Security Deposit

As a private renter, you’ll be required to pay a security deposit. A security deposit protects the landlord from not being able to recover from property damage and unpaid rent. It is paid before you move in and depending on the state of the property at the end of the tenancy and it you’re up to date on rent, you might receive some, all, or none of your security deposit back.

A security deposit is a separate cost from your monthly rental payment. The security deposit amount is determined by your landlord but is typically equivalent to one or two months of rent. So it’s very important to budget that into your costs!

Depending on your credit history, your security deposit may be more or less expensive. Some landlords may even ask for a few months’ rental payment upfront for additional protection. One way around this is getting a guarantor or co-signer, like a parent with strong credit, on your rental lease agreement.

Pet Fees

Another thing to factor into your housing costs are pet fees. A lot of private rentals don’t allow pets generally, due to concerns around damage and smell. However, some landlords do accept pets and may request a fee. This fee can range from as low as $50 to as high as $500 or more, depending on your location and your pet’s size.

Furnishings

Many people can forget about how expensive furnishing a place can be. As you’re moving into a college rental, you’ll most likely have some existing furnishings already provided, but in some cases you may not. According to the National Retail Federation, dorm and apartment furnishing are among the top three spending categories anticipated for the back-to-college season, at $9.7 billion in expected sales.

Furniture costs are highly variable depending on where you live, whether you stick to essential furnishings or add decorative items, and if you choose to shop for new or used furniture.

Is this your first time renting on your own? Read of our previous article: How to Be A Good Tenant

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How much are rental application fees?

Rental application fees are to cover the cost of screening a tenant, so the fees shouldn’t cost any more than that. For a landlord to collect the rental application fee, they have to do so through an online platform or via cash, check, or card.

Can application fees ever be refunded?

It depends. In some competitive markets, landlords may rent their properties while they have the fees and applications of potential tenants still pending. More than one renter can apply to any given property. In a lot of cases, it’s a good thing, as it gives potential tenants and landlords options. Should one tenant fall short of standards, the landlord can then move on to a tenant who does. However, it’s the responsibility of the landlord to limit the number of applications they accept per unit. The landlord should refund the rental applications fees to the applicants if they have already accepted another application while others are pending.

In some states, landlords can make their application fees non-refundable. In this case, it is important that applicants are notified in advance of this.

Who has to pay the application fee?

If the person or people on the lease are over the age of 18, they will be required to pay an application fee. This is because the landlord will have to run credit, affordability and background checks on each tenant.

If you’d like to learn more about property management software, check out our previous blog post. Why It’s Time to Ditch Your Spreadsheets. If you’re a tenant, take a look at our previous post on: Using Facebook Marketplace to Find a Rental.

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Remember who is responsible

The tenant would be responsible for damages that happen during their tenancy most of the time. However, this doesn’t mean that as a landlord you should shy away from ensuring the home is in good, habitable condition from the outset.

Invest in preventative measures

Rental property damage is inevitable, however, there are many things that you can do as a landlord to ensure your property isn’t constantly in a state of disrepair. As an example, this can include the type of paint used on walls. Opt for semi-gloss paint over matte or flat paint.

Flat paint often stains and scratches very easily, meaning that landlords are often left with the expensive job of having to repaint walls in between tenancies. Glossier paints are easier to wash, but any touch-ups made to the original paint job are very noticeable – so total repainting is still required every few years.

Create a thorough inventory report

Making a detailed inventory report of all the furnishings can significantly help when it comes to damages. The inventory report should include images and a description of all the furnishings in your rental property. Inventory reports are also a great way to record any repairs made throughout the tenancy.

Keep regular communication with the tenant

Depending on the person, reporting property damage into your landlord can be quite intimidating. Ideally, you would want your tenants to be as open and transparent with you as possible, especially when it comes to your property. Keeping up a good rapport is very important and will be beneficial in the long run.

We previously wrote about: 5 Red Flags for Landlords. Take a look here!

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Due to the popularity of social media, landlords have had to adapt and use different methods to market their properties properly both online and offline. Creating rental listings online has widened the market and made searching for a rental a lot easier for prospective tenants and landlords too.

Facebook Marketplace is one of those many places, however, it does come with a set of red flags that you should look out for. Here are some of our tips on how to find a rental in the marketplace and some things to be aware of.

Always verify personal information

Unfortunately, there can be quite a lot of fake accounts lurking around on Facebook Marketplace and on social media in general. So, it’s important to verify personal information as quickly as possible before viewings take place and/or money gets exchanged. Certain questions you an ask may include proof of ID, to ensure that the person you’re speaking to is who they say they are.

Look at the listing images closely

It’s important to note that some people may upload images of the rental that aren’t their own or do not reflect the current state of the property, so you need to stay vigilant. If the pictures on the listing aren’t of great image quality and are quite unclear, this is most likely a sign that this is a listing to avoid. Most landlords would have high-res photos of their property.

Rental costs

If it’s too good to be true, it probably is. If you come across a listing that is extremely cheap for the area and property, that’s probably a bit of a red flag. Don’t be afraid to inquire into this further with the person posting. There may be something off with the property itself, the area or worst case could be a false listing. Equally, if you see a listing that has a much higher rent than the properties you’ve been looking at of the same calibre in the area, you should be a bit wary.

Odd application process and deposit requirements

This is usually where prospective tenants trip up on Facebook Marketplace. Be very careful of the poster’s requirements when it comes to things like making a rental application, paying deposits and attending viewings. It’s important to ensure that you’re protected.

You can explore Facebook Marketplace, here. To read a bit more about red flags you should look out for as a tenant, take a look at our previous post: 5 Red Flags for Tenants.

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