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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