7 Common Mistakes Many Renters Make Before Entering Into a Lease Agreement

Home | Blog | 7 Common Mistakes Many Renters Make Before Entering Into a Lease Agreement

Reading Time: ( Word Count: )

While renting may remove many of the headaches and hassles of home ownership, you’re still making a commitment and entering into a legal contract. It’s important, therefore, that you do your due diligence and make informed decisions.

To help you, here are seven of the most common mistakes most apartment renters make, along with suggestions for how to avoid them.

Mistake #1: Not Identifying Your Wants and Needs First

Your apartment is more than a place to eat and sleep. It’s your home base in the community. The better you match your rental to your wants and needs, the happier your experience. And yet, renters often fail to think about and prioritize what they need in a rental.

Here’s a short list of considerations:

  • The specific neighborhood you want to be in (i.e. location)
  • Commute time to work
  • Access to public transportation and highways
  • Parking (if needed)
  • Lifestyle amenities (grocery stores, restaurants, bike paths, parks, nightlife, children’s playgrounds)
  • Noise Considerations
  • Building features (high rise, ground floor units, garden-style)
  • Security considerations (surveillance system, deadbolt locks, lighting, etc.)
  • Pet policies

Common Mistakes | Renting an Apartment Sight Unseen | phillyaptrentals.com

Mistake #2: Renting a Unit Sight Unseen

You might be surprised by how many people rent an apartment based on a description and a couple of photographs. Sometimes distance makes it difficult to see an apartment prior to moving. If you find yourself in this situation, try to ask friends or family who might live nearby who can be your eyes on the ground. Check online for reviews of the complex you’re considering. When possible, it’s always best to see the apartment in person. You can see many apartments in the course of several days. We have written an easy-to-follow step-by-step guide on how to tour an apartment.

Mistake #3: Not Checking Rental Management’s Reputation

Not all rental companies are created equal. In fact, there are even scammers who will try to rent a single unit to multiple tenants. They’ll take your money and be long gone before you arrive to sign the lease and pick up the key.

Do your homework and check the management’s reputation. This is particularly important if you have to rent sight unseen.

It’s also nice to know how other renters in the building feel about the management. Consider asking them: Are the managers and landlord reliable? Are they good about maintenance? Do they keep the building and grounds in good condition?

Mistake #4: Not Understanding Your Lease Terms

A big mistake people make is failing to read everything when signing the lease documents.

You’ll want to make sure that you fully understand policies for everything, including late rent, subletting, pets, roommates, visitors, parking, etc. Because rental laws vary by state and even city, make sure you know about anything that may become a problem later.

Do your research. Make sure to ask the right questions before signing the lease.

Renter Mistakes | Not Taking Photos Before Moving In | phillyaptrentals.com

Mistake #5: Not Documenting the Condition of the Unit Before Moving In

Ask if there is a move-in inspection sheet. Prior to moving in, do a walkthrough with the landlord and note any damages. This will help with a dispute on damages that might arise on move out.

Mistake #6: Not Factoring in Additional Costs

When first selecting an apartment, many people focus on the monthly rental fee. They forget about the expenses and fees above and beyond the rent. When considering an apartment, make sure you know the full extent of your costs: utilities, parking, gym facilities, storage, etc.

Mistake #7: Skipping Renters Insurance

The average renter has between $20,000 and $30,000 worth of possessions, and yet about 60% of renters fail to buy renters insurance. They assume that the landlord or property manager’s insurance will protect their property. Wrong. Generally, the rental property’s insurance does not cover your personal property from fire, theft or water damage.

Spending between $15 and $50 a month to offer possible protection on your property is a small price for some peace of mind. As an added benefit, many policies also cover liability in case someone is injured in your apartment (and it’s covered in the policy). And should the unthinkable happen and your apartment becomes uninhabitable, renter’s insurance may pay for you to live elsewhere until you can return to your apartment. Renter’s Insurance is so important that many landlords require their tenants to have it. Be sure to read and understand your policy in entirety before purchasing.

Avoid Common Mistakes

To increase your likelihood of renting the right apartment, make sure you assess your needs and wants before moving forward on a rental. If at all possible, visit the apartment yourself. Also, check out the reputation of the apartment’s management and understand the lease terms before you sign on the dotted line. Finally, tally up your living expenses that go beyond the rent. Don’t forget about renter’s insurance. If you take these steps, you’re more likely to be happy in the long run.

Subscribe

Don't Forget to Share this post! If you like it!

Fidelity Management – Our content has been featured or mentioned nationally by some of the industry’s best websites including:
ApartmentGuide | Rent.com | MyFirstAmartment | RENTCafe | The Balance …and many more

Tags

Categories

Finding an Apartment

i

Leasing an Apartment

Living in an Apartment

Moving Into an Apartment

Neighborhoods

Things to Do In Philly

News and Announcements

Editor’s Picks

Ben Franklin Bridge leading into Philadelphia at sunset

Subscribe

Stay a Smart Renter. Join the Group!

Related Articles

Can I Back Out Of An Apartment Application?

Can I Back Out Of An Apartment Application?

Can You Change Your Mind After Applying For an Apartment? Yes, generally, as long as you haven't signed a lease and you understand that you will likely not be refunded your application fee or any deposits paid. Before you sign a lease to rent the apartment, unless...

read more
What is an Admin Fee for an Apartment?

What is an Admin Fee for an Apartment?

When you want to rent an apartment, you need to consider all the costs involved in renting, including rent, utilities, parking, and even ‘admin fees’. In this guide, we'll learn what an admin fee is and how much it is. Admin Fee – What is It? In addition to your...

read more
What are the Different Types of Apartment Entrances?

What are the Different Types of Apartment Entrances?

Have you considered entrance type as part of your apartment search? If not, you should. In general, there are 4 main apartment entrance styles - and not every apartment complex has each type. The four main entrance types are: private entrance, semi-private entrance,...

read more
0 Shares
Skip to main content
Share via
Copy link
Powered by Social Snap