Your off-campus housing lease agreement is basically the rulebook for your living situation. While it might feel excruciatingly long and full of legal jargon, it’s better to read it now than be surprised later with hidden fees (trust us, we’ve been there). You don’t have to be a lawyer to understand your lease—just follow our simple guide to decoding it!
Your Guide to Each Key Section of a Lease Agreement
If you’re reading this, congrats! You’ve just made the first step to becoming a responsible, informed tenant. Now let’s break down some key sections of your lease so you know exactly what you’re getting into.
Rent Amount & Payment Schedule
This section will outline how much you’ll pay in rent each month and exactly when it’s due. This can get tricky sometimes when utilities, parking fees, or other charges are involved. Make sure you understand exactly what’s included in your rent and when it’s due. It’s also a good idea to set up automatic payments or reminders so you never miss a payment.
On the off chance that you do miss a payment, your lease agreement should also outline any late fees or penalties. These can range from a fixed dollar amount to a percentage of your rent, so take note!
Lease Term
The lease term is the duration of your agreement, which is usually 6-12 months for off-campus housing. This can be pretty strict, but if you’re in a college town, landlords may be flexible about selling your lease to another tenant if you need to end it early. However, this is not always guaranteed, so read the section on subletting and early termination carefully.
Some leases may have an option to renew or go month-to-month after the initial term ends. If this is something you’re interested in, be sure to discuss it with your landlord before signing.
Security Deposit
The security deposit is a set amount of money you pay upfront as a form of insurance for the landlord in case there are any damages to the property during your stay. Your lease should outline the exact amount, the due date, and any conditions for refunding or deducting from the deposit.
Before moving in, take pictures of any existing damages with timestamps. This will come in handy when it’s time to get your deposit back.
Maintenance & Repairs
This section outlines who is responsible for repairs and maintenance of the property. It’s important to understand what constitutes an emergency repair (like a burst pipe) versus a non-emergency repair (like a leaky faucet). Your landlord may have specific procedures for requesting repairs that you should follow if you want a fast response.
Utilities
You need to know what utilities and amenities are included in your rent, such as water, electricity, internet, and laundry. If any of these are not included as a flat fee or in your rent, the lease should explain how they will be billed and by whom. Typically, you’ll need to claim the utilities in your name and pay a separate monthly bill to the city or local utility company.
Guest Policies
This section may seem like a no-brainer, but it’s important to know your landlord’s policies on having guests over. Are overnight guests allowed? Are there any restrictions on the number of guests or how long they can stay? Is there a guest parking policy? Some landlords may require guests to register with the office or pay a small fee if their stay is long enough.
Pet Policies
If you have a furry friend, this section is crucial. Even if your landlord allows pets, there may be restrictions on breed, size, and number of pets. There may also be additional fees or security deposit. Read this section carefully and discuss questions or concerns with your landlord before signing.
Important Lease Terms to Understand
Now that you have a good idea of what each section in your lease agreement covers, let’s go over some common terms and what they mean.
- Tenant: That’s you! The person who is renting the property.
- Penalty: A consequence for breaking a rule or not following the terms of the lease.
- Early Termination Clause: A section that outlines the conditions and fees for ending the lease before the agreed-upon term.
- Subletting: When a tenant finds someone else to take over their lease for the remaining duration.
- Renewal: Extending the lease for another term.
Roommate Considerations & Responsibilities
If you’ve decided to live with roommates, you might come across joint and individual leases. A joint lease means all roommates share responsibility for rent and rules, while an individual lease makes each person accountable for their portion. Your lease will also outline the responsibilities of each tenant for shared spaces.
If you’re concerned about potential risks as a renter, consider getting renter’s insurance. This type of insurance typically costs between $5–$30 a month and offers financial protection from accidents, damages, naturally occurring disasters, or theft of personal belongings.
Watch Out For These Red Flags
Most landlords are fair and reasonable, but here are potential issues or warning signs that the landlord may not have your best interest at heart.
- Automatic Renewal Clause: This means that unless you give a certain amount of notice before the end of your lease term, it will automatically renew for another term.
- Excessive Late Fees: Some landlords may try to sneak in exorbitant late fees that are higher than what is allowed by law. Make sure you know the legal limit for late fees in your state.
- Maintenance Responsibility: Watch out for any clauses that require you as a tenant to cover maintenance or repair expenses, especially if they are due to normal wear and tear.
- No Guest Policy: While it’s understandable that landlords want to prevent overcrowding or disturbance from guests, a strict no-guest policy could infringe on your rights and quality of life.
What to Do Before Signing Your Lease Agreement
Once you’ve read through your entire lease and understand all the terms, schedule a walk-through of the property and evaluate the area, neighborhood, and overall condition of the unit.
This is also a good opportunity to ask any questions before signing. If you come to a verbal agreement on something not specified in your lease, get it in writing and have both parties sign it. And finally, keep a copy of your signed lease for your records. You never know when you might need it!
Find Comfortable & Secure Living at Wharton Rentals
Now that you know how to make sense of your off-campus housing lease agreement, it’s time to start searching for the perfect rental! At Wharton Rentals, we offer a variety of well-maintained and affordable properties in Athens, Ohio. Our friendly and experienced team is dedicated to providing safe and comfortable living for our tenants. Browse our listings to find your new home today!
