Renting an Apartment Flashcard

Front

What percentage of your take-home pay should your rent ideally not exceed?

Back

30% of your take-home pay.

Front

True or False: It is important to select a rental place where you feel safe.

Back

True.

Front

What must you do when you decide to move out of an apartment?

Back

You must give the landlord the required notice stated in the rental agreement.

Front

What is a rental agreement?

Back

A legal contract between the tenant and landlord that states how much rent will cost and the length of the rental agreement.

Front

True or False: When starting to rent, the owner will only require the first month's rent and no other money down.

Back

False.

Front

What is the purpose of a rental agreement?

Back

To outline the terms and conditions of renting, including rent amount and duration.

Front

What is a security deposit?

Back

A sum of money paid to the landlord to cover potential damages or unpaid rent.

Front

What is the typical notice period required to move out of a rental property?

Back

Usually 30 days, but it can vary based on the rental agreement.

Front

What does it mean to sublet an apartment?

Back

To rent out your apartment to another person while still being responsible for the lease.

Front

What is the difference between a lease and a rental agreement?

Back

A lease is typically for a longer term (usually a year), while a rental agreement is often month-to-month.