Any responsible and prospective tenant knows that you should not enter a lease agreement with your property manager without a proper understanding of the minutiae and knowing all the pertinent information. Before you hop on the juiciest opportunity to rent an apartment or house, there are some important questions you must ask your property manager.
Some Important Questions To Ask a Property Manager When Searching For a Rental Property
Did you know there are an estimated 43 million rental properties in the United States alone? With each passing year, that number seems to increase significantly. Consequently, the options for renters are on a steady rise, and there are more prospects for them to consider. House hunting can be an arduous process and a daunting task, it will be sensible for a prospective tenant to know what to ask when renting an apartment or a house. Entering a deal blindly would be throwing caution to the wind; it is of utmost importance for the renter to be apprised of rent details such as lease terms, and any applicable policies. The downside to being uninformed on pertinent information may eventually result in possible disputes.
Here are some of the most important questions to ask before renting an apartment or house:
You might trivialize this question because listings usually show how much you're expected to pay in rent. Keep in mind that things could change between the period the ad was posted and when you sign the lease.
Be intentional and make sure to ask the rent amount and what it includes. A good example of a question to ask would be: Does it cover utilities? If so, which ones? Does it include an allocation for parking? Etc. It is vital to be specific and be certain of what you are paying for. Aside from that, you may ask if there are any increases in rent, incremental or otherwise.
Most times tenants pay attention to the rent amount and ignore an equally important aspect which is the method pf payment and the deadline. Some
property managers are traditional in their approach and will only accept cash or check. On the other hand, others are innovative and believe in making rent payments convenient for tenants through a reliable online payment system. More so, it will serve you right to ask your property manager if there is a grace period for late payments, this will allow you some breathing room when you are strapped for cash.
Most leases have a duration of 12months; however, there are some property managers who prefer to operate using a 6 or 18 months lease duration. It is imperative for you to ensure that the rental property you are about to rent has a lease term that you are comfortable with. After all, there is no point signing a lease agreement that binds you for a period longer than the time you intend to stay.
Realistically speaking, there may be times when you default on rents or miss the deadline for rent and even exceed the grace period. With this in mind, one of the most crucial questions to ask when renting an apartment or house is, “Are there any penalties associated with late payments?” A good property manager may be considerate enough to give a warning the first time around. Don’t get too comfortable because a reoccurrence of late payment can attract a late fee or fine.
Security deposits are generally reimbursable; howbeit there are situations in which the landlord can retain a percentage of your entire deposit. This usually happens if the renter breaks the terms of their lease or causes damages to the rental property. This amount is withheld for reparative purposes.
This question is one worth asking; before you sign a lease you should have all the necessary information regarding notice periods. A good example will be how much notice your property manager would require before you vacate the premises? A well-detailed lease agreement will typically outline this information, which can range from a month to two or more. Ensure that you’ve confirmed this information with your property manager before renting; this will enable you to avoid breaking the terms of the lease when you finally decide to move out.
It is important for any prospective tenant to ask a property manager these questions prior to signing a lease. Looking for a rental property that meets your needs and expectations can be long and de-energizing. It will be in your best interest to make the process easier by coming in prepared with a mind full of questions and in need of answers preferably in writing. Also, come in prepared to negotiate on issues like permitting pets on the premises. When you ask the right questions you will be able to narrow down your options and make the best out of your lease.
