March 4, 2014
Filed under Housing Guide
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What to look for in your lease:
✓ Listing of location and whether it is a room or an entire property: Make sure the lease lists whether you are renting a room and the common area, or the entire apartment.
✓ Landlord name and address information: This is important so you know how to contact the landlord if there are problems.
✓ List of all tenants applicable to the lease: All your roommates should be listed, and if you are equally liable for the total amount of the rent.
✓ Lease term length: This is the move in and move out day as required by your lease. Sometimes landlords allow you to go month-to-month at the end of the original lease length.
✓ When you need to notify landlord about extending the lease: This is an important clause since some leases may ask you to notify the landlord up to 60 days in advance.
✓ Monthly payment and process to pay: This is the amount you will have to pay by a certain date, otherwise you will incur additional fees or face possible eviction. The process will be how a landlord wants you to pay (such as by check or online through a payment portal).
✓ Security deposit: The amount you must pay when you pay your first month’s rent to secure the apartment. Typically equal to one month’s rent. You can get this amount back at the end of your lease if the apartment meets the criteria as outlined in the lease.
✓ Late fees: Amount charged if you do not pay your rent by the agreed-upon date.
✓ Insufficient fund fees: Amount charged if your check is rejected from the bank for not containing enough money to cover the cost of monthly rent.
✓ Utilities covered: The lease should list whether you or the landlord is covering certain utilities. It is always easier for you if the utilities are included.
✓ Renter’s insurance: This is insurance you should buy to cover your valuables.
✓ Subleasing: The process to get another person to live in your space during the regular terms of the lease. You could still be liable for all aspects of the lease during the sublease.
SOURCE: The University of Akron Off-Campus Student Services