Renting a Home
Interior Design
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Renting
• Means paying money to live in a dwelling that
is owned by someone else.
• Housing ranges from small efficiency
apartments to single-family houses.
• Can be furnished or unfurnished
• Can be found in all price ranges.
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Pro’s of Renting
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Predictable housing costs
Limited maintenance
Mobility
Flexibility in where they live
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Con’s of Renting
• Limited control or freedom
– Little/no voice on how building is
maintained/managed
– Can prohibit or restrict the number of pets
– Can restrict hours when tenants can have guests
• Lack of permanence
– No sense of community
– Don’t know neighbors
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Con’s Continued
• Financial Disadvantage
– No investment in property
– Landlord can raise rent
– May cost more than monthly loan payment
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Renter’s Initial Costs
• Application Fee
– Helps ensure renter is seriously interested
• Credit Check Fee
– Tells landlord if you pay bills on time
• Security Deposit
– Covers cost of any future damage caused to home
– May equal 1 to 2 months rent
– Additional pet deposit – may/may not be refundable
• Advance on Rent
– 1 month’s rent before moving in
– May be pro-rated if not there for entire month
• Moving Costs
• Installation/Turning on Services
– Phone, electricity, cable
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Renter’s Continual Costs
• Rent Payment
– Depends on
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Size of unit
Age of building/home
Neighborhood
Services included
• Renter’s Insurance
– Covers personal property against loss by theft, fire and other
hazards
• Utilities
• Parking Fees
– Additional fee for garage space
– Normally in large cities
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Looking for a Rental Home
• What can I afford?
– Spend no more than 28% of gross monthly income
• What location am I interested in?
• What type of housing unit would suit me?
– House
– Apartment
– Town house
• How much space do I need?
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Deciding on Housing
• Apartments located near stairways, elevators or
entrances may be noisy
• Facing a busy street or high traffic area tend to be
noisier
• Upper portion of building warmer and have
poorer air circulation than lower floors
• Close to stairs and elevator may have greater risk
of theft
• Upper floors may be more secure
• Ground floors may be more convenient
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1. Find Out What is Available
• Drive or walk through the neighborhood you want
• Look in newspaper – classified
– Common Abbreviations in Ads Handout
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Online listings
Friends
Real Estate Agency
Apartment-Finding Services
– Some charge fee – you or landlord
– Relocation Service
– Chamber of Commerce
• Newspaper Scavenger Hunt
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Newspaper Scavenger Hunt
Instructions: Using the classified section of the local paper locate the following, cut
out and place in order on white paper.
Item Description
1. Advertisement for a Real Estate Agent/Realtor Company
2. Advertisement for Apartment Complex
3. A house for sale
4. A house for lease
5. Housing Loan Advertisement
6. Current Interest Rate Advertisement (Extra Credit)
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Affordable Options
• Most rental property is privately owned
– Tenant pays full amount of rent
– Can be:
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Apartment
Town house
Single-family home
Duplex
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Affordable Options Continued
• Public housing complexes with low-cost units
are typically found in large cities.
– Designed for low-income families, senior citizens
and those with disabilities
– Government builds and rents to those who can’t
afford private housing
– Rent is based on a percentage of monthly income
– Can’t earn more than X amount – varies with each
building
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Affordable Housing Continued
• Subsidized housing
– The government provides assistance payments to
private owners
– Makes it possible for low income families to live in
safe, sanitary housing
– Must meet income guidelines
– Demand is greater than supply in some areas
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2. Inspect and Compare Units
• NEVER rent a home you have not seen
• Be sure you see the specific space that is
available
• Talk to tenants who would be your neighbors
• Take notes to help you remember
• Do they allow pets?
• Do they allow waterbeds?
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3. Evaluate Overall Layout
• Will your furniture fit?
• Is there enough storage space?
• Get a copy of the floor plan if available or
sketch it
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Evaluate Facilities
• Is covered parking available?
– Is there a fee for parking?
• Laundry Area
• Swimming Pool
• Gated Access
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Evaluate Safety & Security
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Entrance is well lighted
Doors have deadbolts
Locks are changed when tenants move out
Smoke detectors / carbon monoxide detectors
are present
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Maintenance
• Who do you contact if needed?
• Are there provisions in lease when landlord
may enter?
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4. Review the Rental Agreement
• Verbal Agreement
– Not upheld in court of law
• Written Agreement
– Month-to-month basis usually
• Lease
– Legal document for specific time frame
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Lease Should Include:
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Address of dwelling
Date tenant will move in
List of contents if furnished
Cost per month, due date and where to send
Penalty for late payment
Amount of security deposit and conditions for return
Amount of additional fees – trash collecting, parking
Who pays for utilities
Length of time the lease is valid
Procedures for renewing lease
Tenant’s and Landlord’s rights to end the Lease
Who is responsible for repairs and maintenance
Any restrictions - pets, window treatments, nails in wall, painting
Landlord’s actions for failure to pay rent
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Congratulations
• You can now move into the home you have
chosen.
• Decorate it and make it fit your style.
Copyright © Texas Education Agency, 2011. All rights reserved.
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Tenant’s Rights and Responsibilities
• To a safe, habitable rental unit – landlord is
responsible for providing plumbing and heating
systems that work, installing smoke detectors and
making necessary repairs.
• Right to privacy – landlord can not enter unless
proper notice is given or in the case of an
emergency.
• Landlord can not discriminate because of race or
color, national origin, religion, gender, family
status, or disability.
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Rights & Responsibilities Continued
• Responsibility to abide by the rules and
regulations set forth in the lease – failure
causes a breach of contract which can lead to
eviction
• Landlords must provide tenants with written
legal notice of eviction. Notice must include
the reason for eviction and the amount of
time tenant has to remove themselves and
their belonging from the property.
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