There is a lot of misinformation out there when it comes to renting an apartment. So what exactly is true and what is false when it comes to renting? Here are 5 myths about renting an apartment. Next time someone tries to tell you that renting is bad, tell them it’s a myth and back your information.
- You’re wasting your money
Yes, buying a home is a great investment, but there are some reasons why renting isn’t bad. For example, renting is best for those who don’t want to stay in the same place for very long, or maybe you move quite often, so buying isn’t an option. Besides, it’s a bonus to have someone on call for maintenance or emergencies. You don’t have to worry about mowing your own yard or paying someone to mow it because it gets done for you.
- You can’t rent an apartment with bad credit
Bad credit can make things harder, but it isn’t impossible. If you have bad credit then you may be asked for a guarantor to sign the lease with you. The guarantor will have to have good credit, monthly income, and must pass a background check. Applying with a roommate, proof of work stubs, or letters of recommendations from previous landlords may increase your odds of being accepted.
- Rent prices are set
Just by considering a longer lease, sometimes you can negotiate the monthly price. It’s a two-way street and there is room for discussion. Consider your time frame because there are more unit vacancies during the winter so the landlords or property managers could make a deal with you in order to fill those units. The amount of leverage you have on pricing depends on the housing demand. Consider asking for specific clauses in your lease or your security deposit. There is a great possibility they will tell you no, but it doesn’t hurt to ask.
- Landlords can enter your unit whenever
A landlord may enter your apartment for any reason but they must provide you with at least a 24-hour warning. There are a few exceptions in which your landlord can enter your unit without notice like a severe water leak or a fire. Your landlord may request your apartment to be used for a showing to future tenants if you are about to exit your lease. If you are not okay with this, or if it occurs too often you have the right to say no. However, your landlord can get a court order to access your unit if you continue to deny them access with no reasonable answer.
- You can deduct rent when you do repairs on your own
Even though it may seem easier to fix a leaking toilet on your own rather than calling maintenance, it could get you into trouble. Keep in mind that they are responsible for general repairs such as plumbing and broken appliances. Your lease agreement may state that If there is damage to something you’ve done then you are responsible for it and you may not be reimbursed or have that amount taken off your rent.
The next time someone is advising you to buy versus rent because of falsehoods, refer to this blog post to help you decide what is right for you. Everyone’s situation is different that is why we have renting and buying options in the housing market.