While in past it was considered much smarter to own a house rather than rent the property, the new generation differs in this trend. Now a day’s young people believe more in experiencing life than securing it. Thus this generation is spending more on traveling than on settling down. This led to rising in renting of property trends. More people renting the property than buying or constructing it has caused a demand and supply imbalance thus an increase in rents of bigger cities. This makes renting a house or apartment as competitive as applying for a job. In such difficult situations, we are here to guide you towards pointers you should give attention to.
List down your needs
It’s better to write down things that are your priority for the house or apartment you will be looking to rent. The kind of area you would like, how far from work you are willing to live, the size of the house, and the number of rooms you will need. What kind of things you can compromise on? Think all those things thoroughly and list them down. This will make the decision process much easier. For example one of my friends had hip surgery and didn’t want to walk up the staircase so she had specifically point that out to a real estate consultant.
Set your pocket straight
It is rather obvious that the more you are willing to pay the better place you can find, however, the question is how much you are willing to pay. Most people pay one-third of their income in rent. This can cause financial problems. For smarter money handling it is recommended you should settle for a rent which is almost one-sixth of your income.
Map it down
After you know what you are looking for try deciding where you need to look. Based on what kind of location you are interested in and how far you are willing to locate yourself draw a radius-based circle on a map. You will be surprised to know while a location can be the same distance from your work one place is cheaper than the other. You can also base your mapping solely on which areas of the city offer cheaper rents. Whichever merit you use mapping is still very important. This will help you pin down the exact area in your city you need to look in.
You can look in a newspaper, talk to friends, or get help from a real estate agent. If you are hiring a real estate agent make sure you discuss their commission beforehand and communicate your need to them very clearly. Don’t be embarrassed to let them know if you are on a small budget. It’s their job to dig in whatever fits your pocket and needs. You will be paying them exactly for that. While hunting, make sure you visit the location in person and do not rely solely on what you are told.
Inspecting the location
Check the house thoroughly, from electric supplies, plumbing, heating system, and ventilation to flooring and thickness of walls. Try to meet the owner in person. Ask them when the place was last maintained. You don’t want a house which hasn’t been looked after for ages. Talk to neighbors, they might be able to give you some history on the house and landlord. They will also be helpful in letting you know about the area and neighborhood better.
Establish rules with the landlord
Once you have set your heart on a house or apartment, set a meeting with the landlord. Discuss rent and payment methods with them. Let them know if you are planning to bring in any pets. Discuss who will be responsible for house maintenance while you live there. Set rules about the frequency and timings of inspection visits from your landlord. Discuss the lease or eviction notice policy whichever suits your condition. Only when you and the landlord are on the same page on all important issues make the final decision.
How Much Can a Landlord Raise Rent
As a landlord, it’s important to stay within your legal rights when it comes to raising the rent. The amount by which you can increase rent will vary depending on the state or city you’re in, and can be affected by factors such as rent control laws and local ordinances.
In most states, landlords are free to raise the rent as much as they want, as long as they provide proper notice to tenants. Typically, this notice must be given 30 days in advance for month-to-month tenants, and 60 days in advance for tenants with a lease. However, some states and cities have implemented rent control laws, which place limits on how much landlords can raise the rent.
For example, in California, landlords are generally limited to a yearly increase of 5% plus inflation for tenants in rent-controlled units. In New York City, landlords are only allowed to raise the rent by a certain percentage each year, as determined by the Rent Guidelines Board.
It’s important to note that even if your state or city does not have rent control laws, there are still limits on how much you can raise the rent. For example, landlords cannot raise rent in a discriminatory manner, such as raising rent for tenants of a certain race or ethnicity. Additionally, landlords cannot raise the rent in retaliation against tenants who have exercised their legal rights, such as complaining about poor living conditions.
In addition, landlords should be aware of their tenants’ rights to contest rent increases and provide them with a valid reason and calculation of how they came up with the new rent.
Overall, as a landlord, it’s important to stay informed about your legal rights and obligations when it comes to raising the rent. By understanding local laws and regulations, you can ensure that you’re operating within the law and treating your tenants fairly.
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