1. Securing a Living space

2. Introduction Application forms What is rent?
Types of rental agreements
Lease agreements
Security deposits
Renter’s insurance
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 2
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

3. 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 – Slide 3
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

4. 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 by the tenant
Tenant-the renter, is the person who rents the property
Landlord is the person who owns the rental unit
Property manager is a person who works for the owner
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 – Slide 4
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
Lease agreement- Written contract specifying the legal responsibilities of both the tenant and landlord
No-lease agreement- Month to month agreement
Not in writing
Risky
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 5
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

6. 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 – Slide 6
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 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 – Slide 7
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
Length of the lease
Number of people in the rental unit
Names on the lease
Payment responsibilities for all amenities
Amenities in a living space include water, garbage, electricity, heat, telephone and internet service, and television.
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 8
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
Responsibility for repairs and maintenance
Eviction procedures
What happens when the lease ends
What happens if the lease is broken 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 – Slide 9
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
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 – Slide 10
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

11. 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 – Slide 11
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

12. 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 and tear
Be sure to know the terms regarding the security deposit
Examine the living space and create a list of all existing damage
Take pictures or use a video camera
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 12
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

13. Security Deposits Continued
Steps to take to get a security deposit returned:
Send a certified letter to landlord/property manager stating the desire to have deposit returned
Send copies of all documents (rental agreement, copy of security deposit receipt, list of previously existing damage, and pictures)
Take the individual to small claims court
Remember, having everything in writing is the best way to ensure the return of a security deposit
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 13
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

14. Renter’s Insurance
Renter’s insurance is not required of tenants, but recommended
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 – Slide 14
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

15. The End!
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 15
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona

16. Lease Agreements must identify the following
Rent amount
Payment procedure
Late rent payment penalties
Security deposit amount
Furnishings available
Pets
Landlord’s access rights to the property
Parking
Moving-out procedures
Can apartment be sub-leased
Hanging pictures
Overnight guests
Length of the lease
Number of people in apartment
Names on the lease
Payment responsibilities for all amenities
Responsibility for repairs and maintenance
Eviction procedures
What happens when the lease ends
What happens if the lease is broken early
When/how landlord enter
Repairs and maintenance
© Family Economics & Financial Education – November 2005 – Housing Unit – Securing a Living Space – Slide 16
Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences at the University of Arizona