Renter’s insurance is a good idea anyway, since your stuff won’t be covered by your landlord’s insurance if a fire, flood, or other situation causes damage. Insurance requirements: “Some places require the tenant to have renter’s insurance,” says Dan Hang, vice president of rentals for Zillow. Does your contract switch to month-to-month, and will that come with an increase in your rent? (It’s possible.) What are your options if you want to renew the lease at the end of your term?
Make sure you know what happens after that. Renewals: Most leases are for a year, although 18 months isn’t unheard of. “When you move out, you need to move out completely, getting rid of your trash and not leaving a bunch of stuff, or you’re not going to get your deposit back,” Bruno warns. The lease should spell out when you’ll get that money back after you move, and what specific circumstances could lead to part of all of it being withheld. Security deposit: Make sure you know how much it is-one month is typical, but in some cases, it could be higher. That could include a broker’s fee, which can be as high as a month’s rent or 10% of the annual rent, advertisements, or credit checks for potential applicants. The landlord must try to re-rent the property, "but if it takes him eight months," Zak says, "you could be responsible for eight months." A lot of leases also have a clause that holds the tenant who breaks the lease responsible for any re-leasing fees. Penalties for lease-breaking: “Basically, if you break a lease you’re expected to continue paying for the unit until a new tenant is located,” says Jared Zak, director of property management for Howard Hanna Real Estate Services. Not only might you be violating your lease by renting to travelers, Bruno says, you could even be breaking the law in certain places. The issue has been coming up more as home-sharing sites like AirBnB, HomeAway and VBRO become more popular. Sharing-economy participation: “One lease clause that’s been in the news lately is that you can’t use AirBnB,” says Lynnette Bruno, vice president of communications at Trulia. You might need to pay a higher deposit or related fee.
Some landlords don’t allow dogs, while others allow dogs up to a certain weight limit. Pet policy: If you have a four-legged friend (or think you might get one in the future), see whether the lease includes rules about pets. Real estate experts suggest you give careful attention to these specific items: Your lease is going to be the contract that governs your life for the next year or two, so it deserves at least a few minutes of your time. But even if the paperwork looks boilerplate, you still need to read the fine print. In many big cities, residential property management companies use similar (if not identical) lease templates.
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