Budgeting Bell ringer 3

What is the purpose of an apartment lease?

• It provides the budget you'll use for all of your household expenses

• It outlines the amount of rent you'll pay, when it is due, and key obligations and rights of living in the property

• It provides insurance if any guests to your apartment are injured on the property

• It makes it illegal for your landlord to evict you from the property

All of the following are types of utilities that you may have to budget for EXCEPT

• Electric

• Water/Sewer

• Gas

• Rent

Young adults are more often choosing to rent instead of buying a home because…

• Monthly rent payments are always lower than monthly mortgage payments

• Landlords give young people better rates on apartments than older people can qualify for

• They're graduating with a lot of student debt they must pay off, so it takes longer to save a down payment

• Renting is a better long-term investment strategy

You're considering moving into a 3 bedroom apartment with 2 roommates, rather than living on your own post-college. Which of your expenses would likely decrease by having roommates?

• Groceries and eating out

• Rent

• Cell phone bill

• Bedroom furniture

Which of the following is TRUE about a lease agreement?

• A lease is an agreement between you and your roommates that you submit to the apartment owner.

• You never have to pay any fees when you sign a lease. If you do, that means it is a scam.

• A lease often has information about your prior housing experience; it's a record that the apartment owner can use to see if you are a good candidate

• A lease is an agreement that includes details about rent, apartment policies, vacating, etc.

You are interested in renting an apartment after graduating college. You meet with the landlord and complete the application. All of the following may need to be provided when you sign your lease EXCEPT

• Proof of employment

• A bank account

• First and last month's rent

• A security deposit

Leila just graduated from college and is comparing a few different cities to move to. Which of these factors is the LEAST important thing for her to consider right now?

• Average rent for an apartment

• Food and grocery store options in the area

• Employment opportunities

• Average cost of Uber, Lyft, or taxi fare