What will generally be in your lease?

1. Names of all tenants. Every adult who lives in the rental unit, including both members of a married couple, will be named as tenants and sign the lease or rental agreement.
2. Limits on occupancy. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children.
3. Term of tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year.

Find rentals in your area

Looking for a new resource for finding rentals use Rental Searchers to help find your next rental.

The Lease (continued)

Apartment leases vary in length and complexity. Not all leases are created equal. Some are better written than others. Don't assume that the lease you're looking at now is the same as the one you signed when you moved into your last apartment. When your landlord presents you with an apartment lease to sign, read it thoroughly. Ask for (written) clarification of any areas that are vague or that you don't understand. If there are important points that you think have been overlooked, insist that they be included and that the landlord initial them. Anything that's not in the lease could become the source of a misunderstanding later on.

The Lease

Once you have accepted an apartment you will generally be required to sign a lease and pay a deposit.
A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract as well as a practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of tenancy. A lease obligates both you and the landlord for a set period of time, usually a year. The landlord cannot raise the rent or change other terms until the lease runs out, unless the lease itself provides for modifications or the tenant agrees in writing to the changes. In addition, you cannot usually be asked by the landlord to vacate unless you fail to pay the rent or violate another important term of the lease or state or local law. At the end of the lease term, you can either decline to renew it or negotiate to sign a new lease with the same or different terms.

How do I obtain a copy of my consumer file?

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. Under the Fair Credit Reporting Act if you have been denied housing or employment, or have been notified of an adverse action as a result of information provided by a CRA, you are entitled to a free copy of the information that the company provided about you. To obtain a free copy from you generally must fill out a Consumer Disclosure Request From within 60 days of receiving the denial or adverse action. If you do not qualify for a free copy of your consumer file you may obtain one from one of the CRA's for a nominal fee.

The Approval Process (continued)

There are many reasons that potential tenants are denied a lease. The number one reason is that the applicant does not make enough money to pay the rent. Most landlords also will not lease to an individual that has had a felony conviction against person or property. Usually landlords have a time frame after which they do not consider the felony, for most landlords this is 10 years

The Approval Process (continued)

Large leasing companies generally have a business arrangement with a third-party consumer reporting agency (CRA). A CRA is a company that gathers and sells information on how a consumer pays rent and bills, whether or not the consumer has a criminal or civil court record, or has filed for bankruptcy. These companies use the information that an applicant provides and then checks the background of the applicant and provides the leasing company with a consumer report and a numeric score. The consumer report contains information from public record sources and other data furnishers which prospective housing providers and employers use to evaluate an applicant. A consumer report may also show whether or not a person has been sued, filed for bankruptcy, or has a criminal or civil court record. This score allows the leasing company to compare you with other applicants and gives the leasing company a forward-looking analysis of the overall risk of renting to a particular individual. The score is based on a statistical model used to predict a potential renter's ability and willingness to pay rent according to lease terms and conditions.