Leases
What is a Lease?
A lease is a legally binding agreement that outlines rights and responsibilies of both the landlord and the tenant. The lease details rules by which landlords and tenants agree to handle matters arising under the agreement. A written lease gives you the most protection under the law. The majority of leases in the University area are for a full calendar year. In addition, most leases require that each tenant is responsible for the entire amount of the rent. Therefore, if one of your roommates fails to pay the month’s rent, you may be held responsible for paying the entire amount of the rent for that month. Before signing a lease, make sure you understand it and agree to the terms listed in it.
Important Things to Look for in a Lease
Standard clauses in a lease include:
- Names and addresses of all parties involved.
- The amount of rent, when it is due, and if there are late fees.
- The beginning and ending dates of the lease, and how much the security deposit is.
- Who is responsible for paying utilities (e.g., heat, hot water, electric, gas, phone, and cable).
- Whether or not pets are allowed.
- Who is responsible for repairs and maintenance. (Sometimes luxury items like dishwashers are not the responsibility of the landlord to fix.)
- Who is responsible for disposing of trash, cutting grass, and shoveling snow.
- Limits on persons allowed in the rental unit (living or visiting)
Do not overcrowd a unit or occupy an illegal unit
just to lower the rent.
Security Deposits
A security deposit is money that protects landlords against damage beyond normal wear and tear, provides a remedy for unpaid rent, and funds clean up of the rental, if necessary.
Almost every landlord will require you to pay a security deposit in addition to your first month’s rent before you move in. A security deposit can be anywhere from one to two times your monthly rent, and will depend on your landlord.
Subleasing