New to Renting? The Basics: What You Need to Know

Renters run the gamut from those who have been renting their whole lives and are now in their 60’s, 70’s and beyond to folks who are completely new to renting an apartment. The latter category includes new residents or immigrants (Welcome!), and those who’ve always lived in a (non-rental) house, a condo, a coop or a trailer. Too, there are first-time renters whose living situation is in a state of flux. Finally, there are many first-time renters among singles and couples just starting out. To all of you, let’s get started with the basics of renting.

Here are a few terms that you will need to familiarize yourself with:

Landlord (or Landlady) – This is the person or corporate entity spokesperson responsible for leasing or renting you a unit or living arrangement. Don’t expect too much back-and-forth as your landlord or landlady usually has much similar business to transact. However, you have every right to have your questions and needs addressed in a timely manner. This person will be your primary source of contact. Repairs? Maintenance? Questions about what you can or can’t add or remove from the premises? Contact your landlord or landlady.

Rental Application – New to this country? If you don’t yet have your Social Security Number, you’ll need to provide whatever form of identification you have been able to obtain. Have you an LPR or L1 or H1? If not, an ITIN (Individual Tax Identification Number) may be sufficient. Be prepared to provide this information, as well as the the name, address and phone number (or e-mail) of your place of employment. This information will be checked by your landlord- or landlady-to-be, to ensure that you can pay the rent for at least a few months’ time. You may also be asked to provide references, so be prepared to include contact information for a business associate or two.

Monies You’ll Need to Bring – Most rentals require two months’ rent – the first month, and one month’s security deposit. You’ll receive this deposit back at the end of your occupancy – minus any repairs that need to be made to the apartment. It shouldn’t prove difficult to leave your apartment in the same condition that you found it when you moved in, however. Most renters manage to do this.

Some places will ask you for an application fee, which is not more than $50 or so. In trendy markets, like cosmopolitan cities, rental agents will run interference for you, acting as the liaison between you and the owner or landlord or landlady. They will be paid a percentage by the owner when the lease is signed, so you will not have to pay them a fee.

Co-Signers – If you aren’t yet employed, or are a student, or have no credit history, you may be asked to provide a co-signer – someone who will be responsible for the payment of the rent if you can’t pay. This person can be a friend or family member; they will be asked to provide personal information, as well.

Furnished or Non-Furnished? – Most apartment rentals which you’ll see advertised in newspapers or on student bulletin boards will, unless they specific otherwise, be unfurnished. You are expected to move in (and to take with you, when you leave) all your material needs. For instance, there is no bed and no dresser. There are no lamps. You’ll have to bring your own toiletries.

This is great for couples and singles just starting out who are eager to create their signature space from scratch. Note: Furnished apartments are available; these are usually in sublets. Sublets are rooms which the renter is letting, or leasing (or renting), with the permission of the landlord/landlady. Furnished apartments can also be found in private homes, or in condos or co-ops.

Condos and Co-ops – Condominiums and Co-operatives are two forms of apartment ownership. In the case of condominiums, or condo’s, each unit, or apartment, is owned by the person living there. (In rental apartment complexes, the entire building is owned by the landlord or landlady, or by the corporation that owns the building. )

Co-operatives, which are usually seen in large cities like New York City, are set up so that each resident owns shares in the building’s corporation. A board of directors manages the co-operative, or co-op.

Transportation – You’ll want to live near public transportation if you don’t have a vehicle. If you do have a vehicle, look for convenient parking. A short walking tour of the neighborhood will reveal which buses or subways are in the neighborhood. If you don’t see evidence of bus or subway routes right away, ask a resident who’s walking their dog or doing yard work to tell you where the nearest ones are. It’s one way of finding out a little more about your future neighborhood!

Remember, think positively!