Friday, April 25, 2014

Forbes Living on What New Renters Need to Know

The National Multi-Family Housing Council statistics on renting paint a picture of how Americas are living today. As of October 2013, thirty-five percent of the population is renting a home. While the majority of renters fall under age 30, there are a good number of renters above that age. Forbes Living shares what new renters need to know.

A rental lease agreement is the binding document between the renter and the landlord or management company. It spells out when the rent is due and how many days late a renter can be before defaulting on the unit. Be sure to read that part of the lease carefully.

In most southern states, if the air conditioner breaks down on days where the temperature is above 80 degrees, the building management or the landlord has 24 hours to get it repaired.

If there is one bathroom in the unit or home and it stops working, the management company or landlord has to have it repaired within 24 hours.

All management companies and landlords cannot enter the unit or home unless they give the renter a 24 hour notice to enter.

Renters insurance is relatively inexpensive and protects the renter’s belongings inside the unit or home. Buy it.

ForbesLiving TV encourages renters to go online and research their rights for their state online. Renting is not a bad way to live and gives the renter a little more flexibility than a homeowner. There is no lawn care, no heavy maintenance work to do and sometimes, the neighbors are pretty cool. But always be sure to explore renting from a private owner before renting from a management company. Private owners are a little more flexible in many ways than the corporations.

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