Jun 09, 2021

Five Rental Terms You Should Know Before Signing Your Lease

Your bags are packed, your flight is booked, and you’re off to college. Besides the possibility of making new friends and new crushes, you wonder what else could possibly await you when you make your choice from dozens of rental properties you’re eyeing on Rentalbee. We can answer that for you when we say, a memorable student co-living experience, of course! Before you make your choice, though, make sure to familiarize yourself with the following terms you’re likely to see on your lease.

1. Abatement

Roomies, make sure to check that your leases always have abatement clauses! These state that while your rental property is uninhabitable (due to unforeseen, uncontrollable disaster), your beekeeper will not be able to charge you rent when you live elsewhere while waiting for your property to be repaired.

2. Co-signer

In this case, your co-signer is usually one of your parents. With a co-signer, your beekeeper is guaranteed the monthly payment of your rent!

If you’re familiar with the word guarantor, you may be wondering what the difference between both terms are. Let Rentalbee clear it up for you: guarantors only pay once you, the roomie, can’t, while a co-signer pays every month.

3. Mixed-use zoning

If you ever hear about a property having mixed-use zoning, ask yourself if you’re ready to co-live with other people next to commercial spaces like stores and offices! While it may be convenient for students who are adjusting to the co-living experience to have stores nearby, it’s equally important to consider the foot traffic and/or noise when it’s time to sleep and get ready for school the next day.

4. Prorated

Always ask about your prorated rent! This is the amount of rent charged when the start of your stay does not equal a full month. Beekeepers should only charge you starting from the date indicated on your lease.

5. Sublease

If you’re particularly entrepreneurial, look into your lease’s terms on subletting. If you want to make some passive income, rent out a part of your entire rental property to a roomie. As long as you don’t mind having to compromise, which is usually the case when sharing a co-living space with someone new, you’re guaranteed a memorable experience with a friend for life like no other!

While it’s important to choose the rental property that best suits your lifestyle, it’s also important to consider one that has a flexible lease, especially for students with ever-changing school requirements and schedules. For incoming college freshmen who are excited to live independently for the first time, keep this in mind to ensure that you not only get to make memories with your fellow roomies, but that you can also enjoy the ride!

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