Millennials everywhere are avoiding home-ownership and choosing instead to embrace the role of tenant.
Whether this is a result of financial reasons, desire for freedom and flexibility, or simply for not wanting to have to take on the responsibilities and stress that come along with owning real estate, renting is on the rise.
Sure, renting is quite a lot simpler than home-ownership – but there are still a number of potential issues tenants may face.
With more and more individuals, and even families, choosing to rent their homes, we thought it would be a good idea to go over a few of the things we think every renter needs to know.
The following advice will help you, as a tenant, protect yourself, your belongings, and your finances all while being able to enjoy the freedom and simplicity that comes with renting.
- You Can Negotiate Your Rent
Yes, you read that right – you can, in some cases, negotiate your rent.
If you are a good tenant, and your landlord knows it, he will want you to stay – this gives you a wee bit of power when it comes to negotiating a slightly lower rent or preventing increases.
You may also be able to negotiate a lower rent if you are willing to pre-pay a certain number of months ahead or sign a slightly longer lease with your landlord.
In any case, it’s worth it to try – the worst that can happen is you pay the same you are already paying, and in the best case scenario it works and you end up saving a few dollars every month.
- Know Your Rights As A Renter
Renting a property from someone is a legally binding contract, and it’s important to know and understand your rights’ as a part of such a contract.
If you aren’t aware of tenant rights, it can be easy for a landlord to take advantage of the situation. There are laws pertaining to discrimination, disclosure requirements, service animals, living conditions, privacy rights, security deposits, etc.
If you still aren’t confident and comfortable with your understanding of tenants rights after reading up on them, you can also speak with your attorney about them.
- You Need Renters Insurance
We don’t say this lightly: get renters insurance!
It isn’t legally required, but you would be crazy to leave yourself and your belongings at risk without it.
Sure, perhaps the physical structure of the house is not yours – and the landlord will have his or her own insurance for that – but that doesn’t cover any of your belongings that are inside the house.
Most importantly, renter’s insurance can protect your furniture, clothing, electronics, and jewelry – to name a few – in the event of a house fire or burglary.
Let The House Hunt Begin
Now that you are prepared with the knowledge necessary to ensure the smoothest renting process possible, it’s time to find the perfect place!
Do you have any other tips for renters? We’d love to hear them!