People choose to rent for many reasons, including to save money, to avoid the hassle of home maintenance, and to have more flexibility if they move frequently. While those who have been renting for a long time have often had to learn the hard way to avoid common renter mistakes, those who are considering renting their first apartment, rent home, or duplex should take care to avoid the following:
- Not getting renter's insurance. This is a mistake made by first-time renters and experienced renters alike. All too many renters believe that losing their belongings to theft or fire is not a serious possibility and that there's no need to purchase insurance. However, no one is ever fully safe from these threats, which could result in the loss of thousands of dollars' worth of your personal property, including your television, computers, furniture, and jewelry. Since renter's insurance only costs between $15 and $30 a month on average, purchasing rental insurance is a relatively cheap way to get peace of mind.
- Paying rent late. Many renters don't realize that there are consequences to paying their rent a few days late. After all, many monthly bills allow for a generous grace period before you are assessed a late fee. This is not always the case with your monthly rent payment. Depending on the terms of your lease, you could be assessed a late fee for every day your rent is late. Not only can fees be an issue, but your landlord will often serve as a reference for your future rent agreements. If they are convinced that you are unreliable in paying your rent on time, it could impact your ability to rent elsewhere in the future.
- Subletting without a written contract. Many renters consider subletting their apartment to avoid the expense of breaking their lease if they are moving earlier than expected. In your hurry to get your monthly rent covered, do not neglect to sit down with the subtenant to determine if they are reliable, and have them sign a written agreement clearly stating who will be paying for rent and who is liable for any damage, according to Fastweb. If the subtenant causes damage to the rental space or skips out on rent, guess who's going to be liable for the rent, late fees, and repairs? You. Remember: your credit could also suffer as a result of an irresponsible subtenant.
- Leaving your apartment or rent home a wreck when you move out. Nothing irks a landlord more than tenants who leave their apartment or rent home in shambles when they move out, with holes in the walls, trash everywhere, and moldy food in the fridge. Not only will leaving the place a mess keep you from receiving your full security deposit back, but it can lead to bad references from your landlord, or even extra bills if the damage you leave in your wake surpasses your security deposit. Before leaving, make sure you've emptied the place of all your belongings and left it in the same condition as when you moved in.
- Not reporting previously damaged property in a walk-through. Before moving in to an apartment or rent home, always make sure you go on a walk-though and make a thorough list of any damaged items in the rental space. Mark down anything from stained appliances to cracks in the flooring to water damage. If you don't report damaged property to your landlord ahead of time, you may end up paying for someone else's damage or neglect out of your security deposit at the end of your lease.
- Sneaking in a pet. Because pets have historically caused significant damage to rental property, most landlords either prohibit pets entirely or require their tenants to pay an additional security deposit if they plan to keep pets. These fees can be steep, and you might be tempted to sneak a pet in without notifying your landlord to avoid such fees. However, doing this is very risky ó not only do you risk getting caught and being forced to pay the fees, but such a violation could be grounds for eviction if pets are not allowed.
- Not notifying your landlord before moving out. Some tenants feel that because they do not own the property they live in, that they can just up and leave without fulfilling the conditions of their lease. This is not the case. To break a lease, almost all lease agreements require the tenant to provide a 30-day notice that they intend to leave, and to pay a re-letting fee. Tenants breaking a lease often must also give up any concessions they were provided at the time they signed their lease, such as discounted rent. If you violate the conditions of your lease, your landlord can take legal action against you.
- Choosing an unreliable roommate who won't pay his or her fair share. Renters should be very choosy with the people they select as roommates, particularly if they are depending on that roommate to pay for part of the rent and utilities. If your roommate turns out to be unreliable, you may end up responsible for the entire cost of the apartment. If you are moving someone in, make sure they are trustworthy, and if they are a stranger, ask for two to three references.
- Not reporting maintenance issues. If something breaks or needs repair in your apartment, submit a maintenance request immediately. Renters are responsible for notifying their landlord of problems, particularly problems that could cause further damage if left unchecked. If you don't report a slow drip under your kitchen sink and the cabinetry underneath rots and needs to be replaced, you could be liable for the damage. A leaky washing machine could flood your apartment and damage your own property as well, if left unreported.
- Paying the same amount in rent as you would for a mortgage. Renting is not always cheaper than buying a home in all markets. Take a close look at the rent you pay each month and evaluate if you could be paying the same for a home mortgage and building equity instead. Compare the benefits of owning your home to the benefits of renting and decide which is the smartest move financially.
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