1. Securing a Living space
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

2. Application form
Once a person finds and inspects a living space, they should complete an application form
Application form is a document used to determine a person’s credit history, financial stability, and references
Before returning this form, a person should know:
Is there an application fee and if so, how much is it?
Will the fee be returned if the application is denied?
Is the person required to rent the living space if the application is accepted?
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

3. Renting
Rent is a payment made in exchange for occupying another’s land or property
Payments can be made to either a landlord or a property manager
Landlord is the person who owns the rental unit
Property manager is a person who works for the owner/landlord
Finds and screens tenants
Collects rent
Maintains and secures the property
Responds to tenants’ needs and complaints
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

4. Types of Rental Agreements
Lease agreement- Written contract specifying the legal responsibilities and time of both the tenant and landlord
Tenant-the renter, is the person who rents the property
No-lease agreement- Month to month agreement
(Not in writing)
Risky
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

5. Types of Rental Agreements Continued
Written agreement- Short written agreement which is less formal and easier to understand than a lease
Rent month to month
Allows the renter to make changes to the lease
Oral agreement- Verbalized by the renter and the landlord/property manager
Risky
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

6. Lease Agreements A lease must identify the following before signing:
Rent amount
Payment procedure
Late rent payment penalties
Sometimes tenants can be evicted. Eviction occurs when the tenant does not voluntarily move out after the landlord has given required notice to the tenant
Security deposit amount
A security deposit is a one time fee paid in advance to moving into a living space to cover the costs of repairs or damages to the space beyond normal wear and tear
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

7. Lease agreements continued
Length of the lease
Number and Names of people in the rental unit
Payment responsibilities for all utilities
Utilities in a living space include water, garbage, electricity, heat, telephone and internet service, and television.
Amenities in a living space include pool, gym, lounge, club house, any extra perks.
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

8. Lease Agreements Continued
Responsibility for repairs and maintenance
Eviction procedures
What happens when the lease ends
Breaking a Lease (leaving early)
Furnishings available
Pets
Landlord’s access rights to the property
Parking
Moving-out procedures
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

9. Lease Agreements Continued
Items to identify in lease agreements include:
Hanging pictures on the walls
Policy on overnight guests
Subleasing
Subleasing is when the tenant allows someone else to move in and take over the rent payments
Allowing the landlord to cancel the lease without notification
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

10. Lease Agreements Continued
Allowing the landlord to hold the tenant liable for the remaining lease balance if one day late with payment
Allowing landlord permission to enter rental unit when tenant is not there
Holding the tenant liable for repairs and maintenance
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

11. Security Deposits
Security deposit is money paid in advance of moving into a living space to the landlord to be used for repairs or damage done beyond the expected normal wear/tear
Be sure to know the terms regarding the security deposit
Examine the living space and create a list of all existing damage prior to moving in
Take pictures or use a video camera
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

12. Renter’s Insurance Renter’s insurance is required
Renter’s insurance is used to protect the tenants’ personal belongings when renting from a landlord
Can protect against theft, fire, or vandalism
A person should ask themselves if they could afford to replace their belongings if a fire destroyed everything-If not, they should purchase renter’s insurance
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona