Off Campus Housing Guide - Rosalind Franklin University

PAGE 8 OFF CAMPUS HOUSING GUIDE
Understanding Leases
Most landlords will want you to sign a lease and most leases are 12 months, although you will find
some that are flexible. Make sure you’re clear about what YOU want. If you only want to consider
a 6 month lease‐fine, just make sure that you investigate all of your options. Remember that the
lease is a legally binding document. You don’t want to get yourself into a situation you don’t fully
understand.
Read the lease carefully because you’ll find rules and regulations regarding your stay. If you don’t
understand‐ASK! So what if it takes the Leasing Consultant an extra 30 minutes to answer
questions. If you’re still not sure, ask to take the lease overnight to further think about it and run
it by a person you trust for feedback. It’s always better to know what you’re getting into‐BEFORE
signing the lease.
Make sure everything that you do is in writing between you and the landlord. Prior to moving in,
inspect the actual apartment you will be renting. You will want to check for any damage and get
those items documented. It’s advisable that you complete a condition report form, take pictures,
or videotape the unit. Ask about making repairs, painting, etc.
Remember that it’s okay to haggle a bit. If you want something, simply ask. Perhaps certain things
are negotiable. You’re in control and should play your cards right.
Leases should include:
Address of unit Rules/regulations
Names of tenants & landlord Right to sublease
Amount of rent/month Date rent is due
Security deposit amount Right of entry
Length of lease Condition of Unit
Furniture provided/inventory of furnishings List of needed repairs & responsibility
Types of Leases:
�� Oral: Oral agreements are binding, but difficult to prove. Even if you’re renting month‐to‐
month, put it in writing.
�� Month‐to‐month: Month‐to‐month is a contract for one month at a time. The landlord can
alter/terminate the agreement @ the end of the month‐provided proper notice is given. This
lease allows the tenant to easily terminate the contract if proper notice is given.
�� Term lease: Provides more protection for the tenant against rent increases, changes to the
contract, etc. However, it’s not easy to terminate the contract. You are obligated to pay the
rent and fulfill the condition of the contract for the length of the lease.