Golden Rules

The essential knowledge guide for renting

1. The Financial Golden Rules

Before you even look at a floor plan, you need to know what you can actually afford.

• The 30% Rule: Industry experts suggest spending no more than 30% of your gross (pre-tax) income on rent.
• Upfront Costs: Be prepared to pay the first month’s rent, a security deposit (usually equal to one month's rent), and sometimes the last month’s rent before moving in.
• Hidden Fees: Always ask about:
  • Application Fees: ($25–$100) to cover background and credit checks.
  • Pet Rent/Deposits: Monthly fees or a one-time non-refundable deposit for pets.
  • Amenity Fees: Charges for gyms, pools, or trash valet.

2. Understanding the Lease

A lease is a legally binding contract. Never sign it until you’ve read these specific sections:

• Joint and Several Liability: If you have roommates, this clause means if one person doesn't pay, the landlord can legally demand the full rent from you.
• Right of Entry: The landlord generally cannot enter your home without notice (usually 24–48 hours) except in emergencies. Ensure this is in writing.
• Termination & Subletting: Know the penalty for breaking your lease early and whether you are allowed to "sublet" (rent your room to someone else) if you need to leave.

3. The "Walkthrough" Strategy

Never move your boxes in until you have documented the unit's current state. This protects your security deposit.

• The Photo Trail: Take time-stamped photos or a video of every room, focusing on existing scratches, carpet stains, or wall chips.
• Functional Check: Turn on every faucet, flush every toilet, test every light switch, and open/close every window to ensure they lock properly.
• The Move-in Inspection Form: If the landlord provides a checklist, be meticulous. If they don't, email them your photos immediately so there is a digital paper trail of the "pre-existing" damage.

4. Your Rights as a Tenant

Even though the landlord owns the building, you have high-level protections:

• Warranty of Habitability: You have a right to a safe, clean, and livable home. This includes working heat, water, and a pest-free environment.
• Anti-Retaliation: A landlord cannot raise your rent or evict you simply because you complained about a broken heater or reported a code violation.
• Fair Housing: It is illegal for a landlord to discriminate based on race, religion, gender, disability, or familial status (e.g., having children).

5. Renter’s Insurance: A Non-Negotiable

Many people assume the landlord’s insurance covers them. It does not.

• What it covers: If there is a fire or a pipe bursts, the landlord's insurance covers the building structure. Renter’s insurance covers your electronics, furniture, and clothes.
• Liability: It also protects you if someone trips and falls in your apartment and tries to sue you.
• Cost: It is surprisingly cheap, usually costing between $15 and $30 per month.