Rent Smarts 101 – Part 1

Renting an apartment or condo, leasing a piece of equipment, renting business property, or leasing a car all involve the common practice of borrowing something that is owned by others. This experience can easily become a nightmare with a bad landlord or if you don’t understand your obligations. In Part 1 of this two-part article, we give you the first three tips to becoming a smarter renter.

Read all agreements. Read the lease agreement thoroughly prior to signing. Ask for clarification of anything you do not understand. Look for clauses in the agreement that might suggest this property owner has problems with its current tenants. If it seems unfriendly, don’t sign it.

Negotiate upfront. Be ready to negotiate your lease terms upfront. If anything is unclear in the lease, have it clarified and put in writing. Do not depend on word of mouth. Be very clear about security deposits, first- and last-month rents, and services included in the lease.

Follow the terms. Be the tenant that pays a little early, not the one that always pays late. That way if you ever need a little extra time to pay, you have established the necessary trust to do so.

Check out Part 2 for the rest of the tips!