1. Renting a Residence

2. Key Questions
When do you plan on renting your first apartment? How much do you think that it will cost? Do you think that you will need a roommate?

3. Selecting a Rental Unit
Tenant- person who pays for the right to live in a residence by someone else
Landlord- person who owns the property that is rented

4. Size and Cost Normally the size of the apartment dictates its cost
Location also factors in the cost

5. Advantages of Renting Mobility and Fewer Responsibilities
Low Initial Costs

6. Mobility and Fewer Responsibilities
Usually you can move with 30 days notice
If cost goes up you can find another place
No major repairs or maintenance

7. Low Initial Costs Buying a house requires a large down payment
Renting an apartment usually costs from $0 to the cost of the 1st months rent

8. Disadvantages of renting
Few financial benefits
A restrictive environment

9. Financial and lifestyle restrictions
In some cases renting is more expensive
Homeowners are eligible for tax deductions
Homeowners own their property

10. Legal issues
Lease is a legal document that defines the conditions of the rental agreement between tenant and landlord

11. The cost of renting
Several factors affect and determine the price of reality

12. location
The neighborhood or location will determine price

13. Living space The amount of space you want can determine price
Usually the larger the space the more expensive the rent

14. utilities At some places you pay the utilities
At others the landlord pays the utilities
It will be in the lease
Utilities are things such as electricity, gas, water, etc.

15. Security deposit
A security deposit is an amount of money paid to the owner of the property to guard against loss or damage that the tenant might cause

16. Renter’s insurance
Renter’s insurance covers the loss of a tenant’s personal property

17. Evaluating Housing Alternatives
Advantages
Disadvantages
Renting an Apartment
Easy to move
Low maintenance
Low financial commitment
No tax limit
Limitations on activities
Less privacy
Renting a House
More space
Higher utility expense
Some limitations on activities
No tax advantage
Owning a House
Pride of ownership
Plenty of space
Tax benefits
Financial commitment
High living expenses
Limited mobility
Owning a condominium
Fewer maintenance costs
Access to recreation and businesses
Less privacy than in a house
Need to get along with others
Typically small and limited space
Hard to sell
Owning a Mobile Home
Less expensive than other ownership options
May be hard to sell
Possible poor construction quality

18. Activity
Apartment Comparison Activity