors?
• Are there locks on all doors and windows? (Ask if the locks will be changed or if you can change them at your own expense.)
• Are the appliances safe and in good working order?
• Is there outdoor lighting for safety and security?
• Has the unit been tested and found safe for lead and radon hazards?

Look for these safety items in apartment buildings:
• Emergency exit signs in hallways; unlocked emergency exit doors.
• Mailboxes in good repair with working locks.
• Easy to reach fire extinguishers with current inspection tags.
• Well-lighted, well-maintained stairs.
• Elevators with current safety inspections.
• Well-lighted and well-maintained laundry areas, parking, and other common areas.

Signing a lease
Your landlord will ask you to sign a lease. A lease is a legal contract between a landlord and tenant (renter). The lease must have your name, the landlord's name, the address and unit of the apartment, the amount of rent and payment rules. A lease also may spell out the following:
• The landlord's responsibility for repairs and maintenance.
• Rules about pets.
• Appliances included in the rental.
• Responsibility for paying for water, electricity, and heat.
• Rules about making changes to the apartment, such as adding wallpaper.
• Rules for ending the lease early.
• Rules about the security deposit.

The landlord might ask for one or two months' rent as a security deposit. A security deposit is held by the landlord to pay for damages to the apartment while you are a tenant.

A landlord may be allowed to keep the security deposit if you do not pay rent or leave before the end of your lease. Your security deposit should be returned to you when you move again if you fulfill your lease and leave your apartment in good repair.

Read your lease carefully before you sign it. Find out exactly what you can expect from your landlord, and get it in writing. Never sign a lease if you are not comfortable with any part of it.