1. Welcome to... Companion PowerPoint Presentation for the Introduction to Housing textbook

2. Renting as a Tenure Choice

3. Renting can be the best choice at times  1/3 of Americans rent  How to decide? Assess your housing values Determine your housing budget Difference between your regular monthly expenses and your monthly take-home pay=what you can afford for rental housing

4. Advantages of renting  Small initial investment & low transaction costs  Minimum financial risk  Monthly costs are fairly easy to predict  Flexibility  Special services

5. How to find the right place?  Local newspaper/Web sites  Ask friends & relatives  Visit various complex  Check with a rental agency  Visit several units, narrow to 2-3, & compare costs & what choice maximizes advantages

6. Lease—a written & dated legal document that governs the rental of property  description of property  length of occupancy  names of owner & tenant  amount of rent, when due & late charges  responsibilities for maintenance  requirements for terminating lease  rules & regulations

7.  Check that rent stays the same  List provisions you want changed— agree to in writing  Implied warranty of habitability—the landlord’s right to collect rent is contingent upon providing a dwelling fit to live in  Provides for quiet enjoyment—enjoy your own lifestyle within the rules  Watch out for danger clauses

8. Security deposit  Usually equal to one month’s rent  Protection for owner & motivation for renter to live up to lease  Owner can use to cover damage costs Return of security deposit is a major complaint by renters

9. Be a defensive renter  Discuss expectations & requirements  Obtain a receipt for deposit  Inspect property & complete checklist  Take pictures/video before moving in  Complete a checklist and take pictures/video when you move out  Give address for return of deposit

10. Roommates  Advantages—companionship & sharing of work load & finances  Consider: method of signing lease coordination of expenses suitability & compatibility division of household work standards of cleanliness comfort

11. Other issues  Renter’s insurance—personal liability & your possessions  Subletting—rent your unit to someone else  Eviction—legal process by which a tenant is required to vacate a dwelling before the lease has expired