Before you rent a college apartment, it’s important to understand the apartment lease agreement. Likely, it’s the first time you’ve signed one. A college apartment lease agreement is a legally binding document that specifies the duties and responsibilities of both the landlord and the tenant.
Review the Terms of the Lease Agreement
Carefully review the specific terms of the college apartment lease agreement. The lease agreement should state the move-in and move-out days clearly. It should also outline the rental fee and the day it’s due. Inquire about whether you need a separate summer lease to cover June through August in case you’re planning on a summer internship or summer job and need to stay in the apartment.
The Role and Responsibilities of Cosigners
Generally, landlords require cosigners on their lease agreements. This is due to many students not having an established rental history or substantial credit. Cosigners are usually parents. An apartment lease agreement should outline the specific responsibilities of the cosigner in the event the tenant defaults. In the case where a student has no cosigner, the landlord may request a much higher security deposit and/or include a portion as non-refundable to accommodate the student.
Security Deposits
Not only should the lease agreement state the amount of security deposit required, but it should clearly spell out the conditions and scenarios that may affect a deposit refund. Security deposits are used to cover any damages or unpaid rent when the student moves out. Any amount of monies not used for those purposes should be refunded. Keep in mind that most landlords require a full months rent or more for a security deposit.
Roommates and Subletting
Landlords should have each college student living in the unit to sign a separate lease agreement that specifies each students responsibility for the full rental fee. The apartment lease agreement should also outline the landlord’s rules about subletting. It should specify if subletting is permitted and under what conditions.
Maintenance and Repair
What happens if an appliance breaks down? What happens if there’s a water leak? The details for repair and maintenance should be outlined in the apartment lease agreement. The landlord’s responsibility and duties for maintenance and repair of all appliances should be covered in the lease agreement along with the time period for repairs. Also, find out what’s considered normal wear and tear, so you don’t get held responsible in case something does break down. Keep in mind that damage due to floods isn’t covered in a lease agreement. This is why having personal renter’s insurance is important.
If you’re seeking student apartment rentals in Boone, be sure to check out The Standard at Boone. Set up a time to meet with them. They will be more than happy to review their apartment lease agreement with you.