Housing_Intro

Finding an Apartment

The real estate market is based around a September to September school calendar. Therefore, leases typically run from September 1st to August 31st.

Tips and Things to Know Before Signing a Lease

1. Broker's Fee (or Finder's Fee) - is a fee that only a licensed real estate broker or salesperson can charge as payment for helping you find your new apartment. Typically, this fee is equal to one month's rent.

2. First Month's Rent, Last Month's Rent and Security Deposit - these are the common pre-payments that landlords and property owners require of you when securing your new apartment. The first month covers your first month of living in your new apartment. The last month's rent covers the last month you will live in the apartment. The security deposit is a form of insurance for landlords that can be used for three things: any unpaid rent left at the end of the tenancy, any damages caused by you and the tenant's portion of an increase in property tax. Your landlord can legally require you to pay a security deposit and the last month's rent in amounts equivalent to one month's rent for each. Ensure you receive the proper receipts if your landlord collects them.

3. Utilities - refer to heat, hot water and electricity. Know what utilities are included in the rent. In most cases, utilities are not included in the monthly rent but sometimes can be.

4. Roommates - if your roommate moves out, you may still be responsible for his/her portion of the rent until you find a new roommate.

5. Condition of the Apartment - remember, before entering into any agreement, inspect the condition of the apartment yourself. List all and any existing damages to the apartment, and initial any changse you and the landlord make on the lease. Take your time signing the lease, and read it carefully.